Somos Internet Raises $40 Million in Series B Funding
Somos Internet, a Colombian telecom company known for providing high-speed fiber optic internet with symmetrical speeds of 2gb, has raised $40 million in a Series B funding round. The round was co-led by Bracket Capital and Ribbit Capital. Other investors participating in this round include Union Square Ventures, Kaszek Ventures, Not Boring Capital, Zero Infinity Partners, and Y Combinator.
Investment Focus
The investment in Somos Internet marks one of the largest funding rounds in the Latin American telecom sector this year. The company, founded by Forrest Heath, specializes in building fiber networks using its proprietary FiberX architecture. This technology aims to deliver enterprise-grade connectivity at a lower cost, which has enabled the company to reach operational profitability in Medellín.
Strategic Expansion Plans
With the new injection of funds, Somos Internet plans to significantly expand its operations. The company intends to triple its coverage in Colombia and initiate expansion efforts into the Mexican market. This strategic move aims to capitalize on the growing demand for reliable and high-speed internet services in the region.
Strengthening Leadership
In addition to geographic expansion, Somos Internet plans to use part of the funding to strengthen its leadership team. This enhancement in leadership will support the company's growth strategy and operational goals.
Customer Growth and Performance
Somos Internet has reported a customer base of over 80,000, with approximately 6,000 new users being added each month. Notably, the company boasts a customer payback period of 13 months, which is considerably shorter than the industry average of five years.
This funding round positions Somos Internet to further solidify its presence in the Latin American market, providing a robust infrastructure for internet connectivity in the region.