TelcoSwitch secures £4m capital funding to drive continued sales and M&A growth
TelcoSwitch, a provider of hosted voice, Unified Communication, and compliance solutions, will accelerate M&A, product development, and recruitment activity, having secured £4m in growth capital funding.
In its first external funding round, the company raised £2.5m through BOOST&Co, following exceptionally strong year-on-year growth, which has seen TelcoSwitch grow over 45% in live seats on its Unified Communications platform in 2020, and rank as the 25th fastest growing technology company in the UK by the Sunday Times ‘Tech Track 100’.
The remaining £1.5m has been raised via existing, long-term investors.
The investment advances the company’s planned M&A activities, with three acquisitions underway in exclusivity, to broaden the technology portfolio and increase its customer base.
In a drive to significantly grow its number of channel partners, the company will also now double its office space to facilitate up to 100 employees across sales, account management, and support functions throughout the next twelve months.
Russell Lux, TelcoSwitch founder and CEO, said: “2020 was an exceptional year for TelcoSwitch. We’ve enjoyed record sales and ranked as one of the fastest growing technology companies in UK.
“We’ve worked extremely hard to get to this point, and now have a hugely supportive partner in BOOST&Co to help us drive the business forward, continue acquiring other relevant businesses, and accelerate the growth of our base.”
Kim Martin, Principal at BOOST&Co added: “TelcoSwitch is a founder-led business with a strong, high-calibre management team. They’re focused on investing in growth, which will also lead to the creation of new jobs at a time when unemployment is on the rise. This deal will support the continued success of a disruptive telecoms player, while ultimately also supporting economic recovery as a whole, which is why it’s a fantastic one to be a part of.”