BGF injects £2.5m into Sub10

The deal was introduced to BGF by law firm Foot Anstey in Plymouth.

The investment will be used to develop the smallest millimetre wave (MMW) wireless solutions, which aim to be both cost-effective and installer-friendly. To achieve this, Sub10 will invest in R&D, recruit additional staff, and increase its sales and marketing spend. The funding will also provide additional working capital so that the business can meet larger orders in the future.

Company
Sub10 is a developer of MMW wireless solutions for mobile telecoms. The company produces high-speed wireless devices for data transfer across mobile networks where data transfer has traditionally been slow and unreliable.

Sub10's customers are mainly telecoms companies and network operators. The company exports 90% of its products, predominantly to Eastern Europe, Russia and Turkey with the remainder going to the UK and Ireland.

The business expects to generate revenues of around £10m in 2014. Sub10 is headquartered in Newton Abbot, Devon, and employs 37 people.

People
The investment was led by Ned Dorbin, Alex Garfitt and Edwin Davies on behalf of the BGF. The deal saw BGF introducing Rihard Atkins to the business as non-executive chairman. Stuart Broome is founder and CEO of Sub10.

Advisers
Company – New Laws Legal, Michael McFall (Legal); Grant Thornton, Allister Weir (Tax).
Equity – Foot Anstey, Matt Stoate (Legal); Francis Clarke, Dave Armstrong (Financial due diligence); Isca Ventures, Mark Champion (Corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

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