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Reuters has the scoop on the fifth round of financing raised by Vonage, the broadband phone company. It’s much bigger than expected: $200M. Question: Is this really just an outrageously aggressive land-grab? Or are they going to buy up other VOIP companies? Or is this to assure big corporate customers they’re big enough to stay the course? Or all of the above?

Justin Hibbard, at Deal Flow, meanwhile, writes that the deal is led by “Bain Capital with participation from the company’s management and previous investors 3i Group, New Enterprise Associates, Meritech Capital, and Institutional Venture Partners. That’s the largest VC funding on record this year, according to researcher VentureOne. A source says Vonage is valued at approximately $1.1 billion after the financing. (Vonage wouldn’t comment on valuation.)”

Did anyone say “balls?”

More here by Om, and market numbers by Om too.

And here’s Techdirt on Vonage’s rumored IPO, and the “Citron problem.”

UPDATE: Tweaked above to give Reuters credit.