Twilio Getting $70 Million to Expand Mobile Messaging
Twilio Inc., a provider of voice and texting services to mobile-application developers, raised $70 million from venture capitalists as it seeks new customers in retail, transportation and hospitality.
The funding is being led by Redpoint Ventures and includes Bessemer Venture Partners and Draper Fisher Jurvetson, San Francisco-based Twilio said today. Redpoint’s Scott Raney will join Twilio’s board, the company said.
Twilio, founded in 2008, is riding a boom in mobile messaging, as companies such as car-hire app Uber Technologies Inc. and Home Depot Inc. (HD) use its service to reach customers over wireless devices. Twilio, which said it has expanded into more than 40 countries and doubled sales in each of the past three years, didn’t disclose revenue or other financials.
Most of Twilio’s 150 employees work in a new headquarters in San Francisco’s South of Market neighborhood. All staff members are required to create their own messaging apps upon joining.
The market for messaging services could be worth billions of dollars, according to Jeff Lawson, Twilio’s co-founder and chief executive officer.
“We helped developers and corporations realize they can tap the power of the cloud for voice and messaging services,” Lawson said in an e-mailed statement. “This represents a multibillion-dollar market opportunity.”
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