Investors Put Another $50 Mil in Everest's Tank

FORT LEE, NJ–Everest Broadband Networks started up its operations a year ago this month and has startled the industry by accumulating a wired-for-service portfolio topping 300 million sf, encompassing almost 700 buildings in two dozen states and five Canadian provinces. That record of wiring buildings at the rate of nearly a million feet a day has attracted plenty of attention–and more money.

Seed shareholders Pequot Capital Management and SoftBank Venture Capital have just been joined by Exelon Capital Partners to re-fuel the high-octane service provider to the tune of $50 million. Exelon is the lead investor in the latest round.

Exelon was created last year as the corporate venture-capital group of PECO Energy Co., which recently merged with Unicom Corp. to form Exelon Corp., the country’s biggest utility company. With the Everest investment, its funding commitments are approaching the $150-million mark.