2sms (United Kingdom) - Jan 2008

unquote
01 January 2008

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The Capital Fund, a regional venture capital fund managed by YFM Group, has invested £250,000 as part of a £450,000 funding round for 2sms, a mobile phone messaging services provider, with the balance of the equity being provided by experienced SME investor Richard Goldstein. The deal was sourced through Pre-X, which operated a competitive process on behalf of the company. The new funding will be used to continue the expansion of the business in both the UK and the US.

Company

Cranfield-based 2sms provides business text-messaging services that allow companies to quickly and easily send alerts to staff and customers, with a typical delivery time of five seconds. The firm’s software fully encrypts all data to ensure complete security and can be bolted on to whatever back-end systems its clients are currently using, preventing any technology conflicts. 2sms was founded in 1996 and the service was officially launched in 2000. It currently has a current customer base of more than 1,500 businesses, including a number of FTSE 100 companies, and employs 15 staff.

People

Benjamin Davis led the investment for YFM, who have appointed Kevin McGovern to the 2sms board as a non-executive director. Tim King is the chief executive of the company.

Advisers

Company - Penningtons, Fiona Severs, Sarah Scarlett (Legal)Company - Pre-X, Stuart Hillston (Corporate Finance)Equity - Digital Content & Media, Juan Monets (Commercial Due Diligence)Equity - Fox Williams, Paul Osborne, Sean Williams (Legal)Equity - Morley & Scott, Victoria Phillips (Financial Due Diligence)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)