Cascadia Capital Brings New Lead Investors to the Table for Optical Networking Company

Challenge

World Wide Packets, a leading provider of Ethernet access networking solutions, approached Cascadia Capital in mid-2003 to advise them on issues related to financing alternatives. The optical networking sector had been over funded, with most financings being led by inside investors. Cascadia Capital's positioning and knowledge of the investor base were critical aspects in World Wide Packet's decision to work with the company.

Solution

Cascadia Capital leveraged its relationships and knowledge within the industry to evaluate the best financing alternatives for World Wide Packets. Based on preliminary feedback from the capital markets, Cascadia Capital successfully advised the company's existing investors and stakeholders in a successful recapitalization of the company, facilitating its next round of growth financing.

Results

Cascadia Capital worked with existing World Wide Packets investors to improve the company's capital structure. Following the nearly $90 million restructuring, Cascadia Capital was able to bring in multiple term sheets from both coasts, and ultimately brought new investors Madrona Venture Group, Northwest Venture Associates, Entrepia, and Argo Global into the company's Series C round of funding. Cascadia's process resulted in an oversubscribed round that enabled the company to select investment partners that could provide the company with the greatest strategic benefits. Entrepia will play a pivotal role in helping the company expand its presence in Asia and Argo Global Capital's limited partner base of global carriers will provide access to critical customer accounts.