The company, which was started by Gradwell while at university in 1998, now has a turnover of £5 million and provides services to 12,000 small businesses in the UK.

Business telephony company Gradwell has secured equity investment of £1.15 million as part of its plans to grow by four times in four years.

The Bath-based business, which offers small businesses a proprietary voice over internet protocol (VoIP) system, is set to execute a ‘4×4’ strategy on the back of the capital injection from Altitude Partners.

According to Gradwell, the investment will enable the business to ‘significantly’ scale its technology and expand its customer base.

Speaking to GrowthBusiness in April 2011, Gradwell founder and managing director Peter Gradwell said that the business had previously used asset-based lending to fund the company’s growth but had been unable to secure a new line of finance through the lending option.

The company, which was started by Gradwell while at university in 1998, now has a turnover of £5 million and provides services to 12,000 small businesses in the UK.

Commenting on the recent deal, Gradwell adds, ‘I’m delighted that Altitude Partners has agreed to support this growth with a £1.15 million investment. After a rigorous process, we felt that [they] shared our ambitious vision and would offer the business invaluable advice and support as we continue to expand.’

Simon White, partner and co-founder at Southampton-based Altitude Partners, says that Gradwell is expanding at a ‘rapid rate’.

He adds, ‘As an investor in regionally growing businesses across the South, this investment fits well with our strategy.’