Saudi Arabia-based cloud communications technology developer Unifonic has completed a $21m series A round led by STV, the venture capital fund anchored by telecommunications firm Saudi Telecom, Forbes has reported.
Raed Ventures, the venture capital branch of conglomerate Almajdouie, also participated in the round, as did co-investment fund Endeavor Catalyst, VC fund Riyad Taqnia Fund and FLM.
Unifonic has created technology that enables organisations to build cloud communications tools such as messaging and phone capabilities or two-factor authentication, into their systems.
The series A proceeds will go to product development and work on the company’s machine learning technology, as well as international growth.
Abdulrahman Tarabzouni, STV’s chief executive, said: “Unifonic is a great example of the type of founder-driven, capital-efficient business we want to invest in. It has rapidly developed a leadership position in the fast-growing cloud communications market.
“The founders have created a profitable and growing technology company, and we look forward to working together to take this to the next level.
