Times may be tough but Ifbyphone has defied the apparent drought in venture capital funding and secured USD $4.6 million in a second round of institutional funding.
The capital infusion for the hosted telephone application platform company was jointly led by Apex Venture Partners and Origin Ventures, who also invested in Ifbyphone’s first round of institutional funding.
They were joined by three other venture capital firms:Spring Mill Venture Partners, i2A and Blue Crest Capital Finance, L.P.
Irv Shapiro, Ifbyphone founder and CEO, said the new round of funding was a strong endorsement of the company’s growth and expansion strategy.
Ifbyphone provides small and medium-sized businesses with telephony features that enable them to create phone solutions.
“It positions us extremely well to continue our expansion during these complex economic times,” he said.
Ken Green, co-founder and managing partner at Spring Mill Venture Partners, said he believed Ifbyphone represented the next great wave of Internet-enabled business services.
He said it allowed small and medium-sized businesses access to capabilities previously only available to their larger competitors.
"This kind of service offers an opportunity to level the competitive playing field,” he said.