A Cary telecom company run by an endurance athlete has raised $22 million in financing from an investment group with strong Tar Heel ties.
The money marks the first time Bandwidth.com, founded in 1999 by CEO David Morken, has taken private funding.
It's also the first investment made by Carmichael Partners, a Charlotte firm founded last year by UNC Chapel Hill alumni Brian Bailey and Kevin Martin.
Bailey's background is in private equity. Martin is a lawyer and former chairman of the Federal Communications Commission. The two have been friends for more than 25 years, and were back-to-back student body presidents at UNC in the late 1980s.
"We're not focused exclusively on North Carolina companies, but it is great to help build a company in our home state," Bailey said.