Calnex bags £2m in finance from Scottish Loan Fund

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A TECHNOLOGY firm that counts Nokia, Samsung and Voda­fone among its blue-chip clients has secured £2 million of funding as it embarks on a “significant period of growth”.

Linlithgow-based Calnex tests mobile networks and employs almost 50 people.

The investment, which has been made through the Scottish Loan Fund (SLF), will allow the company to develop a “next-generation” testing product as it taps a global market worth some $1.3 billion (£860m).

Tommy Cook, founder and chief executive of Calnex, said: “It is great to have secured the funding that will provide the support which will enable us to implement our development plans.

“We have a clear vision of our future business and the flexibility of the SLF funding package means we are able to achieve this in a timely manner thus ensuring we continue to serve our customers’ needs and remain at the forefront of market and technological developments.”

Set up in 2011 and managed by Glasgow-based Maven Capital Partners, the SLF provides loans of up to £5m to Scottish firms. It has committed £30m in support of 12 firms since its launch.

Maven partner Andrew Craig said: “The SLF is now firmly established as an attractive funding partner for ambitious Scottish businesses.

“We expect to announce a number of further investments over the coming months. To support this demand we are currently looking to expand our Central Belt investment team.”

The SLF was set up by the Scottish Investment Bank and has attracted £113m from the public and private sectors.