DSL.net, a provider of high-speed Internet access to small and medium-sized businesses, said Wednesday that it received new financing worth $15 million, which will be partially raised through the sale of convertible redeemable stock. The funding comes in addition to $15 million it received previously from VantagePoint Venture Partners.
Investors including Columbia Capital, Charles River Ventures, Hunt Private Equity Group and National Investors Group will give DSL.net a $10 million package that includes the purchase of convertible stock and a bridge loan that will be repaid by the stock sale. Convertible stock is most commonly redeemed by the holder in the form of voting shares in a company or cash. DSL.net will receive the remaining $5 million once the VantagePoint investment deal closes in late February, and says the financing will fund the company through the third quarter of 2002.
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