New investment will further retail expansion and launch of new Ooma Telo
Palo Alto, CA - Tuesday, June 23rd, 2009
Ooma, Inc. today announced that it has secured a new round of financing totaling $18.3 million. Worldview Technology Partners led the round along with The Founders Fund Management LLC, the Telecommunications Development Fund, WI Harper and other smaller investors.
Eric Stang, Ooma Chief Executive Officer, commented, “This increased financing further validates our strategy of providing revolutionary home phone service at a significant cost savings to our customers. We are excited to have the backing of such a proven and innovative group of investors committed to the growth and success of Ooma.”
Ooma plans to use the new funds to support the company’s rapid sales growth by accelerating production and continued innovation of their advanced VoIP telephony systems. In addition, Ooma intends to leverage the new capital to broaden retail expansions and strengthen marketing initiatives.
“We believe in the incredible value proposition and superior product quality that Ooma offers consumers,” said Tim Weingarten, General Partner of Worldview Technology Partners. “We were impressed with the success that Ooma achieved with its sales growth and retail distribution expansions, and are pleased to continue our support in this new round of funding.”
Based in the heart of the Silicon Valley, Worldview Technology Partners is a venture capital firm that funds a variety of information technology markets, including communications, semiconductors, enterprise infrastructure and software.
The Founders Fund Management LLC and WI Harper are both San Francisco based venture capital firms. The Founders Fund Management LLC contributes capital and provides counsel to consumer Internet start-up companies, including social networking applications. WI Harper currently manages over 90 companies in high-growth areas of information technology and life sciences from its headquarters in San Francisco and branch offices in Asia.
The Telecommunications Development Fund (TD Fund) is a venture capital fund which is focused on the communications sector. The TD Fund invests in companies that strive to increase broadband access, facilitate the high definition / digital content transition, address homeland security, assist public safety & disaster recovery, raise spectral efficiency, aide compliance and protect intellectual property.
Ooma (NYSE: OOMA) creates powerful connected experiences for businesses and consumers, delivered from its smart cloud-based SaaS platform. For businesses of all sizes, Ooma provides advanced voice and collaboration features that are flexible and scalable. For consumers, Ooma’s residential phone service provides PureVoice HD voice quality, advanced functionality and integration with mobile devices. Ooma’s innovative smart security solution delivers a range of wireless security sensors that make it easy for anyone to protect their home or business. Learn more at www.ooma.com.