Vonage® Raises $40 Million Financing Round |
 
Vonage® Raises $40 Million Financing Round
February 6, 2004
By Staff
Vonage, the leading provider of broadband phone service, today announced the closing of a $40.0 million series C financing round led by 3i and co-led by Meritech Capital Partners, bringing total investment in the company over the past three months to $75 million. J. Sanford (Sandy) Miller, managing director with 3i, will join Vonage's Board of Directors
"Vonage is very excited to bring on two more top-tier investors, 3i and Meritech. As trusted partners and advisors, these firms offer excellent consumer marketing and telecommunications expertise," stated Jeffrey A. Citron, chairman & CEO, Vonage. "Our rapid subscriber growth and the depth of our financial backing is clear evidence that there is a revolution underway that is changing the way we communicate. Consumers are ready for a low-cost, yet feature-rich alternative to traditional phone service - and the rising use of broadband technology is making that possible. Vonage's Board of Directors welcomes Sandy Miller's vision and leadership and looks forward to working with 3i, Meritech and NEA to steer Vonage's global expansion."
"Vonage was able to gain venture funding in a very difficult environment for several reasons: the company has an excellent business model and a powerful consumer proposition," said Sandy Miller, who oversees 3i's late stage investing. "With the ability to pass on huge cost savings and increased functionality to consumers, we expect to witness continued growth for Vonage."
Vonage's latest round of financing will be used to accelerate the expansion of service both in the United States and abroad, including Canada, the UK, and Switzerland and to support the development of new innovative offerings. Existing investors New Enterprise Associates (NEA) and Vonage senior management also participated in the round; bringing the capital raised to $103.0 million.
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