Battery Ventures leads $100 million investment

Battery Ventures, a venture capital and private equity firm with offices in Waltham, said today that it led a $100 million equity investment in Pocket Communications Northeast, a provider of flat rate, unlimited use wireless voice and data services.

Pocket chief executive Paul Posner and Charles River Ventures, an investment firm with offices in Waltham, also participated in this financing, Battery Ventures said.

Battery Ventures said in a press release, "Pocket Communications currently operates in Texas and will use this financing to establish and launch Pocket Northeast, which will provide flat rate, unlimited use wireless services in Northeast Corridor markets including Hartford and New Haven, Conn.; Springfield and Pittsfield, Mass.; and Poughkeepsie, NY."

Battery Ventures partner Matt Niehaus and Charles River Ventures general partner Jon Auerbach will join Pocket Northeast's board of directors, Battery Ventures said.

Niehaus said in a statement: "Pocket is really changing the unlimited wireless game, which has been successful against legacy wireless providers but mostly limited to single market footprints for many years. With the Pocket Northeast launch, the company will push beyond the norm and establish a broad footprint unlimited use network, serving consumers and business users across multiple markets. It's an ambitious plan, and we believe the company has the right ingredients to be successful: a smart strategy, a sound operating model, an experienced management team, and a tremendous opportunity to expand the market for flat rate unlimited wireless."
(By Chris Reidy, Globe staff)