ST. PETERSBURG, Fla. -- Privately-held ThruComm, Inc., which provides IP networking services to the EFT industry, said it has raised $15 million of fresh capital in its Series D round of funding. Simultaneously with the closing, the holders of $14 million of subordinated debt converted to equity.
Continuation Investment Partners (CIP) and Northwood Ventures LLC led the round. Ashford Capital Management, KDI Precision Products (a division of L3 Communications), Marconi plc, Pecks Management Partners Ltd., and Penny Lane Advisors, Inc. also participated, according to a news release.
With this latest round of funding, ThruComm said it intends to expand its installed base within the EFT market by focusing on a broader array of businesses looking for a better way to handle back office applications and corporate data communication.
"In the current funding environment, only the companies with solid business plans and clear growth potential are finding support," said Mark Gianinni, chief executive officer and founder of ThruComm. "ThruComm, providing the complete network solution for the EFT industry, is poised to support the growing transaction and data communication needs required by today's merchants, processors, businesses and consumers."
