GEIF Ventures makes its first co-investment
4 June 2003
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Reality Telecom benefits
from £100,000 match funding.
GEIF Ventures, a major new investment fund set up in April 2003
and officially launched in Cambridge today by Nigel Griffiths MP,
Minister for Small Business to match the investments made by business
angels has announced that it has made its first investment. Reality
Telecom, which develops call handling products for SMEs and already
has over 1000 users in the UK, has received £100,000 as part
of a £225,000 second seed funding round to develop its business.
The GEIF Ventures Fund will provide investments
in young companies matching the investments made by business angels.
The aim is to help early stage companies seeking to attract small
scale private finance and to give investors a greater level of comfort
as their risk is shared. Additionally, the investment power of business
angels is increased allowing them spread their capital and expertise
to a larger portfolio of companies.
Applications to the £2.5 million GEIF Venture
Fund can only be made after an offer for investment is made by members
of the Great Eastern Investment Forum (part of N W Brown Group),one
of the country’s foremost early-stage investment networks.
Reality Telecom designs, builds and markets call
handling services to smaller businesses. The company’s first
product Call Navigator® provides SMEs with the “virtual
switchboard” services enjoyed by larger organisations but
in a simple, inexpensive and controllable way.
Simon Slater-Thomas founder and CEO of Reality
Telecoms says “Call Navigator is a terrific product and is
already bringing many benefits to many growing businesses, by helping
them to enhance their image and service. We’ve spent the past
year developing and refining it with our original private funding,
and needed a new boost of cash to allow us to market it effectively.
The GEIF Venture Fund will enable us to exceed our growth goals
for the year and build presence in our target markets. We’re
delighted to be the first investment made by the GEIF Venture Fund
and look forward to feeding back the success story which this investment
will enable, as it unfolds.”
Reality Telecom presented to members of the Great
Eastern Investment Forum in March 2003 and immediately drew considerable
interest from its business angel members.
Nigel Brown, Chairman of NW Brown Group of which
the GEIF Venture Fund and Great Eastern Investment Forum are part
says:
“I am delighted that the Fund has made its
first investment and in a business with such good growth potential
as Reality Telecom. I am convinced that match funding is the way
forward for early-stage investment groups and that The Great Eastern
Investment Forum and the GEIF Ventures Fund is helping to pioneer
that concept.”
Further enquiries:
Max Bautin
GEIF Ventures Ltd
max.bautin@geifventures.co.uk
For media enquiries please contact:
Steve Greenahlgh
Profile Communications
01223 236736.
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