Boingo Lands $10M

Boingo Wireless completes its Series B round of financing, led by Mitsui & Co. Venture Partners for a total of $10M

October 6, 2003

3 Min Read

SANTA MONICA, Calif. -- Boingo Wireless announced today it has completed its Series B round of financing. The company will use the new capital to continue the growth of its Wi-Fi network in the U.S. and internationally, and to expand the market share of its Platform Services offering, which provides a complete private-label Wi-Fi network solution for carriers, ISPs and managed service providers (MSPs).

The lead investor for the round was Mitsui & Co. Venture Partners, based in New York City, which is the venture arm of Mitsui & Co., Ltd., headquartered in Tokyo, one of the largest Japanese conglomerates and a major force in the global economy. Mitsui has been making venture investments in the United States since 1984. Mark (Masami) Kawahara, a Mitsui investment partner, will join Boingo’s board of directors. Other new investors in the round include Infonet Services Corporation and clients of Amerindo Investment Advisors, Inc. Boingo’s original financial investors, New Enterprise Associates, Sternhill Partners, and Evercore Ventures, also participated in the round. The company raised $10 million in this round and has raised a total of $30 million to date and is funded at least until 2006.

“Wi-Fi is a global phenomenon, and our investment in Boingo reflects our belief that the company is well-positioned in this fast-growing market and can leverage our expertise as they expand internationally,” Kawahara said.

“Boingo’s mission is to create the premier roaming system for Wi-Fi so that any customer from any carrier, ISP or MSP can access any Wi-Fi hot spot, anywhere in the world, easily and affordably through great end-user software,“ said Sky Dayton, Boingo’s founder and CEO. “As we have added hot spots to our roaming system and we sign more and more carriers around the world to drive demand to that system, all parties, suppliers and demand generators, get increasing returns.”

Continued Dayton, “We are honored to have the support of Mitsui and our other new and existing investors as we continue to increase our international presence. We’re putting a big stake in the ground in the biggest thing to come along since the commercial Internet in the early 1990’s.”

As a network aggregator, Boingo is working with dozens of Wi-Fi hot spot operators to combine their networks and allow users to subscribe to one service that delivers high-speed wireless access at any of the hot spots. The company recently began expanding outside of the U.S. and has hot spot locations in Europe, Japan, Australia, Latin America, India and Canada.

Boingo packages its roaming system with its award-winning client software and back-office services for managing roaming and billing, and provides it on a completely private-label basis to carriers, ISPs and MSPs through Boingo Platform Services. The company will use the new capital from this round to market Platform Services more aggressively worldwide. Boingo’s current Platform Services partners include Earthlink, Fiberlink and T-Mobile.

Boingo Wireless Inc.

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