Reston, VA -- January 25, 2011 -- MMV Financial (MMV), a preeminent specialty finance firm serving venture-backed companies in North America, announced today that it has extended $3 million in debt financing to Ooma, the leading provider of HD-quality, free home phone service. Founded in 2004, Ooma offers a consumer electronics device that provides free U.S. telephone calling and advanced telephony services to its global base of customers. The additional capital provided by MMV will support Ooma in its future plans to scale the business and continue to create the ultimate consumer phoning experience.
“This funding will be used to expand marketing, sales and operations to meet the growing demand for our free home phone service,” said Eric Stang, President and CEO, Ooma, Inc. “With Ooma, our customers save money without sacrificing call quality or advanced features. Our goal is to deliver the ultimate home phoning experience at a price that everyone can afford.”
Ooma has changed the telephony game by offering users a way to escape the high cost of phone service while improving call quality and providing a suite of advanced telephony features. The company recently launched the Ooma Mobile HD app which allows customers to make U.S. and international calls from their Android, iPhone, iPad and iPod touch devices. Ooma has been the recipient of several major product awards for its advance technology including 2011 Product of the Year by Electronic House magazine.
“Ooma is changing the current landscape in telecommunication,” commented April Young, Senior Vice President and Managing Director, MMV Financial. “We are enthusiastic about Ooma’s large, global customer base and its ability to convert existing customers from pricier legacy systems to low-cost, web-based systems.”
About Ooma
Founded in 2004, Ooma offers a consumer electronics device that provides free, U.S. telephone calling and advanced telephony services to its global base of customers. Ooma delivers HD call quality and the reliability of traditional phone service at a fraction of the cost, in a sleek and innovative design. The Ooma Mobile HD app allows customers to make U.S. and international calls from their Android, iPhone, iPad and iPod touch device. Ooma is available at more than 4,000 leading retailers and online destinations. For more information, go to www.ooma.com.
About MMV Financial
MMV Financial empowers growth for venture-backed technology and life sciences companies across North America through creative debt solutions. We provide quick and efficient access to additional capital with limited dilution. Our goal is to help companies achieve valuation inflection points, liquidity events and/or operational cash flow breakeven with flexible, cost-effective financing. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including Wells Fargo Company, HSBC Bank Canada, Caisse de depot et placement du Québec, CCP Equity Partners, Fonds de Solidarité des Travailleurs du Québec and ROI Capital. For more information, please visit www.mmvf.com.