Pipeline Wireless Receives Working Capital Funding
FALL RIVER, Mass., March 19, 2008 – Pipeline Wireless, Boston's leading wireless Internet provider, today announced it has received a cash infusion of $500,000 from Vencore Capital, based in Portland, Ore. Pipeline Wireless, which boasts one of the lowest customer turnover rates in the industry, is a full-service, WiMAX-ready, services provider offering Internet access to businesses in the greater Boston, Fall River and New Bedford, Mass. markets. This financial backing will allow Pipeline Wireless to generate new customer offerings throughout and beyond its existing business areas.
"Vencore Capital was able to do what large banks would not do; take a look at an emerging company and our business plan, gain an understanding of the market opportunity and provide the right funding," said Mike Daly, CEO of Pipeline Wireless. "From the first conversation to funding the deal, Vencore made it easy and completed the transaction in 30 days," he said.
Based on its recent success in the Boston metropolitan wireless market, Pipeline Wireless mapped out its long-term business model and then worked at length with Vencore Capital's local office in Wellesley, Mass. to specify the resources to execute that plan. Vencore Capital's cash loan will help Pipeline Wireless expand its market reach over the next six months, essentially saturating the company's target geographic areas and encompassing a variety of vertical industries. As part of the plan, Pipeline Wireless is doubling its sales and technical staff and opening a new office.
"We're delighted to have the opportunity to provide growth capital to Pipeline Wireless and to participate in their success," said Tim O'Loughlin, Northeast managing director, Vencore Capital. "We are very active growth capital lenders to emerging growth companies that are looking for alternatives to traditional venture capital and bank debt. Our due diligence confirmed that the company is growing because they are providing a valuable service to very satisfied customers. It's a pleasure to be working with a team that shares our sense of urgency to make things happen for their clients," O'Loughlin said.
About Pipeline Wireless
Pipeline Wireless is Boston's leading wireless Internet Service Provider, delivering fast, reliable and affordable high-speed Internet access to hundreds of businesses throughout Eastern Massachusetts. Pipeline's scalable and secure broadband services are delivered to businesses over a state-of-the-art fixed wireless network that guarantees "always on" Internet access at T-1 and higher speeds. The company, founded in 2003, pledges quick installation at a cost 40 to 60 percent lower than traditional Internet Service Providers and the company's exceptional Service Level Agreement (SLA) guarantees bandwidth, low latency, low packet loss and 99.99 percent uptime. For more information, please visit www.pipeline-wireless.com.
About Vencore Capital
Vencore Capital was founded by entrepreneurs who have served emerging-growth companies with venture debt financing for the past 20 years. Vencore distinguishes itself from other lenders by its commitment to provide capital earlier in a company's lifecycle -- prior to traditional venture-capital financing -- and through its willingness to do smaller deals with more flexible structures and pricing. Their approach is to match the size, structure and pricing to the clients' risk profiles. Their deals typically range from $50,000 to $2 million. For more information, please contact Tim O'Loughlin at (781) 416-5124 or firstname.lastname@example.org.
Ki Seh Pond