18 Jun Wave Broadband Set to Expand With Major VC Funding
In today’s business world, it is always great news whenever you can get investors on board to help fund your business or organization. There are many ways to get investor money, ranging from venture capitalists to angel investors to the newest method of procuring funds, known as crowdfunding. Obtaining investor money is catching fire across all industries, even in the telecom industry. A prime example of this is a carrier known as “Wave Broadband.”
Just recently, they procured over $130 million in venture capital funding. The source of this money comes from Deutsche Bank, Sun Trust, Wells Fargo, and RBC Daniels. In fact, this is the second time that Wave Broadband has sought outside funding. The last time they received money was back in 2012. At that time, they raised over $1.1 billion from the private investment firms of GI Partners and Oak Hill Capital.
With this latest round of funding, this major telecom carrier plans to use the money to expand into more U.S. cities, as well as to expand its business and residential services. Some of the cities targeted for this new growth include Seattle, Portland, San Francisco, Concord, San Jose, Sacramento, and the overall Bay area.
Wave Broadband plans to offer additional Internet services in both the Seattle and San Francisco markets, which includes offering a mix of co-location and Hosted PBX offerings. In the Washington and Oregon markets, Wave plans to also offer fiber based services.
Wave Broadband is a growing company, achieving some remarkable statistics which include:
- The generation of $350 million in annual revenues on a year over year (YOY) basis.
- It has acquired 17 other business entities which include Black Rock Cable and Spectrum Communications.
- It has over 42,000 customers. Of these customers, 85% are residential, and the remaining 15% is commercial. The latter has demonstrated a growth rate of 25%, while the former has had a 10% growth rate.
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