FSP advises CIOSF on Gresham investment into portfolio company Wildanet
Corporate partner Penelope Garden has advised the Cornwall and Isles of Scilly Investment Fund (“CIOSF”) on the £50m investment by Gresham House British Strategic Investment Infrastructure Fund LP (BSIF) into CIOSF’s portfolio company Wildanet. The investment with allow the superfast wireless broadband provider to continue to expand its broadband network across Cornish communities and create up to 98 new jobs.
Wildanet was established in 2017 by Ian Calvert, with the ambition to establish a high-tech, low-hassle, fast broadband solution for hard-to-reach rural areas which would guarantee broadband speeds. Fast forward three years and the Liskeard-based company can now deliver its service to over 65,000 premises across Cornwall.
Ian Calvert, CEO and Founder of Wildanet commented: “We were really pleased to receive this investment which will enable us to accelerate our expansion plans. This is exciting news for residents and businesses in Cornwall as we’ll be able to provide more of them with access to reliable, fast broadband whilst creating new jobs in the county. The Cornwall and Isles of Scilly Investment Fund have helped the company develop to a point where we are ready to accelerate the growth of our network which this new funding will enable.”
Ralph Singleton, Head of Funds Cornwall at The FSE Group adds: “We have been working with Ian and his team for over two years now and have had the pleasure of seeing the business grow and develop during this time. Their technical skill, customer service and branding have all been excellent. We have seen them go from an early-stage business to raising one the largest investments into Cornwall in recent years. This level of private investment alongside the support of CIOSIF demonstrates the work and the opportunities that our funding can go on to create. We look forward to them delivering their expansion plans and are delighted to continue supporting the company through the next stage of their development.”
Ralph added: “Penelope and the team at FSP have advised us on our investments to date into Wildanet and we were delighted to work with Penelope again on this latest stage of the Wildanet journey.”
The £40m CIOSIF provides debt and equity finance from £25,000 to £2million, to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund manager, The FSE Group.