Calculus Capital, an EIS and VCT specialist, has made a second-round investment of £2m in Origin Broadband.
The new money is, says the firm, to support the “rocketing growth” of the award-winning provider of internet and phone services.
Calculus Capital made it’s first investment in the business in December 2016. Since then, Origin Broadband has surpassed its projected numbers of new residential customers by more than 300%. And to help meet the increased level of demand for its products and services, the company has increased its headcount by over 100% since December.
This latest round of funding will provide working capital to support the level of customer acquisition, including hiring more staff, investment in client service provision and for growing the business customer base.
Head of New Investments at Calculus Capital Richard Moore said: “We are pleased to be supporting Origin in this latest round of fundraising. The company has achieved significant growth since our last investment, particularly in the residential market. This second round of funding will enable to Origin to support its enlarged customer base and focus on growing the SME (leased line) side of the business.”