VETRO, the Portland-based developer of cloud-based fiber management software for the telecommunications industry, last week announced it has raised $7 million in growth capital.
Existing investors Resolve Growth Partners and Maine Venture Fund led the round, which the company said would be used to help accelerate product innovation and global expansion.
Since early 2021, VETRO has experienced growth in bookings, revenue, and customer expansion, with customers now in 46 states and 25 countries, according to the company.
A combination of public funding, a growing influx of private capital, and burgeoning demand from consumers and businesses for high-speed internet access are driving a massive build-out of fiber network infrastructure, according to Will Mitchell, CEO of VETRO.
“We continue to raise capital to invest in our products because our customers deserve sustained advancement and innovation,” Mitchell said. “And we are grateful for the continued support of our investor partners who believe in our vision, our mission, our team, and the market opportunity.”
With the influx of fresh capital, the company is planning several new initiatives across software engineering, go-to-market, and customer engagement, its announcement said.
“We are thrilled to be working with a leading telecom disruptor like VETRO that is helping make broadband availability a reality,” said Joe Powers, managing director of Maine Venture Fund. “And we are especially excited to see another Maine-based software company having global reach and impact.”
VETRO previously raised $12 million from Resolve Growth Partners in the summer of 2021. The year before that, it raised $2.5 million in the depth of the pandemic as the rise of remote work demonstrated how important expanding broadband access to homes had become. The company had also previously raised a $1 million seed round in 2017 and just over $1 million in bridge capital between 2017 and 2020.
“We are excited to be an expanded part of VETRO’s journey and support their passion for transforming the broadband landscape,” Chris Rhodes, co-founder of Baltimore-based Resolve Growth Partners, said.
