Enterprise Ventures (EV), a North of England-based VC house, has made a 3.6x return on the sale of H2O Networks Limited.
The sale brings to an end an investment period which began when EV acquired H2O in September 2006 via its Coalfields Enterprise Fund. This was followed up with a further cash injection in mid-2007.
H2O is a technology company that builds fibre optic networks in the UK’s waste water infrastructure. This means cables can be laid 80% faster than the traditional method of road digging.
Wayne Thomas, the EV investment director who led the deal, said: “Since EV initially invested into H20 Networks, the business has grown significantly thanks in no small measure to the drive and commitment of its management team. Successful investments often depend on backing the right team with the right idea. With the assistance of EV, the team has built a solid platform from which to grow further. This has been a very successful investment for the fund and we wish the team the best of luck for the future.”