Unifonic, the Saudi Arabia-based cloud communication technology developer, raised $125m in a series B round co-led by telecommunications and internet group SoftBank’s Vision Fund 2 and investment firm Sanabil Investments.
The deal marks the first direct investment for SoftBank in the country, according to DealStreetAsia.
Unifonic provides technology that allows organisations to build in cloud communication capabilities like messaging, voice calls and web access into their systems to engage with customers. Since its launch, these have included online banking through text messages and covid-19 vaccination requests through WhatsApp.
Proceeds from the round will go to expanding operations across the Middle East and North Africa, including through acquisitions.
STV, a venture capital fund anchored by telecommunications company Saudi Telecom, led Unifonic’s $21m series A round in 2018. The round featured conglomerate Almajdouie’s corporate venturing arm Raed Ventures, Endeavor Catalyst, FLM and Riyad Taqnia Fund.
Faisal Rehman, managing partner at SoftBank Investment Advisers, said: “Consumers and businesses are increasingly sophisticated in how they communicate digitally, but this has created fragmentation across multiple emerging channels.
“Unifonic’s technology manages this complexity into a single platform, enabling enterprise clients to form closer relationships with their customers. Our investment team on the ground in Riyadh has followed Unifonic for some time and we have witnessed first-hand the company’s progress in establishing significant market leadership in the kingdom of Saudi Arabia.
“We look forward to supporting the Unifonic team in scaling the platform across the Middle East and other emerging markets.”
