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OnWave OnStream with €4m Investment

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DateFriday, July 01, 2011

OnWave OnStream with €4m Investment

Mullingar Firm Announces Wave of Jobs As New EutelSat Satellite Service Launches Across Europe



ONWAVE_Kevin_Ryan.pngonwave, a provider of satellite broadband services to the Irish residential market, has raised €4.15 million to fund the development of its new generation of pan-European high quality satellite broadband, TV and telephone services.



The total investment has come from Nucleus Venture Partners, an investment vehicle steered by Alan Phelan and Sean McKeague. The two entrepreneurs co-owned UK company ServiGroup (aka ServiRail) which provided engineering and installation services to Network Rail and other clients in the mainline rail market in signalling, telecommunications and power supply. ServiGroup was sold to Mouchel Parkman in May 2005 for approx stg£21 million.



onwave, formerly Satellite Broadband Ireland, was founded in 2008 by Kevin Ryan and Seán Óg Brennan. It has been providing satellite broadband internet, television and telephony services across Ireland, particularly in rural areas and 'not-spots'.  It is one of two Irish partners of Eutelsat in Ireland, the other, Digiweb. A three year broadband utility contract, which the company says is worth more than €5m, was previously signed giving it pan-European rights to sell Eutelsat's next-generation ToowayTM satellite services throughout Europe. This will provide for the bundling of digital services over a single high-quality connection via the world's most powerful satellite, KA-SAT which went into service recently, on the 31st May (more).



Kevin Ryan, CEO, onwave commented: "We want a world in which people are no longer disadvantaged just because they live outside the main urban centres. Access to high quality and competitively priced digital TV, broadband and home phone packages should be universal to everyone and not limited by a location. Our goal is to deliver high quality services and a competitive landscape for all customers.



We are delighted to have added our new investors, Alan Phelan and Sean McKeague to the board. They bring a proven entrepreneurial track record and international execution pedigree to onwave. The HALO Business Angel Partnership funding process worked extremely well for us in matching the finance and relevant expertise which will help us going forward."



Alan Phelan from Nucleus Venture Partners, said: "We see huge potential to scale this business quickly across Europe and this was one of the key factors that enticed us to invest. Coming from a telecoms entrepreneurial background, I recognised the potent mix of marketing, proven execution and excellent technology that underscores onwave's ability to succeed."



HALO Business Angel Partnership, a joint initiative between Enterprise Ireland, InterTradeIreland and the Irish Business and Innovation Centres facilitated the deal. John Phelan of HBAP said: "It's great to see Irish businesses like onwave moving onto an international stage. In a relatively short period of time, they've built a business from zero to becoming a significant European player. This investment gives onwave the financial resources to capitalise on its ambitious plans and the track record to date suggests that it has the wherewithal to deliver. Dublin BIC, manager of the Halo Business Angel Partnership, has a European footprint and is actively networking onwave with other EU BIC's and helping with on-the-ground local partnerships."



onwave also announced 30 new jobs for Mullingar and Galway, as part of its European growth strategy. The new positions will be in the areas of R&D, project management, finance, sales, information technology and customer care.



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