Dubber raises $22m to accelerate growth
4 April 2019
We are pleased to announce that we have successfully secured AUD$22 million from investors, with an investor demand that exceeded our aims. These funds will support our continued pursuit of global growth opportunities and allow us to scale to meet increased demand and secure long-term recurring revenue.
How this raise will be used
Dubber have existing agreements with 92 telecommunications service providers and we are continuing to see strong demand for our products. Service providers are seeking to provide services to their customers that are rich in features and they are standardising these across multiple networks. These existing relationships will be instrumental in driving customer uptake of our services and bring with them long-term value through recurring revenue. Our new investment will go towards our continued expansion into new deployments with service providers across the globe, particularly in North America and Europe.
Our Dubber Connect model is a fully-managed service that allows rapid deployment of our products. Its popularity with service providers means that we will be investing in additional business development and sales staff to ensure we can develop this model further and refine our offering.
As the embedded recording service for the Cisco BroadCloud platform, Dubber has substantial global opportunities. Funding will support growth avenues through the global presence of Cisco BroadCloud. Our recent agreement with IBM to market a joint technology solution will also receive support to fully take advantage of IBM’s substantial client base.
Development of the Dubber open platform will be a key area of investment in order to enhance functionality. The platform enables the integration of third-party applications through its open API. We will invest in expanding our ecosystem of connected applications that will ultimately deliver solutions for all users; from large enterprises to small businesses. Dubber’s investment will help to propel our global user base by expanding our core functionality to include advanced artificial intelligence services that are available for every phone.
A ‘significant milestone’
Steve McGovern, Dubber CEO, commented on the raise:
“This is a significant milestone for Dubber, following strong growth across our key metrics.
Dubber has a unique advantage through its operating leverage, that to date has allowed us to service the largest carriers in the world, in a number of different continents, with less than 60 employees. We are truly excited to now invest in the next stage of growth to ensure that we become the de-facto industry solution in our market.”
Read our ASX announcement for full details of the raise and how we plan to use the funds.