A federal effort in the U.S. , created in 2002 to promote investment in rural areas, is finally paying off with three capital investments, including one to a VoIP service provider. This effort, which is attempting to leverage free market forces to bring development to rural areas, testifies to how long it can take to get funding in place.A federal effort in the U.S. that was created in 2002 to promote investment in rural areas is finally paying off with three capital investments, including one to a VoIP service provider that will serve wholesale and channel customers. This effort, which is attempting to leverage free market forces to bring development to rural areas, testifies to the difficulty of getting funding in place.
Meritus Ventures, the first and only venture capital fund formed under the Rural Business Investment Program (RBIP), authorized by the U.S. Congress in the 2002 Farm Bill, has announced three investments aimed at fostering high-tech business in rural areas. They include start-ups: SinglePipe Communications, Inc. of Louisville, Kentucky, a VoIP service provider in the southeast; Zipit Wireless, Inc., which makes a portable instant messaging device that premiered just last month at the Digital Life conference in New York City; and Aldis, Inc. which produces traffic safety and management products and services for municipal partners.
Meritus is the only venture capital firm to be developed under the RBIP leglisation. The program operates as a joint initiative between the U.S. Department of Agriculture and the Small BUsiness Administration. Maritus seeks co-investors on its investments..
According to a news release, “SinglePipe offers turnkey solutions for residential VoIP, Hosted PBX, and SIP Trunking/Line Replacement over its own highly reliable network and in conjunction with partners nationwide.”
Click here to read the press release.
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