We’re excited to let you know that Cloud4Wi recently closed $8M in funding, as convertible note, bringing our total funding raised to $12M. Despite the difficult funding environment right now, we’re fortunate to have excellent investors who understand the huge opportunity we have in this market segment, and appreciate the team we have pursuing it.
It could be that our investors checked-in with Adlane Fellah, CEO of market research firm Maravedis, who says “Brick-and-mortar establishments are just now discovering how much business value can be generated by leveraging guest WiFi using platforms like Cloud4Wi. We forecast more than 100M access points will offer Guest Wi-Fi services by 2020, producing more than $25B in annual software licensing revenue.”
We’re planning to use the new funds to fuel our mission to reinvent guest WiFi to build brands. We’ve got bold plans to advance our services platform, expand our global sales organization, build our channel program, and hire great new talent. 2016 is gearing up to be a huge year for us. Stay tuned for updates on platform enhancements, new programs and other corporate developments.