« Policy Won't Re-write History | Main | SMC Offers Multifunction Traveling Gateway »

August 3, 2004

Wayport Raises $20M

By Glenn Fleishman

Wayport reports raising an additional $20 million in private placement: We try to avoid reporting on routine financial events such as funding rounds unless the company has critical importance to the industry or its financial well-being is in question. Wayport told me about a year ago that they were seeking additional funds in a round that would allow them to expand their sales force, among other purposes. That round just closed at $20 million.

I’m not surprised that Wayport was able to raise these funds given their Wi-Fi World retail model of charging announced several weeks ago, which provides them a sustainable model from Day One for unwiring McDonald’s locations, for which they have the exclusive franchise contract. Wayport was also selected as the managed services provider for SBC’s FreedomLink to build out the several thousand UPS Store locations.

In the wake of May’s announced Cometa Networks shutdown due to lack of funds, it’s useful to know that Wayport has these additional funds in hand. Wayport disclosed its revenue predictions in May when they announced their Wi-Fi World pricing model for partners.

Posted by Glennf at August 3, 2004 10:44 AM

Categories: Financial, Hot Spot

Trackback Pings

TrackBack URL for this entry:
https://db.isbn.nu/mt3/mt-tb.pl/2330

Comments