Cloud connectivity provider Connected2Fiber says it has signed a growth capital term loan agreement with Silicon Valley Bank for up to $1.5 million of new capital. The company says it will use the funds to accelerate growth, enhance product offerings, and expand into new markets. This loan agreement comes three months after Connected2Fiber revealed it had closed a $5.3 million round of funding (see "Connected2Fiber closes $5.3 million funding round"). The company attracted $8 million in a Series A round in 2018 (see "Connected2Fiber pulls in $8 million in Series A round").
Connected2Fiber operates The Connected World, a software-as-a-service (SaaS) platform that provides location-based services and applications to network sellers and buyers. The platform is designed to facilitate the matching of buyers and sellers by automating sales and marketing processes for network operators and managed service providers based on location intelligence; the platform contains more than 500 million unique locations actively tracked worldwide, the company asserts. Connected2Fiber says it has more than 2100 active users for the platform.