- Enterprise-focused end-to-end encryption messaging app company Wire raised $8.2 million in funding
Enterprise-focused end-to-end encryption messaging app company Wire announced that it raised $8.2 million in funding from Morpheus Ventures and several others. This is the first round of funding that Wire has disclosed. And the company also moved its holding company to the US from Luxembourg. Wire CEO Morten Brøgger said that this process “simple and pragmatic” in an interview with TechCrunch.
Wire is also planning to launch a freemium tier to its consumer service — which has about half a million users. And the company is also working on a larger round of funding to fuel more growth. This is one of the biggest reasons why Wire is relocating to the US.
“We knew we needed this funding and additional to support continued growth. We made the decision that at some point in time it will be easier to get funding in North America, where there’s six times the amount of venture capital,” said Brøgger via TechCrunch.
However, Wire will continue running its operations out of Europe. The customers are going to be licensed and serviced from Wire Switzerland and the software development team is in Berlin, Germany. Plus the hosting will remain in Europe.
Wire’s first backers include Skype co-founder Janus Friis and funds connected to him. And Wire was co-founded by Skype alumni Jonathan Christensen and Alan Duric.
A few days ago, Wire also announced it made several key hires in the US and Europe as the company is accelerating through doubling Sales Bookings quarter over quarter through 2019.
Wire’s platform now has 700 enterprise customers globally with Aon and Fortum as its latest high-profile additions and those companies are joining existing customers like EY and SoftBank Robotics.
“Previous results speak for themselves. We have seen amazing growth since our pivot into Enterprise Software in 2018 and are keen to keep that momentum going in a rapidly moving market. In fact, the collaboration market is set to be worth $48 billion by 2024 and our team vision is one of Wire at the very forefront, leading the way in enterprise collaboration and disrupting this space with our industry-best security and usability. This is an exciting time for everyone at Wire as we continue our fast-paced growth to bring a more secure form of collaboration to both enterprises and government organizations worldwide,” stated Brøgger.
The company also revealed some of its recent hires, including Christian Nink as VP of Sales EMEA, Dylan Riley as VP of Finance, and Tony Lam as VP Sales of Americas.
Nink is joining Wire from New Relic where he held various leadership roles and most recently oversaw the commercial business in the DACH region. Plus he brings experience in closing large capital deals and familiarity with the DevOps market, which is a key growth area for Wire. And Christian seeks to work closely with this market as well as expanding Wire’s existing relationships with enterprise customers.
“I’m really looking forward to getting my feet under the table and working with the team at Wire to achieve their ambitious goals. We are looking to delve further into the DevOps market as well as expand the relationship that we have with our enterprise customers. I also think there is real potential with finance and governments in EMEA so I’m looking forward to making inroads in those sectors,” Nink commented.
Riley is joining Wire from Contentful where he was Senior Manager of Financial Planning and Analysis. And he brings a strong background in finance, operations, and investment banking with a particular focus on the enterprise software sector. At Contentful, Dylan played a major role in the company’s growth particularly in raising significant funds from top-tier investors like Sapphire Ventures, Salesforce Ventures, General Catalyst, Benchmark Capital, and Balderton Capital.
“Wire’s business model, stage of development, and growth trajectory are pattern-matched to my passions and background, so the opportunity itself was truly compelling. After getting to know the company’s outstanding leadership team, I am eager to join and support the company’s financial performance, and I’m confident that we can drive incredible value together,” noted Riley.
Lam is coming to Wire from Xeebi. At Xeebi, he was Global Head of Sales and Business and was responsible for the company’s revenue and go-to-market strategy.
“While I have been in the role I have seen the market really adopting this concept of secure messaging and the US has become our fastest-growing region. Customer response is overwhelming, resulting in increased demand and revenue growth. I’m excited to contribute to Wire’s continued success!” pointed out Lam.
Wire is aiming to double revenues again in 2020. And the company is planning to launch the groundbreaking Messaging Layer Security (MLS) technology and an offering for the Internet of Things.
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