£160K London Business Angels' Investment Helps Cycell To Close Its Round
Early stage, London-based, specialist mobile virtual network operator, Cycell, has closed an oversubscribed £1m round which included a £160k investment by a group of London Business Angels investors.
London (I-Newswire) December 12, 2012 - Early stage, London-based, specialist mobile virtual network operator, Cycell, has closed an oversubscribed £1m round which included a £160k investment by a group of London Business Angels investors. This funding round takes the total level of investment by London Business Angels (www.lbangels.co.uk) into the company since August 2011 to over £300k. Cycell offers a full range of specialist white label handsets and airtime contracts, and has its own brand of Ownfone handsets (www.myownfone.com) which are some of the smallest, lightest and thinnest easy-to-use phones in the world. The company has already launched its mobile service across the country through Age UK, its first major distribution partner . The new funds will be used to fund further stock acquisition and to support the transition from trial phase to commercial scale operations.
Bill Darley, CyCell CFO, comments, "we are very grateful to London Business Angels for the rapid response to our funding proposal which enabled us to go from presentation to completion within the month. Whilst we were already known to LBA members, this demonstrates how professional the membership is in its ability to respond rapidly to a strong investment proposal. The rapid completion of the round has enabled Age UK and ourselves to get the uniquely easy-to-use handsets into the shops in good time for Christmas gifts for the elderly and the very young, and has already prompted interest from a number of national Daily newspapers.
Anthony Clarke, Angel Capital Group and London Business Angels CEO, comments, "when Cycell presented to the LBA community on 27th September, they had already received substantial commitments in the round which created positive deal momentum. As a result, they were able to close a £160k investment by a group of LBA members within 3 weeks as part of the oversubscribed round with a number of other interested LBA investors left disappointed! This is a good example of how quickly a company with strong management, a positive story and explosive growth potential can close a round once substantial commitments have been received. LBA investors have now invested over £300k into the company since August 2011 and we wish the Cycell team every success as they move into full scale operations with their lead commercial partner."
About British Business Angels Association
British Business Angels Association
100 Pall Mall
Phone : 0207 321 5675
Published On:December 12, 2012
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.