|
VONAGE RAISES US$200M |
|
|
|
Written by Adam Gosling
|
|
Sunday, 22 May 2005 |
The latest round of financing brings the total amount of capital invested in Vonage to US$408 million. Another capital raising 9 months ago raised US $105m. The company has 600,000 subscribers to date.
Now available in the US, United Kingdom and Canada, the company plans to use the newly invested capital to accelerate expansion of the service in existing markets, but admits to be considering launching into other international markets.
Vonage also plans to invest some of the money into “the development of new innovative offerings”.
Jeffrey A. Citron, chairman and CEO of Vonage (and majority shareholder) said, “This latest round of funding will help Vonage further cement its position as the leading broadband telephony provider in North America, with further expansion and penetration into global markets.”
One of those markets is said to be Asia, though the size of Australia’s population means we are probably further down the list of must visit countries.
Although the company has only 600,000 lines in service it is adding them at the rate of 15,000 lines per week and already carries more than 25 million calls per week. The company’s target is said to be to reach 1.2 million subscribers by the end of this year, so it will need to step up its pace a little (but not much).
According to one web-based news service, Vonage is thought to be spending about US$10 million a month to acquire new customers.
Related news items Newer news items
Older news items
|
|
|
|
