Fundraising for disruptive, low cost telecoms provider Boom has been oversubscribed by 45%, reaching £3.2m and surpassing its original goal of £2.2m through Growthdeck, the private equity investment firm.
The Boom platform allows businesses to operate with staff using mobile phones or PC software instead of desk phones and redirect incoming business calls to other colleagues, no matter where they are located. Calls can also be recorded and Boom’s technology offers advanced analytics to improve customer interaction.
The far-reaching application of Boom’s technology has become increasingly relevant over the last year due to the shift to home working. The pandemic has forced a large number of staff to work from home which has resulted in a huge rise in demand for cloud-based phone systems for business.
In the longer term, major landline providers such as BT have expressed their intentions to cease providing landlines after 2025 and to discontinue sales on new landlines after 2023. At present, 80% of businesses have still not switched to VoIP, creating a large pool of potential customers for Boom.
Boom’s cloud-based telecoms system far outstrips the pricing offered by its competitors. The business says SMEs with a call centre or phone sales team can save £60,000 over five years through its product, compared to purchasing from traditional telecom providers.
Growthdeck says that Boom’s powerful technology has already proven to be successful and is compatible with even the most basic non-smartphone. This makes the product particularly accessible for businesses and their staff, as it will not be necessary to buy expensive smartphones in order to use the service.
Shaz Hussain, Investment Director at Growthdeck, says: “Boom’s disruptive model is now more relevant than ever before. Investors are acting on the opportunity to back a business with huge potential for growth in both the short and long term.
“Growthdeck was attracted to Boom’s proven business model even before the pandemic, but the shift to home working has accelerated its growth even more over the last year.”