RingCentral (News - Alert), a company that specializes in online fax and other Web-based communications solutions for small businesses, announced Monday its completion of a $12 million funding round.
Funding in this round was reached through the contributions of Sequoia Capital (an early stage and growth stage venture capital firm) and Khosla Ventures (a venture capital firm that specializes in helping entrepreneurs in the computer science and green technology fields).
These two venture capital firms contributed to RingCentral’s growth in response to the company’s use of the software as a service (SaaS (News - Alert)) model to deliver Web-based communications tools for small businesses. RingCentral’s online suite of services includes toll free and local numbers, virtual PBX
, Internet fax, and voicemail—all accessible from a Web browser-based interface.
RingCentral’s services are designed to give small businesses and mobile professionals the power to intelligently and affordably manage their e-mail, phone and fax communications. To date, RingCentral has signed up 40,000 customers and that number grows by thousands each month.
“Using RingCentral, even the smallest businesses get more functionality than most large business phone systems, at a small fraction of the cost,” said Doug Leone partner at Sequoia Capital, in a statement. “With 40,000 paying customers, it's clear this company has a winning service.”
David Weiden, partner at Khosla Ventures, described RingCentral’s approach as the next wave of SaaS.
Further strengthening its standing in the marketplace, RingCentral recently hired a new chief financial officer, Dinesh Lathi. Lathi has more than 15 years experience in the financial and operating business. Before RingCentral, Lathi served as vice president at eBay (News - Alert), on that company’s finance and trust & safety teams. He holds a bachelor of science degree from MIT and an MBA from Harvard.
To learn more about RingCentral’s fax and other online communications services, please visit the company’s TMCnet.com channel, Fax.
To learn even more about online fax and communications, check TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP communications industry. The library offers white papers, case studies and other documents free to registered users.
Mae Kowalke previously wrote for Cleveland Magazine in Ohio and The Burlington Free Press in Vermont. To see more of her articles, please visit Mae Kowalke’s columnist page. Also check out her Wireless Mobility blog.
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