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The cloud-based VoIP provider aims to reach €11m in revenue next year and expand its telephony services.
Irish telecoms company IP Telecom has secured €6m to fuel its growth and acquisition plans, with a goal of roughly doubling its revenue next year.
The funding was secured through a minority investment deal with Development Capital, an Irish company that provides development and growth capital to Irish SMEs that have “significant growth opportunities”.
Established in 2010, IP Telecom provides cloud-based voice over internet protocol (VoIP) and unified communications telephony services across Ireland. The company has grown to have more than 4,000 customers across multiple sectors.
The company says its B2B network can power modern ways of working and helped support SMEs transition to a remote and hybrid working environment during the Covid-19 pandemic. IP Telecom adopted its own hybrid working model in 2021.
With the new investment, IP Telecom plans to increase its annual revenue from a forecast of €6m this year to €11m in 2024. As part of the new deal, Development Capital investment director Anthony O’Driscoll will join the IP Telecom board.
“We are excited to partner with and back IP Telecom’s goal of becoming a significant player in the hosted business telephony sector, which has experienced significant recurring revenue growth and demand in recent years,” O’Driscoll said.
IP Telecom CEO Shena Brien said the company is looking forward to “reaching new heights” with the support of Development Capital.
“At the start of 2023, we set out our goals for the year: the continuation of providing impactful and improved telecoms services nationally,” Brien said. “With this investment, our innovative technology solutions, dynamic customers, and Anthony O’Driscoll’s counsel on our board, we are set to fulfil this goal and much more as part of the thriving, innovative tech ecosystem in Ireland.”
Brien co-founded IP Telecom and has been its CEO since 2016. In 2018, she spoke to SiliconRepublic.com about her career journey from engineer to business owner.
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