SinglePipe VoIP and Digital Communications Raises Additional $5.1 Million to Fund Growth Plan
SinglePipe Communications (SinglePipe), a leading provider of wholesale VoIP and digital voice services to the cable and other broadband industries, today announced that it has secured $5.1 million in new equity. The company plans to use this funding to support its aggressive growth plans as it continues to expand its network and customer base of cable and other broadband operators.
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SinglePipe is a leading managed service provider delivering turnkey Digital Voice solutions to cable operators and other broadband providers, enabling them to deliver digital voice services to small and medium business (SMB) and residential customers over broadband connections with reliability, ease and service levels that meet or exceed their current offerings. From customized product solutions, to marketing and sales support, to provisioning, installation, and end customer support, SinglePipe empowers cable and other broadband customers to maximize revenues through simplified and accelerated Digital Voice rollouts.
Unlike most other VoIP providers, SinglePipe owns its own network. As a result, the company is able to provide higher quality at a lower price, relative to other providers who must rely solely on third party networks. In addition, SinglePipe’s platform offers the most advanced calling features to enterprise and residential customers and provides state-of-the-art, back office systems and customer support.
According to Matt Phillips, CEO of SinglePipe Communications, “SinglePipe stands alone in the unique position to deploy and deliver customized and scalable Digital Voice solutions to cable and other broadband providers. Our services require minimal investment and create consistent streams of additional revenue for our customers, and at the same time, meet the complex demands of today’s telecommunications marketplace. In an industry where our competitors are funded by groups of individual investors, SinglePipe has the institutional backing which allows us to take a longer-term approach.”
SinglePipe’s cable and broadband customers in fact are seeing accelerated growth in the “triple play” bundle, which offers TV, Internet, and phone service combined as consumers demand greater value in the slowing economy.
According to Steve Tanabe, Operations Manager at Northland Cable Television, “Combined with Northland’s local service and support, customers are adopting the “triple play” with TV, unlimited phone, and Internet at a faster rate than ever before. SinglePipe’s products and exceptional service are critical for cable operators like Northland to provide a product that meets our customer’s expectations.”
“We are pleased with SinglePipe’s continued and consistent growth from both its current customer base and news sales opportunities,” said Wright Steenrod, Chrysalis Ventures Principal. “Industry analysts agree that VoIP service will remain among the top 10 growth sectors for 2009 and beyond, with global revenues exceeding $3 billion.
We believe the company’s ability to provide managed turnkey solutions for different components of cable operators’ voice services will continue to be a strong point of differentiation and sales growth.”
Exiting investor Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, led the financing. London, Kentucky-based Meritus Ventures, a Rural Business Investment Company (RBIC) which invests in expansion-stage companies in central and southern Appalachia and existing SinglePipe investor, participated in the financing. The Kentucky Science and Technology Corporation also joined as a co-investor.
About SinglePipe Communications
SinglePipe Communications is a facilities-based provider of wholesale residential and business VoIP services to CLEC’s, Internet service providers (ISP’s), private & independent cable operators, and other technology service providers. SinglePipe offers turnkey solutions for residential VoIP, Hosted PBX and SIP Trunking over its own network. Learn more about SinglePipe at http://www.singlepipecom.com.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is the premier venture capital firm in Mid-America, managing one of the region’s largest funds for early-stage and growth investments. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and emerging trends and technologies. Based in Louisville, Kentucky, Chrysalis has approximately $400 million under management and has made investments in 60 companies. For more information, please visit http://www.chrysalisventures.com.
About Meritus Ventures
Meritus Ventures, L.P. is currently the only Rural Business Investment Company (RBIC) in the United States. The $36.5M venture capital fund invests to realize attractive returns for the fund’s investors while creating wealth and jobs in rural areas of central and southern Appalachia and Arkansas. In addition to providing equity investment, the fund may provide operational assistance to its portfolio companies. For more information, please visit http://www.meritusventures.com.