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Interquest Communications
Raises $5M in Preferred "B" Round Financing
Company Continues to Gain Momentum
in the Multi-Family Broadband Market Nationwide
Interquest Communications, a leading
provider of broadband Internet services to the multi-family
real estate industry, and one of the "Top 100" venture funded
companies of 2002, according to Venture Reporter, today
announced that it has closed a $5 million Series B funding,
led by Chrysalis Ventures of Louisville, KY, a leading provider
of venture capital in the Midwest and Southeast, and joined
by ComVentures of Palo Alto, CA a leading communications
venture firm and current investor in the company.
Interquest, a Seattle, WA based company, provides on-premise
high-speed Internet solutions to many of the nation's finest
apartment and condominium communities owned and operated
by the largest and most high profile management companies,
REITS and private owners. It also provides business customers
with low-cost point-to-point T-1 data circuits and T-1 Internet
circuits nationwide. Their most recent acquisition, the
assets of BroadBandNow!, makes Interquest the largest private
ISP specializing in providing high-speed Internet services
to the apartment market, and the major growth company in
this sector. Over the course of the past two years, Interquest
has purchased the network assets of several bankrupt Internet
service providers and rebuilt the network into one of the
most efficient Internet access networks in the country.
Interquest serves in excess of 120,000 apartment units in
TX, CO, AZ, UT, CA, OR, and WA, and will soon open service
in Florida.
"We are pleased with the success we had raising capital
in this market," stated Glenn Meyer, CEO. "This investment
provides us the capital to extend our reach deeper in those
markets where we have substantial deployments, capitalize
on new market opportunities and continue to pursue strategic
acquisitions," he added.
"Interquest has three key ingredients that made it a good
investment: an experienced management team, quality operations
and customer service, and solid financial support from current
investors," says Bob Saunders, Chrysalis Ventures managing
director. "They are uniquely positioned to capitalize on
the growing demand for broadband service and the void left
in the multi-family environment by failing first generation
providers." Mr. Saunders will serve on Interquest's board
of directors.
"Interquest has exceeded our expectations and proven that
the management team has the experience and drive to be a
market leader," said Cliff Higgerson, Partner at ComVentures.
"Our strategic investment reflects our strong commitment
to the company and will allow Interquest to continue to
provide high-value services to the real estate industry."
About Interquest Communications, Inc.
Interquest is a leading provider of broadband Internet services
to the real estate industry including both multi-family
and commercial office buildings. The company is headquartered
in Seattle, Washington and maintains a regional office in
Walnut Creek, California.
For more information please visit www.Interquest.net,
or by telephone 206-574-5460.
About Chrysalis Ventures.
Founded in 1993, Chrysalis Ventures is a leading source
of equity capital for young growth companies in the Southeast
and Midwest. Chrysalis invests primarily in early-stage
and expansion-stage companies in technology-enabled business
services, media and entertainment, and healthcare information
technology and services. Based in Louisville, Kentucky,
Chrysalis has more than $200 million under management and
has made investments in 40+ companies. For more information,
please visit www.chrysalisventures.com.
About ComVentures.
ComVentures, based in Palo Alto, California, is a venture
capital firm managing over $1.2 billion. ComVentures focuses
its investment expertise on pioneering, progressive companies
that capitalize on the constant drive to build next-generation
network infrastructure, software, and services. ComVentures
consistently uncovers groundbreaking communications technologies,
helps lead and grow its portfolio companies, and assists
these companies in deploying new technologies in an ever-changing
marketplace. For more information, please visit www.comventures.com.
Interquest Corporate Contact:
Glenn Meyer, CEO
Interquest Communications
(206) 574-5480
gmeyer@interquest.net
Chrysalis Ventures Contact:
Bob Saunders
(502) 583-7644
bsaunders@chrysalisventures.com
ComVentures Contact:
Kathleen Jensby
(650) 325-9600
kjensby@comventures.com
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