Reignmaker Communications has closed on another $6.38 million in new financing for expansion of its voice over Internet Protocol communications services.
Reignmaker disclosed funding of $5.3 million last week.
Stanford Group Company helped raise the latest funds.
Reignmaker plans to use the capital for acquisitions of over VoIP providers, product development and the formation of more alliances and partnerships. Reignmaker offers a hosted PBX (private branch exchange) service that aims to reduce businesses’ telecommunication costs.
"The hosted PBX market is crowded with inexperienced new companies that are attracted by the enormous growth projections of the industry," said Steve Smithwick, Reignmaker’s chief executive officer.
“We believe the market is looking for one provider that is capable of stepping forward to take the ring as the trusted, leading national Hosted PBX provider for business customers. Through our aggressive growth and acquisition strategies, we aim to be that company,” he added.
Reignmaker currently provides access in 40 countries.