CyCell closes £1m funding round in three weeks
London Business Angels invests £160,000 in easy-to-use mobile producer
Specialist mobile phone manufacturer CyCell has secured £1m in a funding round that sees London Business Angels continue their support for the company.
CyCell’s oversubscribed round follows on from the London Business Angels’ initial investment in August 2011. The latest £160,000 boost takes the group’s total investment in the mobile phone producer to over £300,000.
The mobile phone company, which offers a range of white label handsets and contracts, recently signed Age UK as its first distribution partner for the launch of the company’s brand of Ownfone handsets.
Designed for the elderly and the very young, the specialist phones are personalised to enable users to create buttons that link straight to their favourite contacts.
CyCell plans to use the latest funding, which was secured within three weeks, to finance further stock acquisition and support the current transition of the product from trial phase to distribution.
Bill Darley, CyCell CFO, commented: “We are very grateful to London Business Angels for the rapid response to our funding proposal which enabled us to go from presentation to completion within the month.
“The rapid completion of the round has enabled Age UK and ourselves to get the uniquely easy-to-use handsets into the shops in good time for Christmas.”