The investment, from Australian VC firm Innovation Capital, is for an undisclosed equity stake. Yasmin Dugan, a 30-year veteran of Telstra, has been installed by Innovation Capital as 1300 Record's chief executive.
The business was founded in 2009 by Phil O'Keeffe, who remains as national sales director.
1300 Record is a cloud-based service, aimed at small businesses, that allows users to record incoming or outgoing telephone and VOIP conversations. Calls are stored digitally in the cloud, where they can be linked to or transcribed.
Businesses keen to take up the service are charged a $699 set-up fee, followed by monthly payments of $25.
Dugan tells StartupSmart that the new investment will be used to expand 1300 Record's reach.
"We want to double our product portfolio by coming up with new solutions," she says. "At the moment, we have a cloud-based product, as well as an automated and dialled options."
"We want to enhance those products and extend into Asia Pacific, particularly Singapore and Malaysia."
"We feel this is an area that no one has really looked at before. Some of the large companies have got this service, but it costs a lot to build these systems and they are often out of the reach of small businesses."
"SMEs just don't think they can use this kind of service, which can make them more productive and help disputes in areas such as sales and quotations."
This article first appeared on StartupSmart.
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