The highly successful Croatian IT company Infobip just keeps going from strength to strength, and the latest spring in its step will certainly push it to even higher plains and help further expansion across the Atlantic in the United States.
As Poslovni Dnevnik writes on the 30th of July, 2020, Infobip has raised over 200 million US dollars from the One Equity Partners investment fund. This is the first round of financing, according to Reuters, adding that the value of this Croatian company now stands at over a billion dollars, reports N1.
This company thus became the first unicorn in the Republic of Croatia, and this is a term used in the venture capital industry when a privately owned startup achieves a value of over a billion dollars.
The investment will help Infobip further expand in the American market through potential acquisitions and the ability to compete with rivals such as the San Francisco-based Twilio, Reuters sources said.
Infobip is a global IT and telecommunications company, founded back in 2006 in Croatia, that provides the technology and services needed for multi-channel marketing by enabling companies to communicate with customers via text messages or applications such as the wildly popular WhatsApp.
Giants like Uber, Costco and Unilever are just some of the clients of this incredible Croatian IT company, which communicate with over seven billion mobile devices in more than 190 countries around the world, according to Reuters.
Croatia’s Infobip had a 38 percent increase in revenue in 2019, generating revenue of 602 million euros. Infobip will now focus on expanding the business, says one Reuters source.
The research firm International Data Corporation (IDC) forecasts the growth of communication platform services (CPaaS) from 3.3 billion US dollars in 2018 to 17.2 billion US dollars by the year 2023.
For more on Infobip and more Croatian companies and startups, follow our dedicated business section.
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