Flashcom Stock Sale Raises $84 Million

Flashcom Inc., a Huntington Beach provider of high-speed Internet connections, said Tuesday that it has received commitments from new and existing investors to buy a total of $84 million worth of stock in a private offering.

The company said in a news release that it will use the funds to expand its high-speed, or broadband, services to residential and small-business customers. Most of the money will be invested in upgrading back-office systems and network and operating facilities and recruiting employees.

New investors include BancBoston Ventures, the Carlyle Group, Kohlberg Kravis Roberts & Co. and Tudor Investment Corp. Existing investors, the Mayfield Fund, ComVentures and Intel Corp., also participated in this offering.