UJET to Expand Global CCaaS Footprint With $55M in Series C Funding

The San Francisco-based omnichannel cloud-based CCaaS vendor announced the new funding which takes the total investment to ‘just above $100 million’. The capital will be used to extend its global footprint in a rapidly growing CCaaS market.

UJET, a San Francisco-based vendor of cloud contact center solutions has raised $55 million in a Series C round of funding led by Sapphire Ventures. Existing investors GV (formerly Google Ventures), Citi Ventures, Kleiner Perkins, DCM, and Resolute Ventures also participated in the round.

The new funding comes nearly 24 months after their $25 million Series B in February 2018.

UJET stated the funding will be used to extend the functionality of their cloud platform with new feature updates, while pushing for domestic as well as international expansion of sales and marketing activities in a burgeoning contact center as a serviceOpens a new window (CCaaS) space. UJET currency serves organizations from e-commerce and retail, financial & on-demand services, healthcare, IoT etc.

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Jai Das, Managing Director and President of Sapphire Ventures said, “Companies are increasingly adopting cloud-basedOpens a new window contact center solutions as they undergo digital transformation and modernize their approach to omnichannel customer supportOpens a new window .”

A reportOpens a new window by Gartner attests to this fact, indicating that CCaaS is set to be the preferred model for 50% contact centers by 2022. Also, Grand View Research reportedOpens a new window an exceptionally high CAGR of 19.7% through 2020-2027. Demands for flexible and easily scalable CCaaS solutions, inclusive of omnichannel communication like voice, email, chat and SMS, are the major driving forces behind this industry growth.

Anand Janefalkar, Founder & CEO, UJET, in an exclusive commentary shared with Toolbox said, “The accelerated adoption of cloud contact center solutions has brought new levels of innovation to a sector that is more important now than it ever has been before. This new round of financing will help us to continue driving this transformation and help businesses provide cloud-native and smartphone-centric experiences that customers today look for in the brands they trust.”

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Customers now also have higher expectations from vendors and overall industry standards in terms of new feature additions, issue resolutions, third-party interoperability, rapid deployment and more. This is further augmented by the fact that the cloud CCaaS market proliferated almost 20%, with nearly 100 vendorsOpens a new window in 2019 alone and that 76% customersOpens a new window believe that migration of their business activities to other vendors is easier than ever.

So how are CCaaS vendors coping with this? It’s simple. They deliver services through the cloud.

A recent Research and MarketsOpens a new window report indicates the contact center market is expected to hit $28.6 billion by 2025. Das adds, “This trend began taking shape before COVID-19, but the pandemic accelerated the need for a cloud-native, all-in-one omnichannel contact center solution like UJET.”

As a part of the investment, Das will take his seat as one of UJET board members.

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