St. Petersburg, FL — October 19, 2009 — Tower Cloud, Inc., a provider of backhaul services to wireless carriers, announced today it closed a $20 million equity round to fund expansion into Atlanta, GA and other growth opportunities. The round included funding from the company's current investors, including Sutter Hill Ventures and El Dorado Ventures, and from a new investor group led by Cam Lanier, a very successful telecom entrepreneur and investor. The new investor group includes Ballast Point Ventures, Kinetic Ventures, Knology, Inc., ITC Partners Fund, Noro-Moseley Partners, and The Burton Partnership.
“Wireless backhaul is one of the fastest growing areas in telecom. We are very excited to be in business with Tower Cloud and feel the company is strongly positioned to serve the exploding bandwidth needs of wireless carriers.” said Cam Lanier, Chairman of ITC Holding Company, LLC. Demand for wireless broadband service on cellular networks is expanding rapidly, driven by growing popularity of cellular smartphones and other advanced mobile wireless devices. As wireless carriers upgrade their cellular networks to provide 4G wireless data and Internet services their need for broadband backhaul service will continue to accelerate.
“We are very pleased to have the new group of equity partners join our existing investors to form a very strong syndicate”, said Ron Mudry, CEO of Tower Cloud. “Given the challenging economy and financial markets, it is a strong vote of confidence in our company and business model to attract such a high quality group of investors."
About Tower Cloud
Tower Cloud provides telecom backhaul services to wireless carriers. The company builds and operates fiber optic and wireless networks to connect cellular towers to the wireless carriers’ mobile switching centers. Wireless carriers utilize Ethernet and Sonet T-1 broadband capacity provided by Tower Cloud to manage the exploding volume of voice and data traffic on their cellular networks. Tower Cloud currently operates backhaul networks in the greater Orlando, FL and Miami, FL markets and is in the process of constructing a new network in Atlanta, GA. The company was founded in 2006 and is headquartered in St. Petersburg, FL.
Company Contact:
Patricia Morrison
Tower Cloud, Inc.
9501 International Court N.
St. Petersburg, FL 33716
727-471-5600
Website: towercloud.com
