Led by existing investors, Resolve Growth Partners and Maine Venture Fund, the investment will expand VETRO’s cloud-native fiber management platform capabilities and further global expansion.
Portland, ME –
VETRO, provider of the market-leading, easy-to-use, cloud-native fiber management system, today announced that it has successfully secured a growth capital investment. This latest funding round was exclusively led by existing investors Resolve Growth Partners and Maine Venture Fund (MVF) and 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.”
The investment comes at a time of rapid growth for VETRO. Since early 2021, the company has seen accelerating growth in bookings, revenue, and customer expansion, with network operator customers now in 46 states and 25 countries. Moreover, VETRO has assembled a world-class, highly experienced leadership team to execute its mission of radically simplifying the digitization, data visualization, and management of fiber assets through an open, highly accessible, and precise system of record for network assets.
“We are excited to be an expanded part of VETRO’s journey and support their passion for transforming the broadband landscape,” said Chris Rhodes, Co-Founder, Resolve Growth Partners. “VETRO’s purpose-built platform offers unparalleled efficacy and value, empowering network operators with the knowledge and capabilities essential to optimizing network operations and asset utilization.”
“VETRO’s vision of visualizing a connected world is as profound as it is vital,” said Joe Powers, Managing Director, Maine Venture Funds. “Broadband has become a basic utility, as important to our daily lives as water and electricity. We are thrilled to be working with a leading telecom disruptor like VETRO that is helping make broadband availability a reality. And we are especially excited to see another Maine-based software company having global reach and impact.”
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.
Other key investors that have supported VETRO since 2017 include Coastal Enterprises, Inc, Maine Technology Institute, YORK IE, and many other individuals and Angels.
About Resolve Growth Partners
Resolve Growth Partners is a growth equity firm focused on investing in B2B software companies and enabling passionate, committed entrepreneurs to accelerate growth. Resolve provides expertise and repeatable best practices across talent, go-to-market, and operations. For more information on Resolve, visit http://www.resolvegrowth.
About Maine Venture Fund
Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. The Fund has invested over $20 million in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995 as a revolving “evergreen” fund. For more information, visit maineventurefund.com.
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. Our map-based SaaS platform is easier to use and more powerful than traditional tools and enables network operators and ISPs to benefit from a modern, integrated, and connected digital hub for their physical network assets. For more information, visit VETRO.