Cambridge Broadband Raises $15.25M

Cambridge Broadband completes $15.25M Series C round of financing led by Accel Partners

May 11, 2004

1 Min Read

CAMBRIDGE, U.K. -- Cambridge Broadband Limited, the market leading developer of fixed wireless access technology, today announced the closing of its Series C financing round totalling $15.25 million.

This investment endorses Cambridge Broadband's continuing market success, including achieving 37% share of the world's largest broadband wireless market, China. The company's products are now deployed in a wide variety of geographies including Asia, Europe, Africa and the Middle East.

The round was led by a new investor, Accel Partners. Accel, a Palo Alto and London-based venture capital firm, has a long and distinguished history having backed over 200 companies to date including many category-defining companies such as Macromedia and UUNet. Existing investors Amadeus Capital Partners, Gilde IT Fund, Latin Rim and Techno Venture Management also participated in this round of funding.

The new investment will be used to fund Cambridge Broadband's expansion driven by widespread market acceptance of its innovative VectaStar broadband wireless system. Peter Wharton, Chief Executive Officer of Cambridge Broadband, explains: "Very few countries have adequate broadband infrastructure, and more and more competitive operators find that wireless is the best way to obtain a high capacity multi-service network quickly. We're seeing very strong growth by such companies using broadband wireless to shake up telecoms markets across the world. This funding round enables us to scale up to meet this exciting and important opportunity."

Joe Golden of Accel Partners will join the board with immediate effect.

Sardis Capital acted as placement agent for the transaction. Cambridge Broadband previously announced Series B funding of $16.5 million in mid-2001.

Cambridge Broadband Ltd.

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