Plume, the personalised communications services pioneer, has announced that it has closed $300 million (€259.6m) in a new round of minority equity investment led by SoftBank Vision Fund 2.
This round brings the company’s valuation to $2.6 billion, with $697 million raised to date. The investment will continue to drive research and development, sales and marketing, new partnerships, and acquisitions as Plume continues its global expansion.
In the last two quarters since its prior round of equity investment by Insight Partners, Plume added more than 13 million new households, over 350 million new managed devices to its global cloud platform, and acquired more than 60 new Communications Service Provider (CSP) customers.
“The pandemic has dramatically accelerated the adoption of digital services, increasing our dependence on smart devices,” said Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers, who joined the Plume Board of Directors. “Through its innovative cloud data platform, we believe Plume’s consumer-first approach provides customers with reliable connectivity in their homes and beyond. We are pleased to partner with Fahri and the team to support their ambition of reinventing services for smart spaces globally.”
“Our explosive growth over the last few years is explained simply: Plume has reinvented how services for smart spaces are curated, delivered at scale, and managed and supported. We’re moving beyond the limitations of the legacy approaches that couple hardware and services into a ‘box’—choking the CSPs’ ability to introduce and scale delightful new experiences to the consumers rapidly and effectively,” added Fahri Diner, Founder and CEO of Plume. “Our vision and ambitions are perfectly aligned with SoftBank’s, and we are thankful for their support and confidence in Plume.”