Funding round completed
The Cloud, Europe’s largest independent wireless broadband provider, closed a €15 million round from current investors, taking €7.25 million from existing investors and €7.5 million from new Norwegian investor Ferd Venture, with GP Bullhound, The Cloud’s corporate finance advisers investing €0.3 million.
The money will fund growth plans across Europe where the mobile wireless broadband market is currently fragmented and ready 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 company builds and operates WiFi networks for mobile carriers including O2, Orange, Vodafone and service providers including iPass. These provide seamless connectivity and an innovative video interface, which it is planned to make available on any WiFi enabled mobile device over the coming 12 to 18 months, driving the move to mobile television.
“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,” said Steve Nicholson, CEO of The Cloud. “The Cloud is pioneering the adoption of out-of-home wireless broadband and we are strongly positioned to deliver the ultimate mobile Internet experience as the market moves towards critical user mass.”