Phenomenon One Communications (PH1), described as a profitable web-based telecommunications company, has successfully raised its minimum fundraising target through crowdfunding platform Crowd for Angels. PH1 has so far raised £67,004 from 29 investors via a 1 year crowd bond, paying an annual interest rate of 8%. PH1 hopes to raise up to £250,000 for the one year termed security. The pitch was launched at the end of July and is expected to close at the end of September. The loan is said to be secured by a floating charge on the assets of the company. Additional details are available once you have registered on the Crowd for Angles web site.
Abraham Adu, CEO of Phenomenon One communications, commented on the offer;
“I am very pleased to have successfully reached our minimum fund raising target through Crowd for Angels. We welcome our new investors on board and look forward to putting the funds to work on expanding into new markets at home and overseas”.
PH1 will use the additional money to expand the business by purchasing air time for its customers and for online marketing and a PR campaign to help develop the brand.
Founded in 2012, Phenomenon One is described as having evolved from offering international calling cards to having a global brand, offering its customers access to a new world of communications. Its flagship product, SIMChip, is said to make traveling easy for people, enabling them to bypass roaming charges to their mobile operators and removing the need to buy SIM cards for different countries when
Operating within the UK and Ghana at present, during the coming years the company is looking to break into niche markets such as Asia and the Americas.
Crowd for Angels seeks to fund smaller UK companies by allowing issuers to list debt and equity securities.
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