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Wire messaging app raises $21m in funding round

Wed 14 April 2021 09:49 | A A A

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(Sharecast News) - Messaging app Wire has raised $21m via its latest series B funding round that was led by UVC Partners.

The app lets you talk securely in one-to-one or group conversations with its end-to-end encrypted system which is implemented by default.

That means that the company cannot access conversations, messages cannot be used in court or accessed by a hacker at any point.

Wire had 1,800 customers with that number having grown by almost 50% over the preceding year and with the company's revenues having tripled in 2020.

The company focuses on large customers, including big corporations and government customers, and had a large addressable market of potential users. Five G7 governments were already Wire users.

"If I think back on the evolution of the business - three years ago we had zero revenue and zero customers - whereas today we're announcing a B round and we have clearly established a well-recognised enterprise brand amongst the likes of Gartner, which is one of the things I am extremely proud of," Wire's CEO Morten Brogger told TechCrunch on Wednesday.

"I also think that with the focus on a revenue-generating, enterprise business, we avoid situations like WhatsApp, where the only model you can ultimately turn to is monetising data," he added.

In addition to working on Messaging Layer Security (MLS), Wire has been focused on improving conference calls and real-time interactions.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.


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