FSP advises The FSE Group on first CIOSIF equity investment
CIOSIF invests £750,000 into wireless internet service provider Wildanet.
FSP corporate partners Penelope Garden and Rachael Maunder have advised fund managers The FSE Group on a £750,000 investment by the Cornwall & Isles of Scilly Investment Fund (“CIOSIF”) into in wireless internet service provider Wildanet, based at Goonhilly Earth Station.
The investment is being match-funded by the FSE Angel network, private investors and Crowdcube as part of a £1.5m package and will support Wildanet’s continued expansion across Cornwall and into Devon, targeting 12,000 new customers and creating an estimated 39 jobs over the next three years.
Wildanet uses state of the art wireless radio technology to provide superfast broadband in hard to reach rural areas, with a guaranteed minimum speed of 30Mb/s, up to lightning-fast 1Gb/s. The investment will allow Wildanet not only to create new jobs but also to improve connection speeds for homes and businesses across Cornwall currently experiencing low bandwidths.
CIOSIF is aimed at growing small companies affected by the equity gap and is led by the British Business Bank. CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly Local Enterprise Partnership and HM Government. For further details please visit: www.ciosif.co.uk