Natural Convergence secures $10 Million in series C Venture Capital Funding

Natural Convergence Inc., a supplier of VOIP (Voice Over Internet Protocol) application software for service providers, recently announces it has secured $10 Million in series C Venture Capital financing. Service providers have deployed the silhouette software to businesses located throughout Canada, the United States, the United Kingdom, the Netherlands, and the Caribbean.

This round of funding, in which all-existing investors participated, was led by Wesley Clover and BDC Venture Capital and brings the total investment in Natural Convergence to $29 Million. Wesley Clover is the venture capital company founded and chaired by telecommunications industry leader Terry Matthews. Other investors include VIMAC and Desjardins Venture Capital Group, as well as early investors Jefferson Partners, Primaxis Technology Ventures Inc., and Purple Angel.

“I congratulate BDC and its partners for this initiative, which advances Canada’s New Government’s efforts to develop a more productive economy by investing in science and technology,” said Minister Bernier, Canada’s Minister of Industry and Minister responsible for the Business Development Bank of Canada, “This announcement represents the collaboration and investment of all stakeholders – governments and the private sector. These partnerships are essential. We need to continue with this approach. It’s a concrete example of the open federalism that our government is putting into practice.”

“Our product was designed from day one to provide a simple, compelling offer ideally suited for mass market distribution. The small business market has been underserved and difficult to reach, yet our customers are reporting 25-50% growth rates in sales of silhouette, quarter over quarter,” said David Cork, Chief Executive Officer, Natural Convergence. “The top priority use of these funds will be to assist our customers to continue to achieve these exponential growth rates through aggressive channel development and related marketing programs.”

Natural Convergence’s silhouette gives service providers the means to aggressively replace older systems with a hosted solution.  This gives service providers the opportunity to expand their business beyond simply selling pipeline to offering enhanced services to this market.

“The business model of Natural Convergence’s hosted VoIP key system replacement solution works extremely well in catering to the needs of the small business market,” stated Ron Warburton, Director, and Venture Capital for the Information Technology group at BDC Venture Capital. “As a result, Natural Convergence provides cable companies and service providers with a new and growing revenue stream.”

For more information, please visit: www.naturalconvergence.com