Vetro Raises $12M As Broadband Industry Sees ‘Unprecedented’ Investment

Vetro, which develops software to help internet providers manage their network, announced its first round of funding — a $12 million growth investment led by Resolve Growth Partners.

“Connectivity is a social imperative,” said co-founder and CEO Will Mitchell. “It’s not optional to have connectivity. It’s become a race to upgrade and deliver new networks.”

The Portland, Maine, company originally started as a mapping software developer called NBT Solutions in 2008 before pivoting in 2017, creating software that allows small and medium-sized internet service providers to manage and map their fiber networks by providing a platform to model, design and build new networks or make improvements.

“The physical layer of the internet needs a digital home,” Mitchell said. “We can be that.”

New money

The funding comes after the company doubled annual recurring revenue for the third straight year, and anticipates continuing that trend for another three years as the broadband and fiber industry has witnessed significant interest and growth, Mitchell said. The industry has seen an “unprecedented” level of both private and public interest to invest, as the pandemic only further exacerbated the digital divide and need to connect, he added.

Broadband was specifically mentioned in President Joe Biden’s $2.3 trillion proposed infrastructure spending plan, with the government potentially earmarking $100 billion for greater access.

“This is a space and company with tremendous tailwinds right now,” said Chris Rhodes, co-founder of Resolve. “Vetro has a modern SaaS platform that plays in an attractive space.”

Mitchell said he believes companies like Vetro could play a critical role in any government-funded broadband rollout, helping providers be held accountable as they build and improve the existing infrastructure.

The industry of aiding telecom and internet operators managing their networks has seen a lot of dealmaking recently. Last June, VertiGIS acquired Vetro competitor Mapcom Systems, and late last year another company in the sector, OSPInSight, was bought by IQGeo.

More companies will enter into the broadband ecosystem as demand only will increase, Mitchell believes, adding that it’s something that should push Vetro further.

“I think as more and more parties get involved, that will give us plenty of opportunity to grow,” he said.

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