ooma Secures $16 Million in Third Round of Funding
Palo Alto, CA - Tuesday, September 23rd, 2008
ooma, Inc. today announced that it secured a third-round of equity funding totaling $16 million from new and existing investors including Draper Fisher Jurvetson, Worldview Technology Partners, The Founders Fund Management LLC, WI Harper Group, the Telecommunications Development Fund (a venture capital fund whose board includes the Chairman of the Federal Communications Commission), and Draper Richards LP. ooma is experiencing increased demand for its home phone system and intends to leverage the additional capital to expand retail distribution channels.
“This funding is the next step in ooma’s continued national expansion. Investments will be made in additional services, an expanded support team and a national retail network,” said Andrew Frame, ooma Chief Executive Officer. “At ooma, we are dedicated to offering consumers a high quality and economical domestic telephone alternative. We all should expect more from the phone industry than bundled pricing options. At ooma, we believe the phone should be the communication hub of the home, and we plan to continue evolving our product and services to adapt to our customers’ home communication needs and preferences.”
An ooma™ system consists of the ooma Hub™ connected to a broadband connection and a primary phone. The ooma Scout™ device extends the benefits of the ooma system to additional phone jacks in the home. ooma Core is a $249.99 hardware bundle that includes ooma Hub and ooma Scout. ooma Premier™ is an optional service option for the ooma Core bundle and costs $12.99 per month or $99.99 per year.
The Telecommunications Development Fund (TD Fund) is a venture capital fund whose board includes the Chairman of the Federal Communications Commission and which is focused on the communications sector. The TD Fund invests in companies that strive to increase broadband access, facilitate the high definition / digital content transition, address homeland security, assist public safety & disaster recovery, raise spectral efficiency, aide compliance and protect intellectual property.
Draper Fisher Jurvetson and Worldview Technology Partners are venture capital firms based in the Silicon Valley. Draper Fisher Jurvetson funds over 500 companies in a variety of technology sectors. Worldview Technology Partners funds a variety of information technology markets, including communications, semiconductors, enterprise infrastructure and software.
Draper Richards LP, The Founders Fund Management LLC and WI Harper are all San Francisco based venture capital firms. Draper Richards LP invests in a variety of early-stage technology companies in the software, communications, Internet and electronic industries. The Founders Fund Management LLC contributes to consumer Internet start-up companies including social networking applications. WI Harper currently manages over 90 companies in high-growth areas of information technology and life sciences from its headquarters in San Francisco and branch offices in Asia.
Founded in 2004, ooma offers a consumer electronics device that provides free, U.S. telephone calling and advanced telephony services to its global base of customers. ooma delivers exceptional call quality and the reliability of traditional phone service at a fraction of the cost, in a sleek and innovative design. ooma is available at thousands of leading retailers and online destinations. For more information, go to www.ooma.com or blog.ooma.com.
All other company and product names may be trademarks of the respective companies with which they are associated.
The detailed terms and conditions of ooma's products, services, and support are fully set forth in the Terms and Conditions, available online under the "legal" tab on the bottom navigation bar of the ooma Web site.