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Short Take: Urban Media raises $57 million

Urban Media Communications, a carrier that serves multiple-tenant office buildings in major markets, has raised $57 million in second-round funding. The financing was led by Tyco Ventures, the investment arm of holding company Tyco International. Tyco Ventures will gain a board seat. The capital will be used to expand in Urban Media's 11 markets. Urban Media also launched UrbanCenter, a portal-like Web site offering Internet-based business services for the company's customers.

Urban Media Communications, a carrier that serves multiple-tenant office buildings in major markets, has raised $57 million in second-round funding. The financing was led by Tyco Ventures, the investment arm of holding company Tyco International. Tyco Ventures will gain a board seat. The capital will be used to expand in Urban Media's 11 markets. Urban Media also launched UrbanCenter, a portal-like Web site offering Internet-based business services for the company's customers.