Fiber management company Vetro raises $7M

PORTLAND, Maine – VETRO, provider of the market-leading, easy-to-use, cloud-native fiber management system, today announced that it has successfully secured a growth capital investment of $7 million. This latest funding round was exclusively led by existing investors Resolve Growth Partners and Maine Venture Fund (MVF) and will be used to fuel global expansion and accelerate product innovation for VETRO's open platform.

"Public funding like the $42 billion dollar Broadband, Equity, Access, and Deployment (BEAD) Program, coupled with a growing influx of private capital, is fueling a massive build-out of fiber network infrastructure. That buildout is driven by burgeoning demand from consumers and businesses for high-speed internet access. Builders of this telecommunications infrastructure require best-in-class software solutions to plan, design, build, and operationalize fiber assets. And enabling efficiency through all phases of fiber lifecycle management is VETRO's sweet spot," said Will Mitchell, VETRO CEO. "We continue to raise capital to invest in our products because our customers deserve sustained advancement and innovation. And we are grateful for the continued support of our investor partners who believe in our vision, our mission, our team, and the market opportunity."

The investment comes at a time of rapid growth for VETRO. Since early 2021, the company has seen accelerating growth in bookings, revenue, and customer expansion, with network operator customers now in 46 states and 25 countries. Moreover, VETRO has assembled a world-class, highly experienced leadership team to execute its mission of radically simplifying the digitization, data visualization, and management of fiber assets through an open, highly accessible, and precise system of record for network assets.

"We are excited to be an expanded part of VETRO's journey and support their passion for transforming the broadband landscape," said Chris Rhodes, Co-Founder, Resolve Growth Partners. "VETRO's purpose-built platform offers unparalleled efficacy and value, empowering network operators with the knowledge and capabilities essential to optimizing network operations and asset utilization."

"VETRO's vision of visualizing a connected world is as profound as it is vital," said Joe Powers, Managing Director, Maine Venture Funds. "Broadband has become a basic utility, as important to our daily lives as water and electricity. We are thrilled to be working with a leading telecom disruptor like VETRO that is helping make broadband availability a reality. And we are especially excited to see another Maine-based software company having global reach and impact."

VETRO will continue to build out its Fiber Management Platform offerings at pace with the additional resources while embarking on several new initiatives across the business in software engineering, go-to-market, and customer engagement.

Other key investors that have supported VETRO since 2017 include Coastal Enterprises, Inc, Maine Technology Institute, YORK IE, and many other individuals and Angels.

Read the press release here.


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