New Global Telecom Inc., a provider of hosted voice-over-Internet-protocol telephony services to small and midsized businesses, has received a $10.75 million series-A preferred-stock financing from a group of venture-capital firms led by Comcast Interactive Capital, the venture-capital arm of Comcast Corp.
New Global said the funding will be used to expand its operations, and it will provide a solid foundation for revenue and customer growth.
Also participating in the financing were new investors Centennial Ventures Inc. and Columbia Capital and existing investor ICG Communications Inc. Blue Beacon Capital LLC acted as an adviser to New Global in this latest financing.
“This capital injection will fund continued expansion in our sales and marketing efforts,” New Global CEO Rich Grange said in a prepared statement. “It will also be used to facilitate further progress around key initiatives, such as operational-support-system developments we are undertaking to automate and streamline internal processes and interfaces with our community of customers.”
New Global said it added 58,000 VoIP subscribers in 2005, bringing its total number to 61,000. The company added that it developed and implemented a Federal Communications Commission-compliant enhanced-911 solution to support emergency calling service for nomadic VoIP end-users.
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