UK-based Virtual1, a cloud and connectivity service provider, has raised £10 million from the Business Growth Fund.
Virtual1 delivers cloud and connectivity services to the wholesale market, aggregating its own London-based network with networks from other carriers onto a single scalable platform. The new funding will be used by Virtual1 to invest in additional network infrastructure, and support its longer-term growth plans.
“The funding provided by BGF allows us to accelerate our expansion strategy whilst retaining control of the business," said CEO Tom O'Hagan in a statement. "We are excited about embarking on the next phase of growth to further cement Virtual1’s position as a leading wholesale provider.”
“Virtual1 is one of the most exciting and innovative telecoms companies in the UK, led by a strong and ambitious leadership team and growing fast, said Chris Hodges, an investor at BGF who has joined the board of Virtual1. "We are delighted to be supporting Tom and his team as they continue to capitalise on the increasing demands for cloud and connectivity solutions in the wholesale market.”
Read more: Private Equity Wire