MIAMI-Seasoned venture capitalists see something in locally-based TeleNova Corp. that aren’t often evident in other Internet firms these days: solid future revenues. As a result, the two-year-old, locally-based telecommunications and technology provider has picked up $12 million in new funding. Groups led by GE Equity, J.P. Morgan Capital and Banc of America Securities are backing the 60-person firm.

TeleNova garnered a total of $9 million in two earlier financing rounds that took only 45 days to 60 days to close. But this time the deals took 90 days, reflecting the caution most investors are showing with technology-oriented businesses, according to chief financial officer Marcelo Cabral.

Web sites in Spanish and Portuguese especially are having a rough road attracting venture capital. Instead, they rely on advertising or on sales to consumers to produce a cash stream, an unpredictable avenue, most analysts concede.

TeleNova plans to use the new funding to grow its staff to 110 by 2002 and expand its services in Brazil, Mexico, Argentina, Spain and Portugal. The company promotes two cost-cutting services. One is the wholesale sale of voice-over-Internet services to phone companies who then offer the service to their clients. The other is its exclusive distributorship in Spanish and Portuguese for virtual desktop software. This product allows companies to store and retrieve files through the Internet instead of using computer hard drives.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.