World Wide Packets Tops Up Tank
Ethernet access vendor World Wide Packets Inc. (WWP) says it's closed the second and final portion of a third funding round of $24.5 million (see World Wide Packets Closes $24.5M Round) . A new infusion of $8.7 million comes on top of the first close of $15.7 million and brings the company’s total funding to date to about $114.4 million (see World Wide Packets Closes $15.7M Round).
WWP CEO David Curry says the funding came in stages because some of the investors needed more time for research. “In our case it was largely a timing issue,” he says. “Some funds did not have time to complete the due diligence process because they were involved in other deals.”
As Curry noted, startups often close funding in several stages to give investors flexibility.
The new investors making up the $8.7 million are Argo Global Capital LLC and Entrepia Ventures, a fund that talks up its connection to Asian markets. Previous investor Azure Capital Partners also contributed to the pile.
Besides keeping WWP in the news, the new funding should help it make good on a promise of a "steady stream of customer announcements" this year, in addition to more PR noise about active vs. passive access gear (see World Wide Packets Bags $15.7M).
Since January, when it close the first part of its third funding round, WWP has hired Matthew Frey and Ted Volberding as its chief financial officer and VP of operations, respectively (see World Wide Packets Bolsters Mgmt Team). It also announced that the City of Danville, Va., has deployed its access gear in a fiber optic network serving 100 government, public school, and utility locations.
— Phil Harvey, News Editor, Light Reading