Ownfone raises £750k from London Business Angels and Angel Cofund to drive sales and product development.
The round was cornerstoned by a £300k syndicate investment from London Business Angels.
Share allotment filed at Companies House
Ownfone is a UK mobile virtual network operator that provides customisable and simplified mobile handsets paired with affordable airtime contracts.
Ownfone has secured £750k in a funding round anchored by a £300k investment from a syndicate of London Business Angels investors, which included £100k from the London Business Angels EIS Roundtable Syndicate Fund 2014. The round was further supported by a £250k contribution from the Angel Cofund. The company plans to direct the new capital towards sales and marketing initiatives alongside product and network development.
The London-based mobile specialist has already established partnerships with prominent organisations such as Age UK, Mumsnet, the Stroke Association, and the Macular Association, alongside a growing base of airtime subscribers. An experienced sector specialist angel investor led the round and has subsequently joined the company board to support its next growth phase.
From the founder
"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."
Tom Sunderland
Ownfone representative at Ownfone
Investor perspective
"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"
Anthony Clarke
CEO, London Business Angels
Use of funds
- 01Invest in sales and marketing
- 02Continue product development
Investors
Anthony Clarke
London Business Angels
London Business Angels EIS Roundtable Syndicate Fund 2014
Angel CoFund