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TeleNova Wins $12 Mil in New Financing Round

MIAMI-The two-year-old telecommunications and technology provider is attracting funding from private groups led by GE Equity, J.P. Morgan Capital and Banc of America Securities. TeleNova plans to grow its 60-employee staff to 110 by 2002.

By Alex Finkelstein | Updated on November 14, 2000

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.

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