Funding Boost For Nomad
Posted on the 3 June 2010
Specialist internet provider Nomad Digital has landed £750,000 in investment to fuel its ongoing growth at home and abroad.
The Newcastle firm, which supplies internet on rail networks, has benefitted from the first investment made by The Finance For Business North East Technology Fund.
The investment, which is being provided by way of venture debt, forms part of a £1.25m financing for Nomad Digital with the balance of £500,000 being committed by Northstar Ventures from the Finance for Business North East Accelerator Fund.
Nomad Digital, which was established in 2002, delivers high-speed, end-to-end wireless network solutions for transportation fleets.
Chief financial officer Bimal Shah said: “We are pleased to be welcoming the North East Technology Fund as investors at an exciting phase in Nomad’s expansion and have enjoyed working with IP Group during the investment process”.
“We have an increasing global presence but we are proud to remain firmly rooted in the North East of England where we were set up. It is, therefore, particularly gratifying that this investment comes from a regional fund as it will fuel further North East growth, ultimately creating further jobs in a company which is an international leader in its field and which has done so much, with its pioneering technology, to create a market with such enormous global potential.”
Magnus Goodlad, Chief Operating Officer of IP Group plc, the manager of The North East Technology Fund, said: “We are very pleased to be supporting Nomad at a stage of significant growth and look forward to contributing further to the development of the business. The Fund has a strong pipeline of further exciting technology businesses based in the region and we look forward to announcing the completion of further investments over the coming months.”
Recent years have seen Nomad expand its global reach with contracts across Europe and Asia.
Story courtesy of www.bdaily.info