vonage investor
August 25, 2004 08:15 AM
US Eastern Timezone
New Enterprise Associates Invests an Additional $40 Million in Vonage; NEA Demonstrates Continued Belief in Company and Telecommunications Market
BALTIMORE--(BUSINESS WIRE)--Aug. 25, 2004--New Enterprise Associates (NEA) has invested an additional $40 million in Vonage Holdings Corporation. Edison, New Jersey-based Vonage is the leading provider of broadband telephone service. NEA led this $105 million Series D financing, bringing Vonage's total investments to over $200 million. Proceeds from this financing will be used to accelerate the expansion of service in the United States, Canada, the UK, the Pacific Rim and Latin America, and will support the development of innovative new offerings.
"As an early-stage investor, NEA is extremely pleased with the progress Vonage has made to date," said Peter Barris, NEA managing general partner and newly appointed Vonage board member. "Vonage's innovative product suite, strong customer traction and successful penetration of the retail channel has positioned the company as the early market leader. We look forward to Vonage's continued success and are thrilled to be part of this venture."
Using an existing high-speed Internet connection, Vonage technology enables anyone to make and receive phone calls - worldwide - with a touch-tone telephone. Offering quality phone service bundled with enhanced IP communications services, Vonage's interactive communications portal is a gateway to advanced features only available through digital telephone service. Utilizing its global network and advanced routing technologies, Vonage offers an innovative, feature-rich and cost effective alternative to traditional telephony services.
"This funding round validates Vonage's leadership in the broadband telephone market and is clear evidence of our unwavering dedication to transforming the telecommunications market," said Jeffrey A. Citron, chairman and CEO of Vonage Holdings Corporation. "Moreover, the commitment Vonage has received from investors like NEA illustrates Vonage's effect on the telecommunications industry."
About Vonage
Vonage is redefining communications by offering consumers and small businesses and affordable alternative to traditional telephone service. The fastest growing telephony company in North America, Vonage's service area encompasses more than 1,900 active rate centers in over 125 North American markets. Vonage is sold directly through www.vonage.com and retail partners such as Amazon.com, RadioShack, Best Buy, circuit city and Staples. Wholesale partners such as EarthLink, ARMSTRONG(R), Advanced Cable Communications and the Coldwater Board of Public Utilities resell the Vonage broadband phone service under their own unique brands. With more than 240,000 lines in service, Vonage continues to add more than 25,000 lines per month to its network. Over 5 million calls per week are made using Vonage, the easy-to-use, feature-rich, flat rate phone service. For additional information, visit www.vonage.com or call 1-VONAGE-HELP.
About NEA
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for over 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 145 have gone public and more than 185 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com. |
