Vonage, the hottest US internet telephony provider has just raised another $250M. This brings total money raised by the internet pioneer to $670M odd.
It was a private round and investors apparently include both VC's and hedge fund babies. Interesting to see hedge funders now getting into private fund raising deals long the domain of VC's. Mind you, the VC's could do with a little competition.
It also looks like this round could prelude an IPO. The deal is a convertible debt that could convert into equity at an IPO. Apparently the transaction valued Vonage at around $2bn.
Vonage will likely need the money as competition is hotting up with Skype, Yahoo and the major telco's all piling in.
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