Trapeze Ropes In Mo' Millions
For its series C round the firm has gathered $17.5 million in total. The round was led by Duff Ackerman & Goodrich LLC (DAG), with investment from Trapeze's new partner Nortel Networks Ltd. (NYSE/Toronto: NT) and Trapeze's original VC providers (see Trapeze Swings With Nortel). Total investment in the company is now at $67.5 million.
Trapeze says it will use the cash to fund further expansion, in particular, hiring more engineering and sales staff to meet the needs of the company's new OEM partners.
As well as Nortel, Trapeze recently signed on the dotted line with 3Com Corp. (Nasdaq: COMS). (See 3Com Swings With Trapeze.) And the firm says it is preparing more partnerships soon.
"There are several that are just about done," a company spokeswoman tells Unstrung. And, she adds, Trapeze will not be needing any more funding. "We expect to be profitable."
Which is nice, but not quite as ambitious as the Trapeze of old. Back in the summer of 2003 the firm started talking about an IPO as soon as it announced its second round (see Trapeze Swings $34M).
— Dan Jones, Site Editor, Unstrung