VoIP Inc. Closes $1.55M Funding Round

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VoIP Inc. said Monday that it has closed an equity private placement under which it will gain $1.55 million in gross proceeds.

The VoIP-solutions provider said the transaction was co-led by Spencer Clark LLC and MZM Capital Corp.

The company said the proceeds will be used to fund the continued expansion of its operations -- including the development of new and larger distribution channels, increased marketing efforts and the growth of the customer-service, support and sales operations -- and to fund working capital and other general corporate purposes.

VoIP Inc. posted third-quarter net revenues of $929,767 versus $4,291 in the year-earlier period and a net loss of $4,179,389, or $0.21 per share, versus $21,995 ($0.02) in the third quarter of 2003.

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