World Wide Packets completes $24.5 million round of funding with second closing
March 8, 2004 Spokane, WA--World Wide Packets, a provider of Ethernet access networking equipment, today announced a second close to its current round of funding, bringing the total new investment to approximately $24.5 million. The first close of the third round culminated in a total of $15.7 million. New investors Argo Global Capital and Entrepia Ventures participated in this over-subscribed second close of over $8.7 million. These funds will help World Wide Packets further accelerate its global growth in the municipality, telecommunications and cable MSO service provider markets.
"Argo Global Capital seeks out only the most compelling telecom investments that help enable voice, video, and data services over high-speed networks or other topologies," said Douglas Schrier, senior partner at Argo Global Capital and World Wide Packets' Board member. "Substantial demand for this second close proves that World Wide Packets is on the right track with important new customer wins and continuing product innovation. We are excited to be part of this rapidly rising company."
World Wide Packets has seen tremendous demand for its LightningEdge systems in municipalities and carriers worldwide. Most recently, the city of Danville, VA, in conjunction with Danville Power and Light, chose World Wide Packets to supply the Ethernet access to its fiber-optic network. Additionally, Asia represents a substantial opportunity for World Wide Packets as South Korea, Taiwan, Hong Kong and Japan are all in the world's top 10 broadband markets according to Point Topic, a U.K.-based analyst firm.
"Entrepia opens a gateway to Asia for World Wide Packets," said Ken Yasunaga, a partner at Entrepia Ventures. "Although the company has already seen early success in these markets, the continuing high demand for all forms of IP-based services will intensify World Wide Packets' growth throughout the continent. Entrepia will offer its rich experience and strong contacts to help fuel this push."
"Raising a total of $24.5 million that was over-subscribed with new investors is a clear indication of our momentum and technology offering that can deliver voice, video, and data services that are economically feasible for service providers and municipalities alike," said David Curry, president and chief executive of World Wide Packets. "We are delighted that this second close includes not only previous investors, but also new investors excited by our potential. This round will provide the necessary capital to continuing our push towards a market leadership position."