Tuesday, November 25, 2008

Local VCs push $100M investment in Pocket Communications’ wireless data

By Mass High Tech Staff

Battery Ventures, of Boston, has led a $100 million equity investment in Pocket Communications Northeast, a wireless voice and data service provider in Texas that plans to expand to the Northeast. Charles River Ventures, of Waltham, also participated in the investment, as did Pocket Communications CEO Paul Posner.

Pocket Communications officials said the investment will help the firm bring its flat-rate wireless services to Northeast areas such as Pittsfield; Springfield; Hartford, Conn.; New Haven, Conn.; and Poughkeepsie, N.Y.

The investment deal includes the addition of Matt Niehaus, partner at Battery Ventures, and Jon Auerbach, general partner at Charles River Ventures, to the Pocket Northeast board of directors.

Founded in Texas in 2005, Pocket Wireless replaces standard wireless communication contracts with monthly flat fees for unlimited wireless calls. The company claims more than 250,000 subscribers.

Battery Ventures, founded in 1983, also operates offices in California and Israel. The firm invests in various stages and several industry sectors. Investments include seed and startup combined with expansion financing, growth equity and buyout deals.

Founded in 1970, Charles River Ventures has approximately $2.1 billion under management. Among the companies in CRV’s portfolio are Cedar Point Communications Inc. of New Hampshire and Nantero Inc. of Woburn.