Company Continues to Gain Momentum in the Multi-Family Broadband Market Nationwide
Seattle, Washington. (July 16, 2003) — Interquest Communications, a leading provider of broadband Internet services to the multi-family real estate industry, and one of the “Top 100” venture funded companies of 2002, according to Venture Reporter, today announced that it has closed a $5 million Series B funding, led by Chrysalis Ventures of Louisville, KY, a leading provider of venture capital in the Midwest and Southeast, and joined by ComVentures of Palo Alto, CA a leading communications venture firm and current investor in the company.
Interquest, a Seattle, WA based company, provides on-premise high-speed Internet solutions to many of the nation’s finest apartment and condominium communities owned and operated by the largest and most high profile management companies, REITS and private owners. It also provides business customers with low-cost point-to-point T-1 data circuits and T-1 Internet circuits nationwide. Their most recent acquisition, the assets of BroadBandNow!, makes Interquest the largest private ISP specializing in providing high-speed Internet services to the apartment market, and the major growth company in this sector. Over the course of the past two years, Interquest has purchased the network assets of several bankrupt Internet service providers and rebuilt the network into one of the most efficient Internet access networks in the country. Interquest serves in excess of 120,000 apartment units in TX, CO, AZ, UT, CA, OR, and WA, and will soon open service in Florida.
“We are pleased with the success we had raising capital in this market,” stated Glenn Meyer, CEO. “This investment provides us the capital to extend our reach deeper in those markets where we have substantial deployments, capitalize on new market opportunities and continue to pursue strategic acquisitions,” he added.
“ Interquest has three key ingredients that made it a good investment: an experienced management team, quality operations and customer service, and solid financial support from current investors,” says Bob Saunders, Chrysalis Ventures managing director. “They are uniquely positioned to capitalize on the growing demand for broadband service and the void left in the multi-family environment by failing first generation providers.” Mr. Saunders will serve on Interquest’s board of directors.
“ Interquest has exceeded our expectations and proven that the management team has the experience and drive to be a market leader,” said Cliff Higgerson, Partner at ComVentures. “Our strategic investment reflects our strong commitment to the company and will allow Interquest to continue to provide high-value services to the real estate industry.”
About Interquest Communications, Inc.
Interquest is a leading provider of broadband Internet services to the real estate industry including both multi-family and commercial office buildings. The company is headquartered in Seattle, Washington and maintains a regional office in Walnut Creek, California.
For more information, please view www.Interquest.net, or by telephone at 206-574-5460.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage and expansion-stage companies in technology-enabled business services, media and entertainment, and healthcare information technology and services. Based in Louisville, Kentucky, Chrysalis has more than $200 million under management and has made investments in 40+ companies.
For more information, please visit www.chrysalisventures.com.
ComVentures, based in Palo Alto, California, is a venture capital firm managing over $1.2 billion. ComVentures focuses its investment expertise on pioneering, progressive companies that capitalize on the constant drive to build next-generation network infrastructure, software, and services. ComVentures consistently uncovers groundbreaking communications technologies, helps lead and grow its portfolio companies, and assists these companies in deploying new technologies in an ever-changing marketplace. For more information, please visit www.comventures.com.