Government funding pot makes 50th investment

Posted on 23 Dec 2014 by Victoria Fitzgerald

Angel CoFund, a government-backed finance provider for SMEs, has made its 50th investment to personalised mobile manufacturer, OwnFone.

OwnFone, which produces bespoke mobile phones, is set to receive £250,000 in financial support, taking the company’s total backing up to £786,000.

Other funding has been provided by London Business Angels, Renaissance Capital Partners and mobile industry executive Nigel Litchfield, who has now joined the board of OwnFone.

The venture marks £22m worth of funding from Angel CoFund since its launch in November 2011.

Tim Mills, investment director at the Angel CoFund, said: “When launching, the aim of the Angel CoFund was to back promising British businesses and to support the UK’s angel investor community.

“Today’s announcement is a milestone for us, we have now invested more than £22m into 50 British businesses, and facilitated more than £90m from angels and others. We’re also setting aside a similar amount to support those same companies as they grow.

“OwnFone is the perfect example of businesses we look to back: innovative, ambitious and seeking to deliver something of real value to its customers.”

OwnFone creates phones for clients for £40 upwards, producing cheap devices designed to act as back-up or emergency phones for everyday mobile users, as well as entry-level devices for children or the elderly.