VC fundraising for communication & collaboration software companies
Communication and collaboration has been a heavily-funded category for over a decade. The pandemic peak has reset into a market where investors weigh AI-driven differentiation, durable enterprise contracting and gross margin discipline across consumption components. Capital concentrates in operators with credible PLG-to-enterprise conversion paths.
Investors are PLG-fluent generalists, communications and CPaaS-specialist funds, and corporate venture arms attached to the large productivity and communications platforms - Salesforce Ventures and Microsoft's M12 invest in adjacent areas. Flow has direct relationships across the PLG generalists, communications specialists and the productivity-platform CVCs that fund the category.
Flow has experience running VC fundraising processes for communication and collaboration companies across team messaging and conferencing, voice and video infrastructure (CPaaS, UCaaS, CCaaS), email and customer communication, async collaboration, and community and creator collaboration. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Communication & collaboration software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Seat ARR
Consumption revenue
Paid seats
Net retention
Free-to-paid conversion
Active accounts
Minutes / messages
Gross margin
CAC payback
Self-serve vs sales mix
Communication & collaboration software valuations in May 2026
Public communication & collaboration software comps trade at 2.0x EV/Revenue. Median revenue multiple across communication & collaboration software VC rounds was 13x in the last 12 months.
2.0x
Median EV/Revenue as of May 2026 for public communication & collaboration software companies
4.3x
Zoom is the highest valued public communication & collaboration software company based on EV/Revenue (excluding outliers)
1.8x
Median EV/Revenue across communication & collaboration software M&A deals in the last 12 months
13x
Median EV/Revenue across communication & collaboration software VC rounds in the last 12 months
Key recent communication & collaboration software VC rounds
$790M Undisclosed stage raised by Solace was the largest communication & collaboration software VC round completed in the last six months.
See all communication & collaboration software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | Solace |  | Solace is a Redwood City-headquartered event streaming platform provider enabling real-time data movement for enterprises. PubSub+ supports event-driven architectures across hybrid and multi-cloud environments like AWS, Azure, and Google Cloud. The platform powers financial services firms such as Capital One and telecoms like Verizon, handling billions of events daily with guaranteed delivery and security features. | Apogem CapitalBridge Growth Partners+4 | $790M | - | Undisclosed stage | |
Jan-26 | Parloa |  | Parloa is a Berlin-headquartered conversational AI platform automating customer service across voice, chat, and messaging channels. Its AI agents manage inquiries for insurance, retail, and telecom firms, with natural language processing in 20 languages. Deployed by Swiss Life for 24/7 phone support and Decathlon for e-commerce chats, Parloa handles 5 million interactions monthly. Founded in 2017, it complies with DSGVO standards and integrates with CRM systems like SAP and Genesys. | Altimeter CapitalDurable Capital Partners+3 | $350M | $3.0B | Series D | |
Mar-26 | Wonderful |  | Wonderful is a Tel Aviv-headquartered enterprise AI platform for deploying conversational agents across voice, chat, and email channels. The system handles multilingual customer interactions, integrates with CRM and ERP tools like Salesforce and SAP, and executes actions such as booking or refunds. Oversight tools provide real-time supervision, audit logs, and performance comparisons between AI and human agents. Wonderful serves global enterprises ensuring compliance with GDPR and SOC 2 standards through granular permissions and analytics dashboards. | Bessemer Venture PartnersIndex Ventures+3 | $150M | $2.0B | Series B | |
Apr-26 | Avoca |  | Avoca LLC owns and manages land located in St. Mary Parish, Louisiana. The St. Mary Parish land contains hydrocarbons which are developed in accordance with the custom of the trade in the oil and gas industry. The Company also receives royalties from Oil and gas production related to leases to unaffiliated parties for oil and gas exploration, rental income and income from the leasing of hunting rights. Income also includes interest and dividend income and gains on sales of securities. | Alt CapitalAmplify Partners+6 | $125M | $1.0B | Series B | |
Feb-26 | Simile | | Simile is an AI platform enhancing team communication and collaboration by automating content generation, conversation management, and interaction analysis across digital channels. | A*Adam D’Angelo+7 | $100M | - | Series A | |
Jan-26 | LiveKit | | LiveKit is a San Francisco-based open-source platform enabling developers to integrate real-time voice and video into applications using WebRTC. Its cloud infrastructure supports selective forwarding units for low-latency streaming in teleconferencing, gaming, live events, and agentic AI. LiveKit Agents framework allows building voice AI with LLMs, STT, and TTS, deployed on Kubernetes with global edge network coverage. | Altimeter CapitalHanabi Capital+3 | $100M | $1.0B | Series C | |
Mar-26 | SherWeb | | SherWeb is a cloud services provider offering Microsoft-based hosting solutions. Quebec City-headquartered since 1998, it delivers hosted Exchange, SharePoint, Dynamics CRM, and BlackBerry Enterprise Server to partners worldwide. The privately held company enables resellers to offer email, collaboration, and web hosting across more than 100 countries. | Investissement Quebec | $92M | - | Undisclosed stage | |
Jan-26 | Datarails | | - | ClalTechInnovation Endeavors+6 | $70M | $550M | Series C | |
Feb-26 | Humand | | Humand is a software platform unifying internal communications, HR management, employee engagement, and talent development in a single digital environment for organizations. | Arash FerdowsiGoodwater Capital+10 | $66M | - | Series A | |
May-26 | Vapi | | Vapi is a voice AI platform headquartered in San Francisco that enables developers to build, deploy, and manage conversational agents for telephony. The service supports integration with over 50 large language models and custom functions for applications in customer support, sales, and healthcare. Vapi handles real-time transcription, interruptions, and multi-turn dialogues, scaling to thousands of concurrent calls with low latency across global providers like Twilio and Vonage. | Bessemer Venture PartnersKleiner Perkins+3 | $50M | $500M | Series B | |
Mar-26 | Sift | | Sift is an enterprise expertise platform connecting employees to internal knowledge and specialists via mobile and desktop apps. It enables quick searches for subject matter experts, document sharing, and collaboration across organizations. Headquartered in San Francisco, California, Sift integrates with Microsoft Teams and Slack to boost productivity in large enterprises. Launched in 2018, it serves Fortune 500 companies in tech and professional services. | CIVFika Ventures+3 | $42M | - | Series B | |
May-26 | Dust |  | Dust is a no-code platform for creating AI-powered virtual employees tailored to business workflows. Paris-headquartered, it integrates large language models with internal documents, APIs, and tools to automate tasks in sales, marketing, engineering, and customer support. Dust enables teams to deploy customizable agents that access proprietary data while maintaining security and compliance. | AbstractDatadog+2 | $40M | - | Series B | |
Mar-26 | Notch | | Notch is an AI customer support platform designed for operational leaders. | Romero RodriguesIlluminate Financial+3 | $30M | - | Series A | |
Feb-26 | Slang | | Slang.ai provides a voice AI concierge automating inbound calls for restaurants handling reservations, inquiries, and order routing. The platform integrates with OpenTable, SevenRooms, and POS systems across multiple locations. San Francisco-based Slang.ai supports VIP handling, cross-selling, and escalations to staff with real-time notifications. | Active CapitalClaire Hughes Johnson+7 | $28M | - | Series B | |
Apr-26 | Natter | | Natter is a workplace communication platform replicating watercooler chats for remote and hybrid teams. The San Francisco-based tool facilitates casual conversations, quick polls, and icebreakers to foster team connections. | Asymmetric Capital PartnersCostanoa Ventures+4 | $23M | - | Series A |
VC investors active in communication & collaboration software
Y Combinator is the most active VC investor across communication & collaboration software, having invested in 54 startups in the last three years.
See all communication & collaboration software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | VapiAvocaAvoice+2 | 54 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | SynthaxReFreshMeetStream AI+2 | 21 | Pre-seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | OneInbox.aiTechTackIt SolutionsDeltagen+2 | 19 | Pre-seed | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | AvocaThe Interaction Company of CaliforniaAgentMail+2 | 13 | Seed | |
Pioneer Fund | | Pioneer Fund is a San Francisco-based venture capital firm that invests exclusively in Y Combinator batches. The fund deploys capital into early-stage startups from accelerator programs, with portfolio companies including DoorDash, Airbnb, and Stripe alumni. It manages over $100 million across multiple funds focused on software, fintech, and consumer tech sectors. | FlaiAirweaveZero+2 | 11 | Pre-seed | |
Index Ventures | | Index Ventures is a London-headquartered venture capital firm investing in early-stage technology companies across Europe and the United States. The firm manages over $10 billion in assets, backing companies like Robinhood, Datadog, and Cohere in sectors such as fintech, SaaS, and AI. Founded in 1996, Index Ventures has offices in San Francisco, New York, and Geneva, achieving exits through IPOs and acquisitions including Dropbox and Revolut. It focuses on seed to Series B rounds, supporting portfolio firms with operational expertise. | WonderfulSimileLiveKit+2 | 9 | Series A | |
Bessemer Venture Partners | | Bessemer Venture Partners is a global venture capital firm that invests in early-stage technology companies building enduring software and internet platforms. San Francisco-headquartered with offices in New York, London, Tel Aviv, and Bangalore, the firm manages investments in sectors like SaaS, fintech, and cybersecurity. Its portfolio features companies including Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast. Founded in 1911, Bessemer Venture Partners has supported over 140 IPOs and acquisitions, maintaining a presence across North America, Europe, and Asia. | VapiWonderfulRecall.ai+2 | 9 | Seed | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | GammahowiePylon+2 | 9 | Series A | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | PersistenceGammaSynthFlow AI+2 | 8 | Seed | |
Guillermo Rauch | | Guillermo Rauch is the CEO of Vercel, a San Francisco-headquartered cloud platform founded in 2015 that enables developers to build, deploy, and scale frontend applications with frameworks like Next.js, which he created. Previously, he co-founded LearnBoost and Cloudup. | The Interaction Company of CaliforniaHumandSimile+2 | 7 | Series A |
Founders and investors we've worked with
We've supported winning builders across communication & collaboration software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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