Friday 2nd May 2008
Funding boost for GO-SIM
GO-SIM, a provider of pre-paid SIM cards that can be used overseas, has received £250,000 from the Yorkshire and Humber Equity Fund (YHEF). The deal brings YHEF’s total investment in GO-SIM to £500,000 since it was introduced to the company last year.
Chris Fitzsimmons, investment manager for YHEF, says that the fund has been impressed by GO-SIM’s progress since its initial investment of £250,000 in August. He adds: ‘Having recently secured a key route to market with one of Europe’s leading travel companies, GO-SIM is well placed to exploit the market opportunity for travellers to make significant savings on calls from abroad.’
David Agar, the company’s CEO, claims that GO-SIM has made progress in the US outbound traveller market, and is now looking for a distribution deal in Asia.
GO-SIM’s client base includes Alpha Retail, which supplies airports and airlines, the Foreign and Commonwealth Office of the British government, and Visa International. The company’s global SIM works in 140 countries.
YHEF is managed by venture capital firm YFM. It is one of nine regional venture capital funds covering England and has £25 million to invest in growth businesses in the Yorkshire and Humber region.
Nick Britton
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