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Date:
27th May 2002
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,
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 Ethernet 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 Ethernet 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 (EEP) 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.
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