BGF injects £10m into Virtual1

The fresh capital will enable the company to invest in new infrastructure and marketing activity.

Following the deal, former Cable & Wireless chief strategy officer Phil Male will join the Virtual1 board as a non-executive director, alongside BGF investor Chris Hodges. The business has made a number of appointments to its senior management team in 2016, including the hiring of of former World First finance director Magnus Batsvik-Miller as chief financial officer.

BGF has previously invested in two of Virtual1’s clients, most recently leading a £15.3m round for IT business Olive Communications in January 2016.

Company
Founded in 2007, London-based Virtual1 is a wholesale provider of cloud-based storage and ethernet connectivity. According to a statement issued by BGF, the company generated revenues in the region of £18m in its most recent financial year.

People
BGF - Chris Hodges, George Tsangarides, Thomas McDonnell, Michelle Wilk (investors).
Virtual1 - Tom O’Hagan (CEO, founder).

Advisers
Equity - Grant Thornton (corporate finance).
Company - Taylor Wessing (legal).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• BGF (Business Growth Fund)
• Venture