Yipes gets $24M C round

Yipes Enterprise Services announced a $24-million series-C round of funding Monday, led by Crosslink Capital and including existing investors.

With the current round, the Ethernet service provider has raised a total of nearly $94 million since July 2002, when Yipes Communications emerged from Chapter 11 bankruptcy as Yipes Enterprise Services.

The latest funds give the company more than enough to reach positive cash flow in 2006, it said. With 6500 customers, Yipes claims to have tripled its customer base in the past two years.

Norwest Venture Partners, JPMorgan Partners and Sprout Group--a venture capital affiliate of Credit Suisse First Boston--participated in the round.