VoIP startup Ooma has raised another $14 million in venture capital, we’ve heard from multiple sources, increasing the total amount of capital the company has raised to $56 million. This most recent round of financing was led by existing investor Worldview Technology Partners and was a restructuring that wiped out earlier investors who chose not to participate in this round.
The company was really on the ropes and down to its last few dollars, says one source. But sales, particularly at Best Buy, are brisk and the company should reach profitability with this new round of financing, he added.
Ooma first launched two years ago as a new type of consumer VoIP product. But a complicated business model (expensive hardware, free service) made it confusing for consumers to compare to competitive offerings from Vonage and others.
But customer reviews were very positive, and the company brought in seasoned sales executive Rich Buchanan, previously at Sling Media. Best Buy started selling the devices and have been very successful in moving them off the shelves.
The company also announced a new handset product called the Telo at CES earlier this year. It is not yet available for purchase.
Crunch Network: CrunchBoard because it’s time for you to find a new Job2.0
Related posts:
- Ooma Offline: If You Wanna Be A Phone Company, You Can’t Go Dead (Redux) Exactly one year ago today, a widespread outage hit...
- New Ooma Telo Is Here, Let the Free* Calls Begin Ooma might be onto something here. The VoIP provider is...
- It’s All About Selling for Survival The one skill which entrepreneurs need is something they don’t...
- Social Network For Traders Currensee Raises $8 Million Social network for currency traders Currensee has raised $8M...
- Glam Media On A Roll: Raises $50 Million In Private Equity At $750 Million Valuation Glam Media, a vertical advertising network, has raised its fifth...
Related posts brought to you by Yet Another Related Posts Plugin.