Virtual1 has been awarded £10 million from the Business Growth Fund (BGF), the money will be used to support cloud infrastructures. The UK-based cloud and connectivity network service provider was founded in 2007, generating £18 million between 2015 and 2016.
Tom O’Hagan, CEO at Virtual1 said: “The funding provided by BGF allows us to accelerate our expansion strategy whilst retaining control of the business.
“We are excited about embarking on the next phase of growth to further cement Virtual1’s position as a leading wholesale provider. “
BGF provides support for small-to-medium sized businesses in the UK and sources its own support from Barclays, HSBC, Lloyds, RBS and Standard Chartered. To date, the Business Growth Fund has backed numerous businesses with Virtual1 being its latest investment venture.
Over the past year Virtual1 has made a number of key appointments within its senior team, and with BGF’s backing the cloud-based service provider will now begin to align itself closely with more strategic opportunities for growth.
Chris Hodges, an investor at BGF and board member with Virtual1 shares O’Hagan’s enthusiasm for the multi-million fund: “We are delighted to be supporting Tom and his team as they continue to capitalise on the increasing demands for cloud and connectivity solutions in the wholesale market.”