We are doubling down on Unifonic, the region’s leading cloud communications platform, to drive Saudi expansion and international presence. The company raised $125m in Series B funding from SoftBank Vision Fund 2, Sanabil Investments, and others. This marks the first investment of SoftBank in Saudi Arabia, as well as the largest funding round ever raised by a Saudi startup.
Time flies in the VC ecosystem. It seems like just yesterday that we wrote our first check to Unifonic, the burgeoning cloud communications platform from Saudi Arabia. The company had just raised $21 million led by us, resulting in one of the largest Series A funding rounds in the region at the time.
Today, less than three years later, we are excited that Unifonic has raised $125 million in funding, led by SoftBank Vision Fund 2 and Sanabil Investments with our participation, continuing our role as the company’s largest Saudi shareholder. With the investment, the company looks to expand its lead in its home market, Saudi Arabia, as well as expand further internationally. Ultimately, the company looks to become the emerging market champion of the CPaaS market globally, a market that is predicted to hit a size of $26b by 2026.
This investment marks the largest funding round in any Saudi startup to date, as well as the first investment of SoftBank in Saudi Arabia. We have full confidence in the Unifonic team to scale their company beyond the strong core that it has already built, with which they have already transformed the way corporations communicate with their customers. Since the last funding round, they were able to triple in size and now process over 10 billion transactions on their platform annually.
We have worked closely with Unifonic over the past 3 years and look forward to continuing this journey with the Unifonic team, SoftBank, and Sanabil.