With talk about the tanking world economy becoming cliché, it's reassuring to hear someone is still receiving funding... Today's Dow Jones eNewsletter "VentureWire Alert" featured Spectrum Bridge's Series B financing news today.
The article reads as follows:
After seeing plenty of action on its newly launched online marketplace, Spectrum Bridge Inc., which matches up buyers and sellers of wireless spectrum licenses, has closed an $8.1 million funding round.
The Series B round, which is expected to be the company's last, should carry the 27-employee company to profitability within a year, said Rick Rotondo, vice president of marketing.
New investor Espirito Santo Ventures led the round, joined by previous backers True Ventures, Telecommunications Development Fund, Milicom Venture Partners and company founders.
In mid-September, the Lake Mary, Fla.-based company activated its Web site, SpecEx.com, and since that time has listed more than 1,000 licenses for spectrum, and registered more than 100 companies and agencies as potential buyers or sellers.
"It's been cranking," Rotondo said. "We are building [the site] so that buyers and sellers can have a one-stop shop."
Radio spectrum, which can also be used for broadband delivery, is a patchwork quilt of chunks of bandwidth, with pieces large and small, that together blanket most of the United States.
The FCC frequently auctions off parcels of spectrum, but until now an online marketplace for these pieces of bandwidth has not existed.
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