Startup MarketSpark Raises $7 Million in Funding for Telephone Service Replacement Business

By Thomas Price Tuesday, April 13, 2021

Wireless technology has been developing at such a rapid rate that many traditional business types are being completely renovated over a short period of time. This is particularly true for telephone companies where the wireless revolution has left older services being completely outdated in comparison. MarketSpark is a startup company that is helping telecommunication companies replace older infrastructure with a fully managed wireless service, among other solutions. The startup recently raised Series B funding as MarketSpark looks to expand its business operations and develop its platform.

Network connection over the modern city

What MarketSpark Does and Ongoing Success

Telecommunications startup MarketSpark provides managed wireless services for large-scale telecommunications companies who are looking to upgrade their infrastructure. The startup offers several different solutions for companies of all sizes with all different types of business requests.

More specifically, MarketSpark can design tailored solutions, provide FCC-approved 5G hardware and software, install this hardware at any time across the United States (US), and provide 24/7 monitoring and maintenance. The startup also offers companies remote fault resolutions to fix issues more efficiently and a fully cloud-based platform to house the infrastructure and business operations.

MarketSpark provides all the necessary tools and services to replace traditional infrastructure and copper lines, pushing companies who utilize the startup into the new generation. Because the startup is nationwide, companies in multiple states only need to do business with MarketSpark instead of having to find multiple vendors across the US, oftentimes leading to inconsistent service and more complex financial work.

The business model offered by MarketSpark has already proven to be incredibly popular among many different companies. In fact, the startup already provides service to 35 different Fortune 500 companies. It also benefits from the incredible demand from large companies to upgrade their telecom infrastructure and transition to wireless alternatives as technology continues to advance.

MarketSpark Funding and Future Plans

In MarketSpark’s Series B funding round, the telecommunications startup raised $7 million. The funding round was led by IDT Corporation with participation from Goldie Group and Klein Enterprises. MarketSpark also announced that CEO of IDT Corporation, Shmuel Jonas, and CEO of Klein Enterprises, Daniel Klein, would be joining the board of directors.

The plans for the telecommunications startup are to use this new funding to expand business operations and scale up its platform in order to meet new demand. A portion of the funding will also be going toward more traditional investments such as sales, marketing, and product development.

The telecommunications startup is entering what could be an incredibly lucrative industry. The wireless infrastructure market is projected to reach a value of $114.5 billion by 2026. This will be achieved through a compound annual growth rate of 7.4% between 2021 and 2026.

When commenting on the recent funding for the company, MarketSpark CEO Jeff Gower said, “POTS lines are being decommissioned at an accelerated pace by the big carriers and MaketSpark is purpose built to meet the needs of our nation's largest enterprises. This investment allows us to accelerate the digital transformation of the customer experience and scale the operational side of the business to ensure seamless installations and service delivery for our large customers. We are excited to have great investors whose deep industry expertise perfectly complements our own.”

About the Author

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Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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