Highfive's Funding Up to $77 Million
Highfive has announced it has raised $32 million in Series C funding. This additional money brings the company’s total funding to $77.4 million. This round of funding was led by Dimension Data, an $8 billion international technology integrator and managed services subsidiary of the NTT Group. Highfive said it plans to use the new funding to scale its marketing and sales reams while expanding business.
Joe Manuele, Group Executive Vice President of Customer Experience and Collaboration at Dimension Data and member of Highfive's board said, “Dimension Data’s footprint of collaboration clients across the globe gives us a unique view of the evolution of the market. We recognize a huge opportunity to grow the video conferencing addressable market by leveraging innovative cloud based solutions.”
Highfive’s annual recurring revenue (ARR) has grown by over 100 percent, speeding up its product development. The company’s continuous product updates have brought customer service standards to the ultimate high; over 140,000 meetings each month at approximately 16 million minutes. Companies helping to expand Highfive include Paperless Post, The Hustle, Bankrate and The Atlantic, who join existing customers like Warby Parker, Harry's, Expensify, and the Girl Scouts of Northern California.
"People are tired of conferencing systems that require downloads, pin codes, or excess cables. Highfive is the only solution that eliminates those frustrations for people who just want to have a meeting,” said Shan Sinha, Co-Founder and CEO of Highfive. “Our growth reflects the continued need for video conferencing that’s easy-to-use and deployable across every meeting room. With Dimension Data’s 30 years of industry experience, we see the company’s investment as validation for what we’ve built at Highfive, and our vision for how we can make companies work better together.”
Edited by Ken Briodagh