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The Cloud secures investment to expand European presence
2nd October 2008
The Cloud, Europe's largest independent wireless broadband provider, today announces it has closed a €15 million funding round from current investors (€7.25M), a new Norwegian investor Ferd Venture, (€7.5M) and GP Bullhound, The Cloud’s corporate finance advisers who themselves invested €0.3 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 provides its customers with seamless connectivity and an innovative video interface which it plans to make available on any WiFi enabled mobile device over the coming 12 to 18 months making TV on the move a distinct probability. 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. “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”.
“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.”
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About The Cloud
The Cloud was launched in 2003, is privately owned and has rapidly established itself as the clear independent European market leader in wireless broadband services.
The Cloud provides hotel chains, fast food & retail outlets, transport hubs and city councils / regional authorities with state of the art WiFi solutions that provide mobile customers with a fast, simple and cost effective means to connect to the Internet over laptops, mobile phones and mobile entertainment devices.
The Cloud is based in the UK, with European offices in Munich in Germany, Stockholm in Sweden and Copenhagen in Denmark – The Cloud has network coverage in over 12,000 European locations spanning 11 European countries with plans for further expansion as WiFi becomes the preferred option for mobile connectivity to the Internet.
The Cloud is pioneering ‘free to view’ public access services, leading the markets development of a fast, simple and fully interactive audio / video user interface, through working closely with leading device manufacturers, such as Nokia & Apple, mobile operators, such as O2 & Vodafone and leading retail chains, such as McDonalds.
Nicola Savage
Mantra PR
+44(0)2074384910
Amanda-Jane Lewin
Head of Strategic Communications, The Cloud