Member Article

Cloud service provider secures £10m BGF investment

Hotly tipped London-based cloud and connectivity service provider, Virtual1, has secured a £10m investment from the British Growth Fund (BGF).

The firm, which delivers cloud and connectivity services to the wholesale market, has featured in the Sunday Times Tech Track 100 for the last three years and is currently generating revenues of around £18m a year.

Founded in 2007 by Tom O’Hagan, the business has built up its own London-based network which it combines with networks of other carriers to provide a single, scalable cloud platform.

According to the company, the funding will be used to invest in additional network infrastructure and fuel its long-term growth plans.

Tom O’Hagan said: “The funding provided by BGF allows us to accelerate our expansion strategy whilst retaining control of the business.

“We are excited about embarking on the next phase of growth to further cement Virtual1’s position as a leading wholesale provider.”

The investment has also coincided with a reshuffle of Virtual1’s senior management team, with former Cable and Wireless exec Phil Male and BGF investor Chris Hodges joining the board, with Steve Scott continuing as Non-Executive Chairman.

Hodges added: “Virtual1 is one of the most exciting and innovative telecoms companies in the UK, led by a strong and ambitious leadership team and growing fast.

“We are delighted to be supporting Tom and his team as they continue to capitalise on the increasing demands for cloud and connectivity solutions in the wholesale market.”