£300K London Business Angels syndicate investment cornerstones Ownfone’s £750k round
Ownfone, a London based mobile specialist, has closed a £750k investment round which was cornerstoned by a £300k investment by a syndicate of London Business Angels (LBA) Investors, including a £100k investment by the London Business Angels EIS Roundtable Syndicate Fund 2014. The round also included a £250k investment by the £100m Angel Cofund, being the 16th co-investment that LBA investors have made alongside this fund. The company is a UK Mobile Virtual Network Operator (MVNO) offering customisable, easy to use mobile handsets on affordable airtime contracts. With a large number of airtime subscribers on boarded and key partnerships already in place with Age UK, Mumsnet, the Stroke Association and Macular Association, the company will use these new funds to support sales and marketing activities as well as product and MVNO development.
Tom Sunderland, Ownfone, comments, “I’d like to thank the London Business Angels Syndicate and the LBA’s Round Table EIS Fund, together with the Angel Cofund for supporting this round. Their commitment to investing in early stage companies is vital to the new business growth in the UK and I’m pleased that they share our passion for investing in innovative mobile technology.”
Anthony Clarke, London Business Angels CEO, comments, “I am very pleased that a syndicate of LBA investors has underpinned Ownfone’s oversubscribed funding round which will enable its innovative products to be rolled out on a wider scale, giving people who find mobile phones difficult to use a simple and ready-made solution. A highly experienced sector specialist angel investor lead this syndicated round which was prerequisite in drawing in further investment from the Angel Cofund and the LBA EIS Roundtable Syndicate Fund 2014. It is encouraging that our lead angel has now joined the Board to assist the company in its next stage of growth”.