The customer service market is steadily expanding, especially as companies such as NewVoiceMedia embrace the latest trend in the industry: cloud-based call centers.
As more and more startups emerge in the tech industry, there is a need for customer service centers to support them, but many are too small and lack the necessary funds for a permanent location dedicated to this purpose. In addition, startup costs for hardware and software have traditionally been high. By moving operations to the cloud, costs can be significantly reduced, the hiring process becomes much more flexible, and employees can work from any location with an Internet connection.
As a major provider of this service, NewVoiceMedia has experienced significant growth driven by the increased demand generated by these startups. The latest round of fundraising attracted a distinguished group of investors, raising $50 million for a cumulative total of $105 million. Led by Technology Crossover Ventures (TCV), additional financial support was provided by Bessemer Venture Partners (BVP), Highland Capital Partners Europe, Eden Ventures, Notion Capital, and salesforce.com, all of whom are existing shareholders.
NewVoiceMedia stated that it will allocate the funds toward expanding operations in the American and Asian markets, two regions that are experiencing particularly strong growth in the customer service industry. Additionally, many companies are closing their in-house call centers and opting instead for cloud-based solutions. NewVoiceMedia must be doing something right, because the company is experiencing growth that far outpaces the rest of the market, with licensing revenue growing at a rate five times higher than the average of its competitors.
Along with the announcement of this substantial growth came the news that John Rosenberg, a former general partner at TCV, will be joining the company’s board of directors. This is indeed an exciting time for NewVoiceMedia.
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