We present a novel design of an electro-optically modulated coupled-cavity vertical-cavity surface-emitting laser (CC-VCSEL) with traveling wave electrodes of the modulator cavity, which allows to overcome the RC time constant of a traditional lumped electrode structures. The CC-VCSEL optical design is based on longitudinal mode switching which has recently experimentally demonstrated a record modulation speed. We carry out segmented transmission line electrical design of the modulator cavity in order to compensate for the low impedance of the modulator section and to match the 50 Ω electrical network. We have optimized two types of highly efficient modulator structures reaching -3 dB electrical cut-off frequency of f(cut-off) = 330 GHz with maximum reflection of -22 dB in the range from f(LF) = 100 MHz to f(cut-off) and 77 - 89% modulation efficiency.