Tilson CEO Joshua Broder

Tilson CEO Joshua Broder

Tilson Technology Management, a Portland-based IT services firm that builds telecommunications networks (think: putting up cell towers and laying fiber), has raised $2.2 million in a recent investment round, according to a filing with the U.S. Securities and Exchange Commission.

Tilson raised the Series B round from Rand Capital Corp. and Maine’s own CEI Ventures. While this is Rand’s first investment in Tilson, it’s a follow-on investment for CEI Ventures, a Portland-based venture capital firm affiliated with Coastal Enterprises. Nat Henshaw, CEI Ventures’ managing director, sits on Tilson’s board.

Rand Capital, a Buffalo, New York-based venture capital firm, issued a news release Wednesday announcing its investment in Tilson. Its share of the round was $600,000.

“Rand was attracted to this investment because of Tilson’s unique expertise and position in their marketplace, strong execution skills and further growth potential,” Daniel Penberthy, Rand’s executive vice president, said in a statement.

This is Tilson’s second of two investment rounds. The company raised $700,000 in a Series A round during the third quarter of 2013, bringing the total raised to $2.9 million, according to Joshua Broder, Tilson’s CEO.

“This infusion of capital will allow us to continue our growth trajectory,” Broder said in a statement in Rand’s news release. “We’re making inroads in new markets organically and also see opportunities to grow through acquisitions of adjacent businesses. We welcome Rand’s expertise as we take Tilson to the next level.”

Tilson, founded in 1997, has been growing rapidly the last few years. It has made Inc. magazine’s list of the country’s 5,000 fastest growing private companies for the past four years. In August, Inc. listed the company at No. 2014 with 2013 revenue of $10.1 million, representing three-year revenue growth of 201 percent. The company has roughly 100 employees, including 35 in Maine, according to Broder.