For many years now I have worked with Morgan Stanley and Goldman Sachs, probably the two best investment banks in the world. These two banks helped me financed my previous start ups. But for the two capital rounds of FON I did not work with them, nor with any other investment bank. FON raised a total of 28 million euros with a first round of 18 million and a second round of 10 million for, and we did it all ourselves. Investment Bank disintermediation in the case of FON is probably due to two reasons: one personal, one less so. On the personal front after having raised funds for Viatel, Jazztel, and other companies I created, it is easier for me to go out and raise funds on my own. But in general I think that investment banks left the start up scene in 2001 never to come back.

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