CK Hutchison and the venture arms of Telstra and Swisscom are among the latest investors in telecoms software company Matrixx, Financial Times reported.
Matrixx said it offers a “digital commerce solution that enables always-on customer engagement”. The newspaper said Dave Labuda, co-founder and chief executive, argued traditional billing platforms have struggled to adapt to the digital-first world.
The new funds will be used by Matrixx to boost its sales and engineering teams.
Hutchison’s 3 Group arm inked a deal with Matrixx in 2017 covering its operations in the UK, Denmark and Sweden. Wind Tre, a joint venture of Hutchison and Veon in Italy, is also a Matrixx customer as are Telstra and Swisscom.
The $40 million investment was led by Sutter Hill Ventures, and also included Greylock Partners and Adams Street Partners. The company raised $100 million from investors, Financial Times said, although it is not known how the latest funding valued the company.
Labuda said the involvement of the finance players make it “very IPO-able” in the future: “Those are very patient company builders,” he told the paper.