SpeedConect, a Frankenmuth, Michigan-based wireless internet service provider, raised $18m in funding.
The round was led by NewSpring Capital, via its dedicated mezzanine fund, NewSpring Mezzanine, with participation from Kemper Corp. (NYSE: KMPR), existing investors and management. In addition to the funding, former JAB Wireless CEO Jim Vaughn joined SpeedConnect’s board of directors.
The company intends to use the funds to close its acquisition of Arizona-based wireless internet service provider CommSpeed, expand the rollout of their LTE network and support other growth initiatives.
Founded in 2001 by John Ogren, CEO, SpeedConnect is a wireless Internet service provider operating in over 50 communities and nine states with its corporate headquarters in Michigan. The company offers high-speed broadband Internet connections to residences and businesses using the U.S. Federal Communications Commission’s licensed radio spectrum in the 2.5 GHz (Band 41) spectral space.
It serves customers with wireless broadband Internet and DISH TV in Michigan, Iowa, Illinois, Nebraska, South Dakota, Idaho, Montana, Texas and Arizona.