August 24 , 2004
10 Meters.com
Spotwave Wireless, a provider of in-building wireless coverage solutions, on Monday announced the completion of its latest round of venture capital funding, totaling CDN$7 million.
Newbury Ventures and VenGrowth Capital Partners led the new capital infusion along with existing investors: Primaxis Technology Ventures, Venture Coaches, The VentureLink Fund, GrowthWorks WV Funds, and a new investor, RBQ Limited.
The company said it also secured a CDN$5 million committed credit facility for working capital purposes from the Royal Bank of Canada (RBC), bringing total funding received to date to more than CDN$35 million.
"Demand for Spotwave products is surging," said Shane Young, President and CEO, Spotwave Wireless. "This funding will help us meet the demands of a growing pipeline of enterprise opportunities and maintain a leading share of new operator in-building network investments."
