Spotwave Wireless Closes CDN$12 Million in New Financing

Spotwave Wireless, a start-up based in Ottawa, Canada, raised CDN$7 million in venture funding for its in-building wireless coverage solution. The company also secured a CDN$5 million committed credit facility for working capital purposes from the Royal Bank of Canada (RBC), bringing total funding received to date to over CDN$35 million.



Spotwave has deployed more than two thousand SpotCell systems for the top wireless carriers in North America, including Verizon Wireless, Sprint, Cingular, Rogers Wireless and Telus Mobility. Locations range from retail kiosks and shopping malls, to manufacturing plants and utilities, to hospitals and fire stations - even private residences.



Newbury Ventures and VenGrowth Capital Partners led the new capital infusion along with existing investors: Primaxis Technology Ventures, Venture Coaches (now merged with Skypoint Capital), The VentureLink Fund, GrowthWorks WV Funds, and a new investor, RBQ Limited. http://www.spotwave.com