MetroFi Bags $9M Series A

Wireless broadband provider MetroFi raises $9M in its Series A round of financing

April 19, 2004

2 Min Read

MOUNTAIN VIEW, Calif. -- MetroFi, a wireless broadband provider changing the landscape of broadband access, today announced that it received $9 million in Series A funding. The round was co-led by Sevin Rosen Funds, August Capital, Western Technology Investors and individual investors. The funding will enable MetroFi to deploy Wi-Fi-based community area networks that provide customers with the most affordable, portable broadband services available.

“These investors have validated that MetroFi has the leadership and experience needed to make affordable wireless broadband a reality,” said Chuck Haas, CEO and co-founder of MetroFi. “MetroFi will leverage this financial support to continue development of a high-speed affordable broadband network for the residential market.”

“Currently customers have limited options for affordable broadband,” said Pankaj Shah, chief strategist and co-founder of MetroFi. “By leveraging Wi-Fi standards, MetroFi reduces the cost of broadband, while at the same time adding portability to access, allowing customers to connect to the network as easily from the local park as from their home. This funding will enable MetroFi to build out wireless broadband networks in California and beyond and provide our partners—ISPs and content providers—with an affordable third access alternative for delivering secure, reliable, high-speed service.”

“Through our experiences with other companies in our portfolio, we have become firm believers in the importance of wireless technologies,” said Jackie Kimzey, general partner at Sevin Rosen Funds and MetroFi board member. “There is an obvious demand for affordable broadband services, and we have seen the evolution of connectivity that has created the demand for wireless. MetroFi combines the convenience of portability with highly cost effective Wi-Fi technology to offer customers a new, better form of broadband access. We are confident that the MetroFi management team has the perfect blend of experience to execute on this new approach.”

MetroFi Inc.

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