Foresight Group (Foresight) has made a GBP3 million development capital investment from Foresight Funds into managed services provider Luminet.
Luminet is a provider of connectivity and managed IT services to businesses and organisations in London. Founded in 2005, the Company was one of the first to offer commercial wireless broadband solutions to businesses and has grown its client base in London to more than 550 businesses.
Foresight’s investment, alongside the continuing support from Santander, will be used to scale up the company’s marketing and sales functions to grow the client base and to expand the Company’s footprint and improve network density by adding additional base stations to the existing infrastructure.
Luminet holds the UK’s leading Net Promoter Score (NPS) customer satisfaction score in telecoms and technology and recently won “Best Wireless Broadband 2017” award from the UK Internet Service Providers Association.
The management team is led by Sasha Williamson, who has 20 years’ experience in senior business roles in both start-ups and established telecommunications businesses. As part of the deal, Foresight will introduce an experienced NED chairman.
Mike Quinn, Senior Investment Manager, Foresight Group, says: “We have known Luminet for some time and have been impressed by the wireless network they are building across London. The need for fast, reliable connectivity is ever increasing and the service offered by Luminet, particularly in the densely populated South East, is in high demand. We are excited to work with Sasha and his team as they look to accelerate the growth of the business.”
Sasha Williamson, CEO & Founder, Luminet, says: “In the last year, Luminet has transformed from a business broadband ISP to a managed service provider. We operate in a sector with high levels of M&A activity, which the team at Foresight have extensive experience with. We are excited to be working with Foresight at such an important stage of the Company’s development.”
