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Boingo Raises $65M

Boingo announced the closing of its Series C funding

August 16, 2006

1 Min Read

SANTA MONICA, Calif. -- Boingo Wireless, Inc., the world's leading wholesale network aggregator and operator of neutral-host Wi-Fi networks, today announced the closing of its Series C funding. The company raised $65 million from new and existing investors to secure long-term working capital and to underwrite the recent acquisition of Concourse Communications.

"Our progress as a company and the value we've created over the last few years has been validated by the private equity markets through a significant up-round that was oversubscribed," said David Hagan, President and CEO of Boingo Wireless. "The funding we've raised will allow us to strengthen our position as a global brand leader in Wi-Fi, and take advantage of new opportunities that we believe will surface in this dynamic market sector."

Boingo Adds New Investors

The funding was led by Mitsui & Co. -- with new investors Mitsui Corporate Development Funds of Mitsui & Co. and Mitsui & Co. (U.S.A.), Inc. participating. Other new investors include Steelpoint Capital Partners and Red Rock Ventures. Roy Thiele-Sardina, Managing Director of Steelpoint, will join the Boingo Board of Directors.

"Boingo has been one of the strongest investments in our venture portfolio, and it continues to be an attractive investment opportunity as it enters the growth-capital stage," said Mark Kawahara, Head of Silicon Valley Office of Mitsui & Co. Venture Partners, an existing investor. "Mitsui's management saw an opportunity to enhance this investment by leveraging our extensive business experience across Asia to help Boingo further increase its value as it expands in this vital region."

Boingo Wireless Inc.

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