Yipes Raises $24M in C Round

Yipes Enterprise Services raises $24 million in funding

April 13, 2005

2 Min Read

SAN FRANCISCO -- Yipes Enterprise Services, Inc., the leading global provider of managed, end-to-end Ethernet solutions for enterprise customers, today announced a series C round of funding of $24 million led by San Francisco-based Crosslink Capital, along with existing Yipes' investors Norwest Venture Partners, JPMorgan Partners, LLC and Sprout Group, a venture capital affiliate of Credit Suisse First Boston.

Yipes said the new round of funding exceeds the Company's financial requirements to reach positive cash flow in 2006. In total, Yipes has raised nearly $94 million since July 2002.

Yipes provides uniquely scalable Ethernet services in the major metros in the U.S. and U.K. Additionally, Yipes has interconnected its metros using its MPLS-enable backbone to offer national and global area network services.

During the past two years, Yipes has tripled its customer base to more than 600 customers across a broad set of industries, including finance, legal, healthcare, education, media, high-tech and government. It provides service to more than 30 financial exchanges and trading platforms and 20 percent of the largest law firms in the U.S. The Yipes network has more than 14,000 fiber route miles and can reach more than 2,500 buildings via its Ethernet- over-fiber network and partnerships it maintains with other carriers.

"We are thrilled about the opportunity to join Yipes at a very exciting time. The global market for Ethernet Services is growing at more than 30 percent, making it one of the fastest growing sectors in the telecom industry. Yipes' real world experience in managing large Ethernet networks and its high customer satisfaction rating position the company exceptionally well as Ethernet Services enter the mainstream market," said Gary Hromadko, venture partner for Crosslink Capital and new Yipes board member.

Yipes Enterprise Services Inc.

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