Today Wire, one of the most secure collaboration platforms, has announced it has closed a €17.5 million Series B funding round led by VC firm UVC Partners. This investment comes off the back of Wire’s 3x annual revenue growth in 2020, and a number of significant customer wins across sectors such as energy, financial services and government (including five of the G7 governments).
With remote and hybrid working models emerging as the new normal, it is critical for governments and enterprises to ensure they have the right infrastructure to maintain both productivity and security. Data protection and privacy protocols must become more robust, while remaining dynamic in the context of the world’s growing cyber threats, continued geopolitical tensions and increasing complexities around privacy regulation.
“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. Corporate awareness of the growing issue of cybercrime has increased rapidly in recent months and has accentuated the need to find new ways to communicate and collaborate securely,” said Dr. Ingo Potthof, Managing Partner at UVC Partners. “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.”
Developed since 2012 with the highest levels of security from the outset, Wire’s platform offers messenger, voice, video, conference calls, file-sharing and external collaboration, built upon an infrastructure of industry-leading end-to-end encryption to ensure that all data that passes through it remains secure and private. Wire’s unique security capabilities and custom deployment options cater to enterprises and governments looking to protect their documents, and secure communications across teams, clients and partners.
“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,” said Morten Brøgger, CEO of Wire. “It is fantastic to be able to add UVC Partners to our investment team. Backing from them not only provides further validation of our security-by-design approach but will help propel us towards meeting and anticipating the security architecture needs of the future, with edge-based, zero trust applications. Our enterprise and government customers constantly grapple with monumental productivity, security and privacy issues all at once, and Wire is best positioned to address these challenges.”
This latest round of funding follows a three-year period of consistent quarter-on-quarter growth, and an almost 50% increase in customer base (currently 1,800 government and enterprise customers worldwide) from where the company stood just under a year ago.
Wire will be using the funding to support growth across its organisation. It plans to continue investing in its technology and platform, with further product announcements expected later in the year. It is also actively hiring, looking to grow its industry-leading team of currently just over 90 staff members, who are based across Wire’s HQ in Berlin and offices in Switzerland and San Francisco.
If you’d like to learn more about Wire and how the company has grown to be one of the most secure collaboration platforms, with 90+ employees, don’t miss the interview we did with Wire’s CEO, Morten Brøgger.