UC Platform Provider Weave Secures $15.5 Million in Series B Funding

Weave, a Lehi, Utah-based Voice over Internet Protocol (VoIP) unified communications (UC) platform provider for small and medium-sized businesses (SMBs), has raised $15.5 million in a Series B funding round. 

The Series B round brings Weave’s total funding raised to $22 million. 

Crosslink Capital led the funding round, with participation from Pelion Venture Partners, Peak Capital, A Capital, Y Combinator, Initialized Capital and other investors. 

In addition, Crosslink Capital Partner David Silverman and Pelion Venture Partners Managing Director Blake Modersitzki will join Weave’s board of directors.

So what do the Series B funds mean for Weave and its customers? Weave CEO Brandon Rodman said the funds will enable his company to invest in its technology and expand its operations. 

“Communication platforms are vital to any customer-facing industry and the SMB market has been woefully left behind as existing solutions are built for Fortune 500-size enterprises. We are filling a unique market need by helping small businesses better serve their customers,” he said in a prepared statement. “Today’s funding further supports our vision that unified communication tools can be a reality for today’s successful small businesses.”

The demand for UC services could increase over the next few years as well.

For example, a recent IDG Enterprise study revealed 66 percent of SMBs plan to implement or upgrade unified communications and collaboration (UC&C) solutions within the next year.

The study also showed that 33 percent of organizations said they expect their UC&C budget to increase in the next 12 months.

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