Published: May 02, 2024
Focus:
Private Equity
A technology services business, Zing builds and implements contact centre solutions, helping clients to improve customer communication and engagement, as well as increasing efficiencies.
Zing was spun-out of CRM provider ProspectSoft in 2022, a previous Maven portfolio company, to enable the business to capitalise on significant growth opportunities in the growing Communications Platform as a Service (CPaaS) market, which is expected to be worth $17.2 billion globally by 2023.
Following increasing demand from organisations seeking to capitalise on the rapid advancements in generative and conversational artificial intelligence (AI), Zing now supports a growing global customer based including Age UK, Car Finance 24/7, The Norwegian Refugee Council, and Oxfam, and is a Twilio Preferred Parter (the highest level of partnership). The business continues to deliver strong organic growth and the latest funding will be used to capitalise on increased demand from the US as well as expanding AI capabilities.
"Organisations are increasingly seeking to leverage cutting-edge technologies to enhance customer experience (CX) and operational efficiencies, particularly within their contact centers. Twilio Flex's CustomerAI technology is transformative, reducing agents' workloads and streamlining workflows through such things as AI-driven post-work automated summaries, and real-time customer sentiment analysis.
“With conversational AI and virtual assistant technologies projected to fuel a 24% growth in the contact center market in 2024 (Gartner), this is a key moment for CX innovation. These new technologies can provide massive benefits, but they must be deployed and used in the right ways. We’ve built a business on ensuring that they are.”
Julian Hucker, CEO of Zing
"Following our initial investment in the spin-out, Zing is now at the forefront of enabling organisations worldwide to get the most out of cutting-edge cloud based communications technology. The surge in demand for its expertise in the US underscores how essential it is as a communications software partner for thousands of businesses. We look forward to working with Julian as the team to build on the company’s success and continue to grow globally.”
Tom Purkis, Partner at Maven
We back ambitious and experienced management teams to help accelerate sustainable growth. If you are looking at Private Equity as a solution to fund future growth we would love to hear from you. Speak to one of our investment team by getting in touch at funding@mavencp.com.
