UK-based LBA Angel Syndicate has contributed a 135,000 pound investment to help cornerstone early stage London based specialist mobile network operator Cycell Ltd ‘s 600,000 pound angel funding round.
Early stage London based specialist mobile network operator Cycell Limited has closed a 600,000 pound (US$ 928,351) round which included a 135,000 pound (US$ 208,851) investment from a LBA angel syndicate. The company offers a full range of specialist white label easy-to-use handsets, for which it owns all intellectual property, and airtime contracts to its clients. Cycell’s network is powered by Vodafone and will be launched this year. The investment will enable the company to complete product develop, secure GSM certification and set up a production facility to customise and brand handsets.
Thomas Sunderland, CyCell CEO, notes, “We now have a group of highly experienced and committed shareholders, whose expertise and contacts will be invaluable to the business. The LBA gave CyCell the support and confidence to raise investment in a competitive environment where fund raising experience is essential. Thank you to Anthony Clarke and Dale Murray for their personal support and leadership over the last few months“
Dale Murray, Chairman CyCell, notes, “There is a clear gap – globally – for a simple, easily understood mobile phone. CyCell’s transformative design will fill this gap quickly, as they already have overwhelming support from mobile networks, suppliers and customer groups.”
Anthony Clarke, Managing Director of London Business Angels, comments: “LBA assembled a syndicate of 6 angels here led by Dale Murray the new Chair of the Company who has extensive experience and contacts in telecoms and the mobile sector. Dale is also the BBAA’s angel investor of the year. Cycell is a great example of the power of angel investing in an early stage company where smart money is now helping to build a potentially high growth business.”
For further information please visit www.cycell.com and www.lbangels.co.uk
Angel Capital Group comprises London Business Angels Ltd, Angel Capital Innovations Ltd and Angel Capital Ventures Ltd.
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