North West Fund backs Fourteen IP

Amy King
12 June 2013

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The North West Fund for Venture Capital, managed by Enterprise Ventures, has committed ТЃ500,000 to communications solutions firm Fourteen IP.

The North West Fund for Venture Capital is part of the North West Fund and is jointly financed by the European Regional Development Fund and the European Investment Bank.

Company
Headquartered in Leigh, Lancashire, Fourteen IP is a communications solutions provider focused on the hotel industry. The company was founded in 2011 by Neil Tolley and two colleagues, who previously worked for telecoms firm Spiritel in Wigan.

Fourteen IP provides voice and data networks that support telephones, Wi-Fi and data traffic required by the hotel industry. The firm has also developed an occupancy-based pricing model, which links costs to hotel occupancy rates.

The firm posted revenues of £1.6m in its first year of operation. Clients include the Marriott and the Four Seasons chain. Fourteen IP has agreements with suppliers including Hewlett Packard and Motorola.

People
Richard Young of Enterprise Ventures manages the North West Fund for Venture Capital. Former Metronet chair David Ashmore has been appointed non-executive director of Fourteen IP as part of the transaction.