World Wide Packets of Spokane gets $8.7 million – Venture capital will help firm continue selling products

Two East Coast venture capital firms have invested $8.7 million in Spokane-based World Wide Packets, # http://www.wwp.com/ the company announced.

The new money comes from Boston-based Argo Global Capital and New York-based Entrepia Ventures. San Francisco-based Azure Capital Partners, an investor in World Wide Packets since 2000, also participated in the round.

Tom Sowa
Staff writer

http://www.spokesmanreview.com/news-story.asp?date=030204&ID=s1494387&cat=section.business

In January, World Wide Packets raised $15.7 million from several sources, including Spokane-based Northwest Venture Associates and Seattle’s Madrona Venture Group.

The money will help the network-equipment maker continue selling products to customers in the United States and abroad. CEO David Curry said World Wide Packets expects 2004 revenues of about $20 million, double last year’s revenue, and should reach profitability this year.

World Wide Packet’s key product is a network box using Gigabit Ethernet technology. It works like a highly efficient network traffic cop, delivering high-speed voice, video and data to entire neighborhoods, cities or large business installations.

The company’s track record was the major reason for the new investment, said Paul Weinstein of Azure Capital Partners. “It is a proven and robust technology platform, so that’s one thing that is attracting investors," he said.

As part of the most recent investment, Doug Schrier of Argo Global Capital will join World Wide Packets’ board.