Pocket Communications stuffed with $100M for unlimited wireless
Youghiogheny Communications (much more conveniently dubbed Pocket Communications) is in the money today, closing a $100 million first round of financing led by Battery Ventures. The San Antonio, Tex.-based company will use the new funds to launch its flat-rate unlimited wireless plan in the northeastern region of the U.S.
The announcement comes as somewhat of a surprise in an economic climate that many thought would preclude such sizable investments (though this could still be on the way). The company was able to demonstrate success at its 150 stores in southern Texas, where it charged users a flat monthly fee of $25 to $40 for unlimited voice and data services. It has racked up about 300,000 customers since its debut in 2005.
Charles River Ventures and Pocket chief executive Paul Posner also contributed to the round.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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