Tower Cloud, a wireless backhaul services provider,
announced that it has secured $49 million in additional equity to fund its
expansion into new markets throughout Florida, Georgia, South Carolina, and
Alabama.
The latest round of funding was led by two of Tower
Cloud’s existing investors, The Burton Partnership and Knology.
Tower Cloud’s other existing institutional investors
include: Sutter Hill Ventures, El Dorado Ventures, Ballast Point Ventures,
Kinetic Ventures, ITC Partners Fund and Noro-Moseley Partners.
For this round, two new investors joined the strong
consortium, The Florida Growth Fund and CLR Investors. The funding was done in
two phases with $13 million completed in January and $36 million completed in
July. This funding follows a $20 million equity commitment by the same investor
group in October 2009.
The competition for capital today is intense, and a
tremendous amount of analysis went into our investment decision,” said Don
Burton, general partner, The Burton Partnership.
In a market some analysts predict to grow to $5 billion
in 2011 and to $10.4 billion by 2014, Tower Cloud is in a prime position to
expand its regional footprint. The company’s network is focused on serving cell
sites with fiber and is pure Ethernet based, which enables Tower Cloud to meet
today’s capacity demand faced by wireless carriers.
We are pleased to have continued support from our equity
partners,” said Thomas Guard, CFO of Tower Cloud.
By Telecomlead.com Team
editor@telecomlead.com
