Hummer Winblad Venture Partners and Mosaic Venture Partners Co-lead Investment in Hosted Contact Center Company; Both firms to join Company’s Board of Directors.
Emeryville, CA (April 28, 2004)- —Five9, Inc., a leading provider of hosted contact center solutions, today announced the completion of a $5 million round of funding with Hummer Winblad Venture Partners and Mosaic Venture Partners. The investment marks the first institutional round of financing for the company. Five9 will use the funding to expand its service infrastructure to keep pace with its customer acquisition rate, grow the engineering staff to accelerate product development, and expand their distribution channel and partnership programs.
“Our VoIP-based hosted contact center service meets the business needs of small and medium enterprises. It offers a low total cost of ownership, is easy to use and frees the customer to focus on their core business,” said Brian Silverman, president and CEO of Five9, Inc. “The investment by these top-tier venture investors shows strong validation of our company's potential and our product. We have the good fortune of partnering with investors with a wide network of affiliations that can help us grow the company."
Historically, inbound and outbound call centers relied on expensive solutions that integrated computers with PBXs and telephony switches. Five9’s Virtual Contact Center™ offers small and medium enterprises all the benefits of owning a contact center without the infrastructure costs. By plugging into the Five9 hosted contact center service via the Internet, users can get their contact center up and running immediately. The result is that a work force can be anywhere—at home, in another country or in a central office.
"Five9 levels the playing field for small—to mid-sized companies by providing them with an affordable, comprehensive call center solution that has only been available to large companies in the past,” said Mitchell Kertzman, partner at Hummer Winblad. “Software is becoming a service, and we believe Five9 is uniquely positioned to address the needs of the emerging on-demand contact center market.”
David Samuel, managing director at Mosaic Venture Partners stated, “We are very excited to be involved with Five9. The Company has done an outstanding job of developing and delivering its Virtual Contact Center to dozens of satisfied customers and Silverman has assembled a great team to take the Company to the next level.”
Both Kertzman and Samuel will join Five9’s Board of Directors.
About Hummer Winblad Venture Partners
Hummer Winblad Venture Partners was created in 1989 as the first venture capital firm focused exclusively on software. As the software industry grew from PC software to enterprise computing to Internet applications, Hummer Winblad has been at the forefront ——funding the entrepreneurs and ideas that helped define these markets. The firms' goal is to provide the capital, experience, and vision that will enable its companies to become leaders in this new software economy. For more information on Hummer Winblad, visit www.humwin.com
About Mosaic Venture Partners
Mosaic Venture Partners was founded with the mission of helping exceptionally talented entrepreneurs to build major technology enterprises. Mosaic undertakes a team-oriented approach in order to deliver a superior level of service to its portfolio companies and to build long-term value. Mosaic invests in both Canada and the United States, and focuses on early-stage investing in businesses where the partners have direct experience. For more information on Mosaic Venture Partners, visit http://www.mosaicvp.com
About Five9, Inc.
Five9 is the leading global provider of on-demand call center solutions for customer interaction management. The award-winning Five9 Virtual Call Center™ targets small- to midsized call centers, contact center operations of large enterprises, and companies that provide outsourced call center services. Companies on five continents profit from Five9's reliable, robust functionality that is fast, easy, and affordable to deploy for any call center. For more information, visit http://www.five9.com.