Broadband Services Provider Speakeasy Raises $24M Series D Round

March 16, 2004

Speakeasy, an independent broadband services provider, is expected to announce it has raised $24 million in Series D financing. 3i and BV Capital co-led the round. Ares Management, Cornerstone Ventures, Granite Ventures, and individual investor Matthew Norton also participated. Cascadia Capital served as an adviser to Speakeasy during the deal. The funds will be used to support the company's expansion plans, which includes launching a VoIP offering for business and residential customers. The company also plans to release services targeted at the online gaming market. Speakeasy said it reached profitability last year and its revenues totaled more than $50 million for 2003.

In addition to the financing, 3i partner David Silverman and BV Capital managing general partner Jan Buettner will join Speakeasy's board.

Speakeasy broadband is available in most metropolitan areas within the 48 contiguous states.The Seattle-based company raised a $6-million round of financing in June 2002. http://www.speakeasy.net