Fonio announced that it has raised $17 million in funding at a $140 million valuation in a round led by 20VC. The company, which set out just over a year ago to build the leading AI phone agent for small and medium-sized businesses, says it has become the top AI phone agent platform for SMBs in Europe.
Co-founder Daniel Keinrath initially handled approximately 20 product demonstrations per day while co-founder Matthias Gruber built the product independently. Since then, the company has grown to more than 50 employees and now serves approximately 10,000 customers.
Fonio reports more than 30% month-over-month growth and said it added $1.5 million in annual recurring revenue during the last month alone. The company expects to reach $10 million in annual recurring revenue by the summer.
Building on its AI phone agent offering, Fonio recently launched an AI-powered WhatsApp agent. The company also plans to introduce email agents, chatbots, and an AI-first customer relationship management platform as it expands its communications suite for small businesses.
Fonio said its long-term mission remains focused on helping SMBs compete more effectively with large enterprises by providing them with advanced AI tools traditionally available only to bigger organizations.
The company is currently hiring across more than 35 positions and is offering €10,000 referral bonuses for successful hires.
KEY QUOTES:
“A little over a year ago, the plan was simple: build the #1 AI phone agent for SMBs.”
“Today Fonio is the #1 AI phone agent for SMBs in Europe.”
“The mission hasn’t changed: give SMBs the tools to compete with the largest enterprises on earth.”
Fonio statement
