Speek secures $5.1M in series A funding round

By Nicel Jane Avellana

Mar 04, 2014 09:22 AM EST

Speek has raised $5.1 million for its series A round, TechCrunch reported.

Total proceeds from the financing included the $2.7 million in convertible notes that was secured before. The rest of the investment came from 500 Startups, actor Edward Norton, CNF Investments, Middleland Capital and other investors. Other angel investors that participated in the round included Michael Chasen of Blackboard, Timothy Chi and Sonny Ganguly of WeddingWire, Jeffrey Wolfe and Robert Wolfe of CrowdRise and Haroon Mokhtarzada and Zeki Mokhtarzada of Webs. Middleland Capital's Alexander Pessala will be joining the Board of Directors at Speek as part of the deal, the report said.

The DC-based conference call service will use the proceeds from the latest round to add more features to its service that users will appreciate. These include security controls, collaboration tools that will allow users to edit a document together as well as features that will allow slideshow sharing and combining with other enterprise products like Salesforce, the report said.

Speek is founded by Evite Co-Founder John Bracken who now acts as its CEO and Danny Boice who is now the CTO. Because both had moved in the corporate world before, they knew the difficulties that come with traditional conference calling solutions.

Boice told TechCrunch, "Dialing into a phone number with a PIN - that pattern, when you're on the go on a mobile phone, it's really difficult to do. There's no visual experience, you don't see who you're talking to. There's the annoying beeps when someone joined. And it's been that way for decades."

Speek's workforce of 16 people makes joining a call conference more hassle-free since the startup provides each user with a personal link which they can give to others. So instead of using a dial-in, the users can opt to join the call through the most convenient way they choose-through VoIP, by using their own phone number so the service can call them or by using the Speek app, the report said.

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