Series B round led by Thomas Weisel Venture Partners, with Rustic Canyon Group, WK Technology Fund, Bessemer Venture Partners, others

February 19, 2002

1 Min Read

SAN JOSE, Calif. -- Allegro Networks, Inc. today said it has officially closed its second round of Series B funding having raised $60 million in new equity and equipment financing. With this additional financing, Allegro Networks’ total funding to date is approximately $89 million.The Series B round, to be used for product and sales development as well as general operational expenses, was lead by Thomas Weisel Venture Partners. Other new investors included Rustic Canyon Group, WK Technology Fund and Dave House. All initial venture investors, including Bessemer Venture Partners, Columbia Capital and Infinity Partners, also participated in the second round. GE Capital Technology Finance provided approximately $4 million of equipment debt financing. Andy Sessions of Thomas Weisel Venture Partners and Mark Menell of Rustic Canyon Group have joined Allegro Networks’ Board of Directors.“Given the current economic and industry climates, experiencing an “up” round (higher valuation) is a huge accomplishment for Allegro Networks let alone any startup selling equipment to telecommunications carriers,” said Dave House, president, CEO and chairman of Allegro Networks. “Carriers are particularly interested in new data products and IP technologies that let them simultaneously cut costs while generating new sources of recurring revenue at the edge of the network. This translates into an opportunity for startups that can demonstrate stability, scale and a valid business proposition to carriers.” Allegro Networks Inc.

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