Funding to be put towards product capabilities expansion
Singapore-based cloud communications provider Toku announced the completion of a $5 million Series A funding round.
Delivery Hero-backed DX Ventures led the round, with participation from existing investors including Tembusu Partners and Neptune Invest Asia. The CCaaS startup will use the funding to enhance its product capabilities and coverage, so it can further simplify digital transformation for the region’s businesses.
The success of the funding round is recognition of Toku’s strong growth since 2018 and an understanding that online communication channels are only becoming more crucial to businesses – both for customer engagement and hybrid working. It also underlines the belief among Toku’s backers in the company’s ambitious expansion plans, which involves new strategic partnerships and further development of its hosted contact centre (CCaaS) solution during the next 18 months. The CCaaS offering is part of the next stage in Toku’s evolution, to build an all-in-one platform for all its customers’ communications needs incorporating CPaaS, UCaaS and CCaaS functionality, native telco connectivity and communication APIs.
With the capital raised, Toku will also accelerate its plans for growth and expansion in the region, boosting its hiring and developing its product offerings. The company plans to double its workforce in the next 12 months, adding more than 40 new roles across all core functions and opening several additional offices across APAC.
Thomas Laboulle, Founder and CEO of Toku, said:
“With this funding, we can help businesses do just that by expanding our product capabilities and scaling to cover more of the region’s ever-changing communications landscape.”
Duncan McIntyre, Managing Partner of DX Ventures, said: “With the cloud communications landscape still at an early stage, we see enormous potential for Toku to grow its base of loyal customers and further extend its regional leadership. We were impressed by the exceptional team and their vision for bringing enterprise-grade solutions to a wide variety of businesses across Asia Pacific.”