Thursday, June 03, 2010

Fund invests $1.01 million in Nomad Digital

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The Finance For Business North East Technology Fund (The North East Technology Fund) said Thursday it had invested £750,000 (about $1.01 million) into Newcastle, England-based Nomad Digital Ltd., which offers on-board IP connectivity services to the rail industry.

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The Fund said the investment is being provided by way of venture debt and forms part of a £1.25 million ($1.8 million) financing deal for Nomad Digital, with the balance of £500,000 being committed by Northstar Ventures from the Finance for Business North East Accelerator Fund.

Nomad Chief Financial Director Bimal Shah, in a statement, said, “We are pleased to be welcoming the North East Technology Fund as investors at an exciting phase in Nomad’s expansion and have enjoyed working with the IP Group during the investment process.”