VETRO, a Portland, Maine-based provider of cloud-native fiber management systems, announced that it successfully secured a $7 million growth capital investment.
Led by existing investors Resolve Growth Partners and Maine Venture Fund (MVF), the funds will be used to fuel global expansion and accelerate product innovation for VETRO’s open platform.
“Public funding like the $42 billion dollar Broadband, Equity, Access, and Deployment (BEAD) Program, coupled with a growing influx of private capital, is fueling a massive build-out of fiber network infrastructure. That buildout is driven by burgeoning demand from consumers and businesses for high-speed internet access. Builders of this telecommunications infrastructure require best-in-class software solutions to plan, design, build, and operationalize fiber assets. And enabling efficiency through all phases of fiber lifecycle management is VETRO’s sweet spot,” said Will Mitchell, VETRO CEO. “We continue to raise capital to invest in our products because our customers deserve sustained advancement and innovation. 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.”
VETRO will continue to build out its Fiber Management Platform offerings at pace with the additional resources while embarking on several new initiatives across the business in software engineering, go-to-market, and customer engagement.
Company: VETRO, Inc.
Raised: $7.0M
Round: Growth Capital
Funding Month: March 2023
Lead Investors: Resolve Growth Partners and Maine Venture Fund
Additional Investors:
Company Website: https://vetrofibermap.com/
Software Category: Fiber Network Management Software
About the Company: VETRO builds software that makes it radically simpler and faster for broadband providers to plan, design, build, and operate their fiber optic networks. VETRO optimizes the business value of networks by simplifying the digitization, data visualization, and management of fiber assets through an open, highly accessible, and precise system of record for network operators. The company’s map-based SaaS platform enables network operators and ISPs to benefit from a modern, integrated and connected digital hub for their physical network assets.
Source: https://www.businesswire.com/news/home/20230322005201/en/VETRO-Closes-on-New-7M-Capital-Raise-to-Accelerate-Growth-and-Innovation