onwave – Mullingar company €4.15 million expansion

onwave raises €4.15 million and creates 30 new jobs in Ireland as part of pan-European expansion

–       €4.15 million has been raised from Nucleus Venture Partners to fund pan-European expansion

–       30 new jobs to be created in the areas of R&D, project management, finance, sales and customer care

–       The vision is to eliminate the digital divide between urban and rural communities and create true competition everywhere

Mullingar, Ireland 1st July, 2011 – onwave, one of Europe’s largest providers of satellite broadband services to the residential market, today announces that it has raised €4.15 million to fund the development of its new generation of pan-European high quality satellite broadband, TV and telephone services.

The investment was facilitated by The Halo Business Angel Partnership, which matched angel investors, Nucleus Venture Partners with onwave.

onwave is also announcing the creation of 30 new jobs as part of its European growth strategy.  These positions will be filled over the next 12 months and will be based at the company’s headquarters in Mullingar, Co. Westmeath, as well as offices in Galway. The new positions will be in the areas of R&D, project management, finance, sales, information technology and customer care.

Simultaneously, onwave has opened an office in the UK and will be creating additional jobs as part of this move. The UK office will be used as a base to support management and sales for the region.

A three year broadband utility contract, worth more than €5m, was previously signed by onwave, which gives it pan-European rights to sell Eutelsat’s next-generation Tooway™ satellite services throughout Europe.  This will provide for the bundling of digital services over a single high-quality connection via the world’s most powerful satellite, KA-SAT which went into service recently, on the 31st May.

The company was founded in 2008 by Kevin Ryan and Seán Óg Brennan in response to the lack of a cost effective rural broadband service.  To date, they have built a national network of residential and business broadband customers right across Ireland.

Kevin Ryan, CEO, onwave commented, “We want a world in which people are no longer disadvantaged just because they live outside the main urban centres.  Access to high quality and competitively priced digital TV, broadband and home phone packages should be universal to everyone and not limited by a location.  Our goal is to deliver high quality services and a competitive landscape for all customers.

“We will guarantee quality of service and speed of connections, backed up by our dedicated customer service team, which is based at our headquarters in Mullingar.  We will do what we say, when we say and in so doing, re-set the service expectations of customers to a new level.  We are working towards equal access and sensible charges for all.”

John Phelan, of the HALO Business Angel Partnership said, “It’s great to see Irish businesses like onwave moving onto an international stage.  In a relatively short period of time, they’ve built a business from zero to becoming a significant European player. This investment gives onwave the financial resources to capitalise on its ambitious plans and the track record to date suggests that it has the wherewithal to deliver. Dublin BIC, manager of the Halo Business Angel Partnership, has a European footprint and is actively networking onwave with other EU BIC’s and helping with on-the-ground local partnerships.”

Alan Phelan, founding Partner from Nucleus Venture Partners said, “We see huge potential to scale this business quickly across Europe and this was one of the key factors that enticed us to invest.  Coming from a telecoms entrepreneurial background, I recognised the potent mix of marketing, proven execution and excellent technology that underscores onwave’s ability to succeed.”

Kevin Ryan added, “We are delighted to have added our new investors, Alan Phelan and Sean McKeague to the board.  They bring a proven entrepreneurial track record and international execution pedigree to onwave.  The HALO Business Angel Partnership funding process worked extremely well for us in matching the finance and relevant expertise which will help us going forward.”

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