Cloud raises E15m
October 3, 2008
The Cloud, the UK-based European wireless broadband provider, has secured its future with a E15m investment via a third round of venture funding. Ferd Ventures, the Norwegian investor, became the latest backer of the privately owned group, joining 3i, Accel and Provider Venture Partners, the Swedish fund.While turnover at The Cloud rose from £6.7m (E8.4m) to £8.1m in the year to December 31 and operating losses narrowed from £8.5m to £5.7m, its accounts, published in August, revealed it needed a further cash injection in the current financial year to achieve its plans.