"Our progress as a company and the value we've created over the last few years has been validated by the private equity markets through a significant up-round that was oversubscribed," said David Hagan, President and CEO of Boingo Wireless. "The funding we've raised will allow us to strengthen our position as a global brand leader in Wi-Fi, and take advantage of new opportunities that we believe will surface in this dynamic market sector."
“They focus on hitting their numbers, and the expansion of the business through the Concourse acquisition made re-investment in the company a priority for us.”
Boingo Adds New Investors
The funding was led by Mitsui & Co. -- with new investors Mitsui Corporate Development Funds of Mitsui & Co. and Mitsui & Co. (U.S.A.), Inc. participating. Other new investors include Steelpoint Capital Partners and Red Rock Ventures. Roy Thiele-Sardina, Managing Director of Steelpoint, will join the Boingo Board of Directors.
"Boingo has been one of the strongest investments in our venture portfolio, and it continues to be an attractive investment opportunity as it enters the growth-capital stage," said Mark Kawahara, Head of Silicon Valley Office of Mitsui & Co. Venture Partners, an existing investor. "Mitsui's management saw an opportunity to enhance this investment by leveraging our extensive business experience across Asia to help Boingo further increase its value as it expands in this vital region."
Existing Investors Show Strong Support
New Enterprise Associates, Mitsui & Co. Venture Partners and Sternhill Partners -- who participated in previous funding rounds for Boingo -- continued to show their strong support by significantly increasing their investments in Boingo. Boingo previously raised more than $30 million in its Series A and Series B fundings.
"Boingo is a performer," said Peter Barris, Managing General Partner of New Enterprise Associates. "They focus on hitting their numbers, and the expansion of the business through the Concourse acquisition made re-investment in the company a priority for us."
Boingo used a portion of the Series C money to fund the acquisition of Concourse Communications Group, which was announced earlier this year. The rest of the funding will provide working capital to strengthen the company's balance sheet and provide funds for future growth. This is expected to be Boingo's final private equity funding.
About Boingo Wireless
Boingo Wireless, Inc. is an ultra-high-speed wireless Internet service available in tens of thousands of locations such as hotels, airports, cafes and other public places in dozens of countries throughout the world. The Boingo Roaming System comprises hundreds of Wi-Fi network operators, which are accessible through Boingo's connection software for laptops, PDAs, dual-mode phones and other embedded devices. The software -- available in SDK and white label GUI versions -- makes finding and connecting to Wi-Fi networks point-and-click simple, improving productivity for people on the go by enabling their device of choice for Wi-Fi roaming authentication. With the largest aggregated Wi-Fi network in the world, coupled with best-in-class software solutions for both laptops and portable devices, Boingo helps carriers and ISPs keep their customers connected with a high-quality broadband wireless connection. More information about Boingo is available at http://www.boingo.com.
Boingo, Boingo Wireless, and the Boingo Wireless Logo are registered trademarks of Boingo Wireless, Inc.
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