Vonage Closes $40M Funding Round

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Vonage Holdings Corp. said Friday that it has closed a $40 million series-C financing round.

The round -- which hiked total investment in the voice-over-Internet-protocol provider over the past three months to $75 million -- was led by 3i Group and co-led by Meritech Capital Partners.

"Our rapid subscriber growth and the depth of our financial backing is clear evidence that there is a revolution under way that is changing the way we communicate," Vonage chairman and CEO Jeffrey A. Citron said in a prepared statement.

"Consumers are ready for a low-cost yet feature-rich alternative to traditional phone service, and the rising use of broadband technology is making that possible," he added.