High growth Bath IT firm Gradwell has received a £1.15m investment to make its expansion even faster with the aim of becoming four times its current size in just four years.
The firm, which provides VoIP (Voice over Internet Protocol) telephony and internet services to mainly small businesses, was founded in 1998 by Dr Peter Gradwell, pictured, while still a student.
Since then it has rapidly grown into a £5m turnover business with 60 staff and 12,000 clients.
The £1.15m investment, from Southampton-based equity fund Altitude Partners, will enable Gradwell to grow significantly by scaling its technology and expanding its customer base. The deal triggers a so-called 4×4 growth plan – it will make the company four times larger in four years
Mr Gradwell said: “It is really exciting that after more than 12 years of steady growth we are able to cement our position as a leading supplier of VoIP and broadband to small businesses.
“The company has grown enormously in the past 12 months, we’ve become a true 24/7 business and now with Altitude Partners on board we have a firm foundation to leap forward and provide the most useful VoIP platform on the market.
“After a rigorous selection process we felt that Altitude Partners shared our ambitious vision and would offer the business invaluable advice and support as we continue to expand.”
Simon White of Altitude Partners added: “Gradwell is one of the most established and innovative businesses operating its own platform in the VoIP telephony market. The company is expanding at a rapid rate as more businesses discover the benefits of using VoIP for their telephony requirements.
“As an investor in regionally-based growing businesses across the South, this investment fits well with our strategy.
“We are pleased to be backing Gradwell’s dynamic team, who have a comprehensive knowledge of this burgeoning industry and a clear vision for the growth of their business.”
Bristol law firm Veale Wasbrough Vizards provided legal advice to Gradwell with law firm Bond Pearce, also based in Bristol, advising Altitude Partners.
