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89%
Raised
£897,790
Investors
315
Target
£1,000,000
Equity
22.22%
Pre-money valuation
£3,500,000

Wildanet is a Wireless Internet Service Provider (WISP) deploying fast connectivity (20Mbps up to 1Gbps) in hard to reach areas of Cornwall. It has built a network around The Lizard, proved the concept and is now looking to raise £1m to expand into the rest of Cornwall. Targeting 12,000 customers.

  • A new network for Hard to Reach Areas (HTRAs) - starting in Cornwall
  • Market in the UK estimated at £400m per annum
  • Management team with years of combined experience in telecommunication
  • Coverage network built for 4,000 homes in rural area
Information Wildanet has reduced its valuation from £6m pre-money down to £3.5m pre. Please see the forum update for more detail. The amount raised on the progress bar includes £500,000 of proposed investment by the Cornwall and Isles of Scilly Investment Fund managed by FSE Fund Managers, which is subject to due diligence

Idea

People in hard to reach areas are years behind the UK's digital roll out. Without having a choice and causing massive frustration this is, in some extreme cases, forcing people to move to find better connectivity.

The Plum report suggests up to 1 million UK premises have internet speeds of less than 10Mb. We estimate that the UK market is worth £400m per annum.

As digital products integrate further with our lives, demand for data and speed will only ever increase.

To address demand and provide choice, Wildanet has developed a sustainable Fixed Wireless Network model to deploy into topographically challenged areas such as Cornwall, Devon, Dorset and South Wales.

Competition in Cornwall (which is consistently lacking), means little choice and is why Wildanet plan to focus there immediately to grab a large market share. In 5 months they have built an Operations Centre as well as network around The Lizard, passing over 4,000 homes and businesses - a hugely cost effective passing rate compared to fibre or satellite. A successful trial in Gweek has resulted in some early delighted customers and full marketing is now underway. The management team believe the quality of service and simple pricing structure will help them obtain over 12,000 customers in The next 3 years.

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Wildanet has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.