Deal represents fund’s largest invesment to date in Latin America.
March 24, 2015 (Sao Paulo, Brazil) – QMC Telecom International (“QMC”), a Latin America-focused provider of built-to-suit wireless infrastructure, today announced it has raised a $100 million round led by Accel Partners. Grupo Santo Domingo also participated in the round alongside the company’s management and existing investors, including Housatonic Partners. With this new round, QMC has now raised $172 million in equity capital.
The $100 million financing will help QMC continue its rapid growth throughout Latin America. As part of the financing, Accel Co-Founder, Arthur Patterson, and Partner, John Locke, will join QMC’s board of directors.
Since its founding in 2008 in Puerto Rico by Jose Stella and Rafael Somoza, QMC has grown into a leading provider of built-to-suit wireless infrastructure in Latin America, serving the cell tower and DAS markets. Stella and Somoza previously founded several successful businesses in Latin America including VIU Media. QMC’s highly experienced management team and track record of execution ability have helped propel the company to an average compounded annual growth rate over 275%.
“The existing Latin America telecom infrastructure is struggling to keep up with rapid wireless adoption and data proliferation driven by a rising middle class,” said Rafael Somoza, co-founder of QMC. “We are excited to work with our new partners to bring innovative solutions to this market that will benefit our carrier partners and consumers throughout Latin America.”
For Accel, QMC marks the firm’s largest investment in Latin America.
“We strive to partner with the best entrepreneurs globally, whether it’s Flipkart in Bangalore, Supercell in Helsinki, or QMC in Sao Paulo,” said John Locke, an Accel partner. “Jose and Rafael are putting together a terrific team, and we’re thrilled to partner with them.”
For QMC, the new funding will go toward expanding its operations and team throughout Latin America.*