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GP Bullhound advises The Cloud on its €15m funding round


2nd October 2008

GP Bullhound, the European technology investment bank, today announces the completion of a €15 million financing round for The Cloud, Europe’s largest independent wireless broadband provider. The Cloud provides hotel chains, fast food & retail outlets, transport hubs, city councils and 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 funding comes from current investors, a new Norwegian investor Ferd Venture and GP Bullhound Sidecar Fund. It will be used to support aggressive growth plans across Europe where the mobile wireless broadband market is currently fragmented and primed for consolidation. Bjorn Reinseth, Partner at Ferd Venture, commented: “We are happy to join The Cloud as shareholders and enthusiastic about the potential for the wireless broadband market in Europe. 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.”

Steve Nicholson, CEO of The Cloud commented on the deal: '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. 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.”

This fundraising represents the completion of GP Bullhound's eight private placement for the year, confirming its position as the #1 European Technology Private Placement house.


Publisher Contact Information:

GP Bullhound Limited
-
gpbullhoundpress@gpbullhound.com

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