Qualgro leads $8m Series B for Singapore's Wavecell

Existing investor Wavemaker Partners also participated, along with several new investors including MDI Ventures, the corporate VC arm of Indonesian state-controlled telecommunications firm Telkom Indonesia. The company will use the new capital to scale up its presence in Asia, and will leverage Telkom’s connections for growth in Indonesia.

Wavecell develops messaging and video chat software aimed at helping enterprises communicate with their customers. Its products include application programming interfaces (API) that let companies add Wavecell’s functionality to their apps, websites and services.

Founded in 2010, Wavecell has seven offices worldwide and claims to have grown its customer base by more than 300% in the past year. It raised $1.6 million in Series A funding from Qualgro and Wavemaker in 2015.

“Having backed Wavecell from day one, we are thrilled with their progress in bringing to market a reliable and cost-effective cloud communications platform. With this latest round of funding in place, Wavecell is well-positioned to further expand its leadership position and become one of the most trusted service providers to banks, insurance, e-commerce and other corporate clients in the region,” Heang Chhor, founder and managing partner of Qualgro, said in a statement.

Singapore-based Qualgro invests in business-to-business (B2B) technology companies across Southeast Asia, Australia and New Zealand, typically in Series A and B rounds. It is currently investing its Qualgro Asean Fund, which closed in 2015. Previous deals include a $19.5 million Series B round for artificial intelligence developer Appier and a Series C round for intellectual property analytics and management platform Patsnap.

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• Topics
• Southeast Asia
• Technology
• Early-stage
• Singapore
• TMT
• Venture