VC firms invest $12m in telecoms group

XConnect Global Networks, a service provider to the telecommunications industry, has received $12 million of funding from a venture capital consortium led by Accel Partners and Venrock Associates.

A consortium of venture capital firms led by UK-based Accel Partners and US-based Venrock Associates has invested $12 million (€8.8 million) in XConnect Global Networks.

 

German group Grazia Equity and Japanese Bridge Capital have also invested in the UK-based business, which provides network services to telecommunications companies.

 

XConnect has also appointed chief operating officer Natan Tiefenbrun and Accel’s Kaj-Erik Relander to sit on its board, which is chaired by Ohad Finkelstein.

 

Venrock has invested $1.8 billion in 400 companies since inception. The firm has offices in Menlo Park, New York, Cambridge and Israel.

 

Founded in 1983, Accel has more than $4 billion under management, with offices in London, Palo Alto and China.

 

Grazia Equity was founded in 1996 and has offices in Stuttgart and Munich. Bridge Capital has $1.2 billion under management and was established in 2001.