Local information service provider, Ktone Ltd., has bought out three of the original six Cayman Islands Investor Network members that injected the capital used to fund its expansion over the last two years. Each individual received an impressive return on their investment; a positive reflection of the success that KTone has experienced.
‘The capital investment provided by the company has played a major part in enabling KTone to expand our services to better meet the needs of our customers,’ said founder and Managing Director, Neil de Vere.
‘Our performance has improved steadily since we launched the company and we had a very good year in 2008. We were very pleased to have been in a position to offer to buy out some of the investors.’
Since its inception in 2006, the company has branched out from the provision of customised text message alerts to include a wider range of marketing services such as outdoor advertising. Their electronic boards are visible at optimal locations within the Port Authority and the Airport and KTone is currently in discussions regarding partnering with another entity to facilitate money transfers via cell phones
When asked to comment on KTone’s development, Stephen Price, one of the equity investors said, ‘I have been involved with the company since its original investment and see a bright future ahead for this Cayman operated entity, given the current management and its understanding of the local marketing and communications market.’
‘KTone was the first entity to receive an equity investment from CAIN and we are very proud of this achievement,’ said Dax Basdeo, Executive Director of the Cayman Islands Investment Bureau- the support and liaison agency for CAIN and small business owners.
‘This double-digit ROI certainly sets a good precedent and it is a trend that we hope will continue as more of our entrepreneurs realize the value of an angel investor network and what it can mean for their businesses.’
Cayman Islands Investor Network is primarily an equity investor facility that advances funds from as low as $25,000 to as high as $500,000 based on their level of interest. Members also act as mentors to small business owners by being a sounding board for ideas and a source to establish new contacts that could usher in new distribution points for a product or service.
When asked about his outlook for the future, Mr. de Vere said: ‘We are cautiously optimistic for 2009 and hope to carry on growing the company and taking advantage of new opportunities and partnerships. As always, we owe a great amount of thanks to Dax and his team at the Investment Bureau for assisting us with accessing the additional financing necessary to reach this stage.’
For more information on accessing financing through the network or becoming a member, please email the investment bureau at [email protected] or call 945-0943.