Inuk Networks, a provider of video, voice and data services to the student market, has raised £9 million in a second funding round.
The round was led by a substantial investment from S4C Digital Media, the investment division of broadcaster S4C, with further investment from existing shareholder Wesley Clover, a technology-focused venture capitalist.
Inuk will use the capital to develop its Freewire triple-play technology as well as to expand the brand in Ireland and North America.
The company was advised on the terms of the funding agreements by its existing legal adviser Morgan Cole, headed by partner Johnathan Rees.
S4C was supported by Geldards, while MLM Cartwright represented Wesley Clover.
Geldards was appointed to project manage the transaction for S4C following its work on the broadcaster’s previous investments. Led by partner Elin Morris, the firm managed the legal, commercial, financial and technical due diligence reviews as well as negotiating and drafting all investment documents.
Wesley Clover appointed MLM Cartwright to protect its position both as an existing and further investor in Inuk.
Partner Jon Fernandez Lewis, who has advised Wesley Clover on its investments during the past ten years, said: “Having worked with Wesley Clover for several years, it was helpful to know and understand its approach to investor protection and risk, enabling us to identify and prioritise the important commercial issues from its perspective.”