Tag: funding

Austin-based Telestax Lands $4.7 Million in VC Funding

Telestax announced this week it has raised $4.7 million in funding.

Austin-based LiveOak Venture Partners led the funding round. The company plans to use the money on product development, customer support and marketing.

“We are thrilled to bring Telestax into our portfolio of promising companies. The exceptional team, high-value technology and resulting customer adoption of Telestax’s offerings made this a compelling investment for us,” Krishna Srinivasan, General Partner at LiveOak Venture Partners, said in a news release. “We look forward to helping Telestax with their market and product expansion.”

The Austin-based company makes a communications platform called RestcommOne, which blends telecommunications applications with enterprise applications to “deliver real-time communications business solutions that scale,” according to a news release.

Telestax, which launched its RestcommOne platform in 2011, has more than 170 commercial customers including Avaya, MetTel, Ping An Bank, T-Mobile, Unifonic and NTT-AT. The platform supports 900 million calls daily and 200 million messages.

“The last 12 months have been remarkable for Telestax,” Ivelin Ivanov, Telestax CEO and co-founder, said in a news release. “We launched RestcommONE, our CPaaS enablement platform, and our RestcommONE Marketplace; and today we have added another business partner with strong proven expertise in telecom and infrastructure software”.

Telestax, founded in 2011, has raised $5.9 million in two rounds to date, according to its Crunchbase profile.

Bigcommerce Raises $40 Million from Revolution Growth

imgres-10Bigcommerce, a site that lets anyone create an online store, raised $40 million from Revolution Growth.
Steve Case, co-founder of the Revolution Growth fund and founder of America Online, will also join Bigcommerce’s board.
The Austin-based company, founded by Eddie Machaalani and Mitchell Harper in 2009, has raised $75 million to date.
Bigcommerce’s software has already helped more than 35,000 companies launch online stores, market their businesses and build brands for just $25 a month. Its customers include Gibson Guitar, Zaggora.com, YETI Coolers and many more.
“Bigcommerce is a big idea that aligns perfectly with Revolution Growth’s philosophy: that technology can enable any entrepreneur, in any industry, located anywhere, to build a successful, high-growth business,” Case said in a news release.
Bigcommerce plans to use the funds to further develop its product and for marketing. The company is also hiring new employees.
“At our core, we are simply entrepreneurs helping other entrepreneurs build the business of their dreams,” Bigcommerce co-founder and co-CEO Mitchell Harper said in a news release.

TeamTopia seeks funds to tackle youth sports market

SwimpTopia makes it easy to join a swim team.

The Austin start-up, known as TeamTopia, first product is SwimTopia, a web-based application that reduces the paperwork hassle involved in joining a swimteam, said Mason Hale, CEO of co-founder.

Launched earlier this year, SwimTopia has 2,700 registered users and 1,100 athletes for 6 teams. It has processed $120,000 in registration orders.

“At this point, we have a working product and customers who are happy,” Hale said.

The U.S. swimming market is estimated at 2.6 million athletes on 25,000 teams paying $250 registration fees and dues and another $300 million in merchandise and equipment.
50 million youth sports athletes in the U.S. that spean $5 billion in merchandise and registration fees.

“Every team uses its own registration, communication systems,” Hale said. “When I see this I see a big opportunity to save a lot of people a lot of time. To take the hassle out of something that is supposed to be fun. To enable coaches to spend more time coaching and parents to spend more time with their kids.”

The swim market is huge but it’s just the entry point to the overall youth sports market with 50 million children enrolled in organized youth sports, Hale said.


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