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DSL.net Closes $15M Investment
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Business New Haven
6/10/2002
By: BNH
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NEW HAVEN - DSL.net Inc. (NASDAQ: DSLN), a provider of high-speed Internet access solutions for small- and mid-sized businesses, has closed the final installment of a previously announced $15 million investment transaction.
The $8.5 million infusion will bring DSL.net an additional $5 million in cash, with the remaining $3.5 million used to pay $3.5 million in short-term notes. The completion of the $15 million transaction, from a consortium of investors led by Columbia Capital and including Charles River Ventures, Hunt Private Equity Group and National Investors Group, is in addition to a $20 million financing package previously secured from VantagePoint Venture Partners.
Explained DSL.net CEO David F. Struwas: “Completing this latest round of financing provides us with the capital to pursue our opportunistic acquisition strategy and seize upon the significant growth opportunities that exist in today's marketplace. Given the challenging state of the capital markets, our ability to secure this level of funding as an independent DSL provider speaks volumes about the confidence our investors have in our unique business model and ability to perform.”
With this cash infusion, Struwas says his company is fully funded for purposes of achieving positive adjusted EBITDA and free cash flow. According to company CFO Robert J. DeSantis, “We continue to believe that there are considerable growth opportunities for well funded companies such as DSL.net within today's broadband arena.”
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