Speakeasy garners $24 m financing

SEATTLE: Privately-held broadband service provider Speakeasy Inc. said that it has secured $24 million in financing from investors as it seeks to expand its broadband offering to include Internet-based telephone services.

The Seattle-based company, which got its start in 1994 as an Internet cafe and is now one of the country's largest independent broadband providers, said that venture capital firms 3i and BV Capital led the financing round and will also have representative directors on Speakeasy's board.

Speakeasy, which became profitable in 2003 and posted more than $50 million in revenue in 2003, said that it would use the new funds to start Voice over IP services for homes and businesses, which allows callers to place calls over the Internet instead of over phone lines.

© Reuters