Fuze Grabs $30M More, Upping Stakes for Possible IPO
Investors’ appetite for Fuze seems unquenchable.
The Cambridge, MA-based software firm just tacked another $30 million onto a recent equity funding round, bringing the round’s total to $134 million. The new money comes from an undisclosed public pension fund based in the U.S.
Fuze’s total venture capital haul now stands at $334 million. A Fuze spokeswoman says the company isn’t disclosing its valuation.
Fuze, which provides cloud-based business communications software, is one of the biggest tech bets in New England, and an IPO candidate. Co-founder and executive chairman Steve Kokinos recently told Xconomy the company will “likely” go public in 2018.
The additional capital gives Fuze more resources to grow its business, but it also increases the pressure to have a big exit, whether the company follows through with an IPO or gets acquired by a larger company.
Fuze’s management team has undergone a makeover recently. Colin Doherty was appointed CEO, taking over for Kokinos. The company has also hired a new chief financial officer, chief people officer, chief information officer, general counsel, and head of services and support. Meanwhile, president and chief operating officer Andy Byron left Fuze and became the chief revenue officer at Boston cybersecurity firm Cybereason.