The cloud secures $20.6 Million funding
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Bangalore: The Cloud, Europe's independent wireless broadband provider, has announced it has closed a EUR15 million ($20.6 million)funding round. While current investors invested EUR7.25 million, a new Norwegian investor Ferd Venture provided EUR7.5 million and GP Bullhound, The Cloud's corporate finance advisers invested EUR0.3 million. The funding will be used to support aggressive growth plans across Europe where the mobile wireless broadband market is currently fragmented and primed for consolidation. The Cloud currently has over 12,000 contracted international network locations and over 20,000 WiFi network access points in 11 European countries with its core businesses trading out of the UK, Germany, Sweden and Denmark. The Cloud builds and operates WiFi networks for mobile carriers such as O2, Orange, Vodafone and successful service providers including iPass. The Cloud currently supports in excess of one million connections per month through network locations such as McDonalds, Heathrow and various regional airports, the outdoor City of London & Canary Wharf WiFi networks, various mainline railway stations and over 1,500 three, four and five star hotels across Europe. "I think everyone appreciates how tough the capital markets are and I believe the timing of this investment is a strong endorsement of the business and its plans for international expansion," says Steve Nicholson, CEO of The Cloud. "We are happy to join The Cloud as shareholders and enthusiastic about the potential for the wireless broadband market in Europe," commented Bjorn Reinseth, Partner at Ferd Venture. "The business is already in a strong position with a robust business model and growing revenues. Our partnership will provide the catalyst for further expansion across Europe."
Source: IANS
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