Vonage Raises Another $250M in VC Funding
Hoping to fend off growing competition from phone companies, Vonage said Monday it received $250 million in convertible debt funding that can help build its network and attract more customers.
The sixth round of funding brings the VoIP company’s total to a whopping $658 million. The new 5-year convertible notes may be converted into stock if the company goes public.
The Holmdel, New Jersey-based VoIP company is spending money rapidly as it tries to woo new subscribers, extend its network, and build a 911 system. What isn’t clear is how the company plans to reward its long-term investors.
posted by Fergie @ 12/19/2005 04:40:00 PM
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