Singapore-based Wavecell Scored $1.6 Million in Series A Funding
Wavecell, the Singapore-based tech startup companies has just received its Series A funding. The $1.6 million investment was raised by investors led by Qualgro Asean Fund.
Wavecell was founded in 2010 by Olivier Gerhardt, Lee Smith, Olivier Magaud to provide innovative API for cloud communication. The company's application programming interface allow application, either web and mobile, and enterprises to connect to their targeted customers. Their customers can use any kind of communication , from via SMS, push notifications, voice and video.
As its main service, Wavecell provides a complete set of developer tools and web-based interfaces for its customers. So the customers can use its communication platform seamlessly in any communication use case.
Currently, Wavecell cloud platform has delivered communication services to more than 200 countries. It is reported the company has more than 500 active enterprise customers. Their customers' base came from multiple industries ranging from e-commerce, telecommunication, digital marketing and CRM (customer relationship management) platforms, finance, insurance, and transportation.
On Wednesday, the company announced to have secured a Series A investment of $1.6 million. The funding was led by Qualgro Asean Fund, with participation from Wavemaker Pacific. This investment will be used to expand its market presence in Southeast Asia, and opening offices in Hong Kong, Thailand, and Indonesia.
In an official release, as quoted by E27, Wavecell also said it will use the newly-raised funds to strengthen its proprietary technology platform, broaden its product offering range.
Product and marketing director Marc Magnin said the company has been profitable, and last year it generated $4.3 million revenue. The company needs funding in order to increase the company's growth rate, and they targeted Southeast Asia as their market.
In order to diferentiate itself from its competitors, Wavecell targeted focus on Southeast Asia. While other providers like Twilio and Nexmo are already a major player in the U.S. and Europe. Expanding to those region, will make them compete head to head with the larger cloud communication providers.
"We hear from them in the region, but we clearly think that we have the great advantage of being headquartered in Singapore, which gives us high visibility and exposure in Southeast Asia towards the local market and local telcos networks," Magnin told Tech Crunch.
Qualgro Asean Fund partner Heang Chhor told Deal Street Asia regarding its firm involvement in Wavecell, "(They) are well positioned to address the growing need for A2P SMS, chat and video communications, which enables organisations from enterprises to startups, to engage seamlessly and at lower costs, with their customers across Southeast Asia. We would like to help grow Wavecell into a strong regional leader."
As it has secured its $1.6 million investment, Wavecell will focus on expanding its market in Southeast Asia. Qualgro Asean Fund was leading the investment with participation from
Wavecell, the Singapore-based tech startup companies has just received its Series A funding. The $1.6 million investment was raised by investors led by Qualgro Asean Fund with participation from Wavemaker Pacific.