Wire is an app startup company that created a private and secure collaboration platform for people to communicate safely through messages, photos, videos, calls, and voice memos. Part of the business’s mission is to protect digital assets to potentially help the $6 trillion global cybersecurity problem.
Although the startup company was originally founded as a consumer messaging app, in 2018, the business pivoted to become a collaboration platform for enterprises. With four office locations globally, Wire has gained more than 1,300 enterprise customers. The business has customers across several industries like energy, finance, and government. Wire services five of the G7 governments.
In addition, the app startup company is built as open source, making the software code publicly accessible. Wire offers three different collaboration solutions: Wire Pro serves as one tool for all collaboration needs, Wire Enterprise helps large-scale and regulated organizations, and Wire Red for on-demand crisis communications.
The business is competing against other collaboration platforms like Slack, which was acquired by Salesforce in December for $27.7 billion; Microsoft Teams, various Google services, Trello, and many more.
$21 Million for Wire
In a blog post, the startup announced the business raised $21 million in a Series B financing round led by venture capital firm UVC Partners. The funding for Wire comes on the heels of a year of growth. In 2020, the app startup tripled revenue and experienced a 50% customer base increase.
Dr. Ingo Potthof, managing partner at UVC Partners, said in a statement, “Our investment in Wire shows our strong belief in their leadership team as well as their product and trajectory to date, particularly given their phenomenal revenue growth has well outpaced the market. Wire’s platform is vital for serving the needs of governments and large-scale enterprises, which require the highest levels of security and privacy in their collaboration tools.”
With the new capital, the app startup company plans to support growth across the entire business by investing further in its technology and platform, increasing the Wire workforce, and assisting with new product launches later this year.
Morten Brøgger, CEO of the business, said in a statement, “Wire’s mission has always been to create the most secure platform, suitable for mission-critical communications and for organizations that truly value privacy. I’m proud of our team and the platform we have built so far.”
The Collaboration Industry
More and more collaboration tools are trickling into the market as they can be a necessity for businesses to succeed. As a result of the COVID-19 pandemic, companies were left with no other option but to implement web-conferencing software to continue operating. In May 2020, Grand View Research reported the global team collaboration software market was valued at $9.5 billion in 2019 and is projected to grow at a CAGR of 12.7% from 2020 to 2027.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.