CITRON’S VONAGE LANDS FINANCING
By BEN SILVERMAN
November 24, 2003 — VONAGE, the voice- over-Internet-protocol (VoIP) provider headed by Datek co-founder Jeffrey Citron, has a bundle of new cash at its disposal. The company plans to announce today that it has secured $35 million in new financing led by venture capital firm New Enterprise Associates.
“To get a transaction done with something involving the words ‘Internet’ and ‘telephony’ in the same sentence is really an accomplishment,” Vonage CFO John Rego said.
Rego wouldn’t say what type of valuation the company got on the deal, but he says Vonage’s management still owns more than 50 percent of the company. Vonage will use the money for marketing and to expand service to Canada and Europe.