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Mangrove Secures New Funding

Pseudowire equipment vendor Mangrove Systems Inc. has secured about $13.2 million of a planned $20 million third round of funding, the company confirmed today.

Last month Light Reading reported that Mangrove was cutting staff to position itself for a new round of funding, and now the majority of that funding is pinned down, with the rest of the round set to close in September, says a Mangrove spokeswoman. (See Headcount: Union Blues.)

The $13.2 million has come from a number of backers, including Bessemer Venture Partners , Columbia Capital , Highland Capital Partners , and Star Ventures .

The company, which appointed a new CEO in january this year, had previously raised $21 million in February 2005 and just over $20 million in April 2003. (See Mangrove Names New CEO, Mangrove Lands $21M Round, and Mangrove Systems Gets $20M.)

Mangrove, which has given its technology the snappy name of Piranha, is one of a number of specialist vendors in the increasingly hot wireless backhaul sector, where pseudowire technology is gaining support and acceptance. (See Cellular Looks to Converged Access Networks, Bidders Abound for Sprint Pseudowire RFP , HR: Ethernet Key to Wireless Backhaul, Wireless May Boost Pseudowire, Mangrove Releases Piranha, and Pseudowires.)

— Ray Le Maistre, International News Editor, Light Reading

optodoofus 12/5/2012 | 3:44:58 AM
re: Mangrove Secures New Funding The sound of good money going after bad.

optodoofus
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