VIENNA, VA ? September 22, 2005 ? SunRocket, one of the nation's fastest-growing Internet phone service providers, today announced that it has secured $25 million in its second round of institutional financing. Mayfield Fund led the round, joined by DCM ? Doll Capital Management and existing investors BlueRun Ventures and Anthem Capital Management. To date, SunRocket has raised $34 million in venture financing.
?SunRocket has the perfect combination of talent and technology to capitalize on the enormous growth and disruptive power of Internet-enabled communications,? said Janice Roberts, Mayfield Fund managing director, who joins the SunRocket board of directors. ?We are investing in a unique team with a proven track record of creating breakout brands embraced by millions of consumers.?
?SunRocket is poised to explode as a household name in a category that is transforming consumer telecom, and we couldn't be more enthusiastic about the opportunity,? said Dixon Doll, co-founder and managing general partner of DCM, who was also appointed to SunRocket's board of directors.
Less than a year after its introduction, SunRocket has emerged as the second fastest growing independent provider of residential Internet phone service, which allows consumers to replace traditional phone lines by sending calls through their home broadband connection. Harnessing breakthrough VoIP technologies, SunRocket's highly-scaleable network and infrastructure enable the company to offer exceptional value and innovative features, now available to over two-thirds of U.S. broadband households.
?SunRocket is thriving in the face of larger, established competitors, a testament to the market potential for Internet phone service as well as SunRocket's business model, outstanding leadership team and success to date,? said Kevin Bennis, president and CEO of SunRocket. ?This funding allows SunRocket to expand service coverage, accelerate sales activity, ramp up support in all areas to meet future growth and introduce new innovations into the market.?
This round of financing includes a trio of prestigious Silicon Valley venture firms with proven track records for building technology leaders, each with $1 billion or more under management and based in Menlo Park, California. Since 1969, Mayfield Fund has invested over $2.3 billion in more than 460 high-growth technology companies, and taken over 100 public. BlueRun Ventures, who led SunRocket's initial funding round and remains the leading investor, invests in best of breed teams with the drive and ability to build leading global companies. DCM is a top-performing venture capital firm with over $1 billion under management supporting entrepreneurs building early-stage technology companies around the globe. Joining the Silicon Valley trio is first-round investor Anthem Capital Management, a Baltimore-based fund with over $100 million under management that invests in early-stage technology companies in the Mid-Atlantic region.
?We are thrilled to have top-tier investors that will help SunRocket reshape the consumer communications landscape,? said Paul Erickson, SunRocket chairman and co-founder. ?We set out to capitalize on the Internet to build a better phone company, taking a fresh approach to deliver to customers an honest and compelling value in a complete and easy package, and SunRocket's momentum shows we've found a combination that resonates with consumers and investors alike.?