The International Finance Corporation (IFC), a member of the World Bank Group, and Seaborn Networks Holdings, LLC announced that IFC is now an investor in Seaborn Networks.
Seaborn’s recent financing round, which was led by Seaborn’s existing investor group, also included IFC. Funds raised by Seaborn will be used for Seabras-‐1, which is Seaborn’s new Brazil-US submarine cable project.
Seabras-1 is a new 40 Tbps submarine fiber optic cable system between São Paulo and New York City, with an additional landing in Fortaleza, Brazil, that is scheduled for completion in 2015.
The new system is being built for Seaborn by Alcatel-Lucent Submarine Networks and will be the first direct route between São Paulo and the United States.
“Seaborn’s approach of selling spectrum and lit capacity on the wholesale market helps to accelerate broadband development, an important tool for economic growth, in Brazil and other South American countries,” said Aniko Szigetvari, IFC Head of Telecom, Media and Technology for Africa and Latin America.
“We welcome IFC as an investor and value-added partner with regard to Seabras-1 and future routes,” said Larry Schwartz, Seaborn’s CEO. “IFC’s involvement with Seaborn will accelerate our plan to become a unique developer of subsea routes.”
While Seabras-1 remains Seaborn’s priority, certain other routes are already in the development stage.
Press Release, January 15, 2014