Fibre cables business m2fx has gone back to the Netherlands to secure the equity investment it needs to build worldwide sales.
A £2 million third funding round has seen Linnaeus Capital Partners back Suffolk-based m2fx.
Founded in 1994 by Tony Stockman and Peter Jenkins to solve problems associated with fibre optic cable technology, m2fx is now servicing the growing demand for high-speed broadband.
The business provides a range of fibre cable, microduct and production tube products which are said to reduce installation time and costs.
The £2 million of new funding will be used to accelerate the firm’s sales around the world and expand its customer base.
Linnaeus Capita’s investment marks the third time that it has provided capital to m2fx. In 2010 it added m2fx to its portfolio through a £4 million deal and then followed that up by adding an additional £3 million in 2011. The 2010 allocation was described as the first stage of a multi-million pound investment and led to a ‘major realignment’ and expansion of the management team and the opening of a first US office.
Joe Byrne, CFO of m2fx, says that the company’s technology is about bringing down the cost of installing fibre optic networks.
He adds, ‘This additional investment form Linnaeus Capital demonstrates its commitment to m2fx and belief in our strengths.
‘We can now expand our sales efforts across the globe and provide the benefits of our Miniflex products to companies across even more countries and markets.’
In a recent report, m2fx reported that it has been used in 25,000 Fibre to the Premises (FTTP) installations around the world and has manufactured 20 million metres of duct and Miniflex cable at its UK facility.
Linnaeus Capital Partners managing partner Anita Hamilton comments, ‘At Linnaeus we focus on companies with unique technology, high-growth potential and experienced management teams.
‘m2fx meets all these criteria, and since our initial investment in 2010 we’ve seen the company and its market expand. This new funding round will enable it to accelerate growth and help achieve its enormous potential.