Swedish broadband solution manufacturer PacketFront announces closing of second round financing; raising SEK 43 million
Swedish broadband solution manufacturer PacketFront announces closing of second round financing; raising SEK 43 million PacketFront, manufacturer of purpose-built solutions for Ethernet-based broadband networks, today announced it has raised SEK 43 million in a second round of financing, of which SEK 33 million is in equity and SEK 10 million in a convertible loan. The investors are TLcom Capital Partners Limited, a London-based venture capital firm, and European Equity Partners (EEP), the firm that financed PacketFront's first round. PacketFront has recently entered the phase of product shipment. The company offers the first solution on the market that fully enables differentiated services, while giving unique opportunities for operators to increase their revenues. "We are delighted with the strong support EEP is showing our company, and we are very much looking forward to the new relationship with TLcom", says Martin Thunman, CEO of PacketFront. "This level of funding will enable us to secure the market launch of our solutions and to move further with our international sales efforts." "The investment in PacketFront demonstrates our strong belief in intelligent broadband networks", says Maurizio Caio, founder and Managing Partner of TLcom Capital Partners Limited. "PacketFront has a unique combination of a leading edge solutions and a team with exceptional knowledge about true broadband networks." Hans Blomberg, Founding Partner of European Equity Partners adds: "Only a very promising company is able to raise money in times of severe economic recession. This round of financing proves the strength and potential of PacketFront." About PacketFront PacketFront is a networking company based in Stockholm, Sweden, founded in 2001 by a team of true broadband pioneers. The founders combine a unique set of complementary skills and know-how of the challenges of true broadband networks. The founders have previously held positions at leading-edge companies such as B2 (Bredbandsbolaget), Cisco Systems, Tele2 and Netcom. About TLcom Capital Partners Limited TLcom Capital Partners Limited is a pan-European venture capital firm, based in London, investing in growing companies in the European communication and information technology sector. TLcom Capital Partners Limited was founded in 1999 by Maurizio Caio, former founding partner of Bain & Co in Europe. The TLcom management team represents over 100 years of combined experience in finance and strategy of the communications industry in Europe and Silicon Valley. About European Equity Partners European Equity Partners is a British venture capital firm, providing capital to companies in Northern Europe. EEP pursues a thematic approach to investing, focusing on sectors where significant growth opportunities exist. To date, EEP has focused on telecoms and IT opportunities and has recently begun actively pursuing investments in healthcare. For more information: www.packetfront.com www.tlcom.co.uk www.eeplp.com Martin Thunman, CEO PacketFront, +46(0)8-694 84 84, martin.thunman@packetfront.com Sofia L. Lacinai, MarCom Mgr PacketFront, +46(0)8-694 84 84, sofia.lacinai@packetfront.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/27/20020527BIT00460/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/27/20020527BIT00460/wkr0002.pdf