South Yorkshire Technology Company Expands With Loan
Published: 17th October 2006
Comvurgent’s Philip Hill is pictured (left) with Paul Gower of SYIF.
A South Yorkshire company is expanding its operations, following an investment from South Yorkshire Investment Fund (SYIF).
SYIF provided the expansion capital for Comvurgent, a high-technology telecommunications specialist.
The £350,000 from SYIF will be used to relocate Comvurgent’s headquarters from Nottingham to Doncaster and will also provide support for rapid sales growth, particularly in the American market.
Philip Hill, Chief Executive Officer at Comvurgent, said: "The investment from SYIF has really given Comvurgent the opportunity to embrace new and international markets, which has proven essential for the continued growth of the company."
"I have been very impressed with the ease of dealing with SYIF. They are totally supportive of our expansion programme and made the whole process of sourcing the investment and releasing the funds very straightforward indeed."
Paul Gower, Investment Manager at SYIF, said: "The growth capital provided for Comvurgent’s expansion has yielded a minority equity stake holding for SYIF in a company which has a phenomenal capacity to embrace emerging US markets."
Over the past six years, Comvurgent has designed and developed a range of technologies and products and established a US-based office in Mission Viejo, Southern California.
SYIF provide loans and equity linked investments ranging from £15k to £2.5m to businesses already in, or prepared to relocate to, South Yorkshire. The Fund has already invested more than £24 million into the county’s businesses.
For more information on how SYIF can help you, please go to www.syif.com or call 01709 386 377.
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).