VOIP Logic Gets $1.25M 624497

VOIP Logic has closed on $1.25 million in Series A and B financing from its sole institutional investor 21Ventures

March 8, 2006

1 Min Read

NEW YORK and WILLIAMSTOWN, Mass. -- VoIP Logic™ LLC, a leading hosted and managed multimedia IP applications provider, today announced that it has closed on $1.25 million in Series A and B financing from its sole institutional investor 21Ventures LLC.

“The up rounds closed late last month and will be used to finance VoIP Logic’s new regional headquarters in the Asia-Pacific region and to accelerate the development of a proprietary application to simplify the deployment and management of complex, multi-vendor VoIP networks,” said Micah Singer, Founder and CEO of VoIP Logic. “Monies will also be used to augment our marketing and hiring initiatives throughout 2006.”

Profitable since its founding in 2003, VoIP Logic experienced a 73% increase in revenue and 282% increase in net income from 2004 to 2005. The company provides on-demand hosted and managed VoIP applications for telecommunication service providers, i.e., wholesale carriers, calling card and international long distance retail carriers, CLECs and ISPs. VoIP Logic currently has 14 employees supporting the network management needs of over 50 customers worldwide.

“Experts agree that the market for on-demand VoIP applications will continue to increase exponentially over the next several years as users implement next generation IP voice and multimedia services” stated David Anthony, Managing Partner of 21Ventures. “Given this need and resultant revenue, VoIP Logic is well positioned for even greater success. The company’s innovative, cost effective offerings together with its tradition of quality customer service and talented management team will prove a winning combination for both VoIP Logic and its customer base.”

VoIP Logic LLC

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