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Ibiquity Goes Back to Wall Street for Financing

Ibiquity Goes Back to Wall Street for Financing

Ibiquity Digital’s non-broadcast investors, which constitute the bulk of its backing, have ponied up some big bucks. The technology developer has gone back to Wall Street investors and raised another $30 million.
Ibiquity confirmed it closed the new Series C financing from existing investors New Venture Partners, Grotech Capital Group, J.P. Morgan Partners, Gannett Co. and Pequot Capital.
Waller-Sutton Media Partners, Whitney & Co. and MidOcean Capital Partners also participated in the financing.
Separately, Ibiquity completed a separate financing package with the Washington-based Columbia Partners L.L.C. for up to $30 million in additional structured debt financing.
Ibiquity has now raised a total of about $175 million; it said the new money would “reinforce the significant momentum” of HD Radio, along with recent commitments from more than 2,000 radio stations to deploy IBOC.