Open Broadband LLC, an internet service provider, has raised $250,000 in a private stock offering, according to a filing Thursday with the Securities and Exchange Commission.
The Waxhaw, North Carolina-based company offers hybrid fiber and wireless broadband service to underserved areas throughout North Carolina, South Carolina and Virginia.
Specializing in public-private partnerships, Open Broadband leverages existing assets, including towers, street lights and existing fiber.
Open Broadband is operated by Chief Executive Officer Alan Fitzpatrick and Chief Technology Officer Kent Winrich.
Fitzpatrick has over 20 years of experience working as chief operating officer for DC74 DataCenters, global vice president for ACN Inc. and senior vice president of engineering for US LEC Communications Inc.
Open Broadband raised the money through seven investors and declined to disclose what it intended to do with the funds.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
The filing can be found here.