FracTEL, an Indialantic, FL-based provider of telecommunications systems, signed a deal to receive $3m in convertible debt financing.
An unnamed Chicago, IL-based investment bank has been providing the resources. The first planned funding of $500k in a series of scheduled tranches under the offering has been provided.
The company intends to use the funds to drive growth through inside sales and an inbound marketing campaign.
Led by Michael Crown, founder and President, FracTEL provides cloud-based communications systems offering integration of telecommunications with other information technologies supporting the capability for hyperscale deployment of cloud-based business PBX services and enables custom, business-transformative Tele-apps.