OpenPhone, a startup set out to replace “antiquated” business phone systems with an app, has raised $14 million in a Series A round led by David Sacks’ Craft Ventures, held in November 2020. Other participants include Slow Ventures, Kindred Ventures, Y Combinator, Garage Capital and Chapter One Ventures.
The investment comes as demand for cloud-based communications increases with the rise of remote work driven by the pandemic. The company said it has tripled its user base since its $2 million seed round in January.
In addition to voice calls, OpenPhone platform also supports text messages, with the ability to configure preprogrammed replies to automatically respond to texts or missed calls. It also has the ability to convert voicemails into text so they can be skimmed and prioritized as the customer requires. Calls can be put to automatically record and its built-in address book can be used as a type of lightweight customer relationship management (CRM) tool, with the option to add custom property fields to each contact.
What Craft Ventures has to say
“What happens to the office phone when offices go remote? Expensive business phones are no longer needed,” said David Sacks, co-founder of Craft Ventures. “Nobody is there to pick them up anymore. Virtual offices need virtual business phones. When making investments like this, we look for clear bottom-up adoption among users and we saw it immediately with OpenPhone,” He also added.
What OpenPhone has to say
“One of the reasons we are called OpenPhone is that we don’t want to be this closed platform. We’re now getting to the point that we are excited to launch HubSpot and Zapier specifically. A lot of our customers use HubSpot CRM.” said Daryna Kulya, COO and co-founder of OpenPhone.
“The key learning from Y Combinator is that startups are like small businesses, but tend to grow faster. This allows us to build for small businesses and get ready to serve bigger clients as they grow,” he also added.
The startup offers a phone app that provides customers with additional phone numbers on top of their existing devices. The company’s mission is to communicate more effectively with customers, save time, and earn more profit. OpenPhone wants to bring powerful communication tools to huge enterprises to help close more deals. It was founded in 2018 and based in San Francisco, California and was founded by Daryna Kulya and Mahyar Raissi.
About Craft Ventures
Craft Ventures is an early-stage venture fund specializing in crafting great companies and has brought together a rare combination of entrepreneurial experience and investor acumen. Founded in 2017, the company has its headquarters in SanFrancisco, California and was founded by Bill Lee, David Sacks and Jeff Fluhr.
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