Obelisk Group secures €6m investment
Obelisk Group has secured a €6m investment to help fund the expansion of its telecommunications and power infrastructure sectors in the UK and South Africa.
The BDO Development Capital Fund provides development and growth capital for established, mid-sized and profitable companies. The fund will provide €3m for the telecommunications and utilities firm, while the remainder will be sourced from bank funding.
The combined investment will be used for investment in utilities in all three of Obelisk’s markets as the company grows to meet expansion demands of new communication technology and renewable energy generation.
Obelisk was founded in Cavan in 1996 by local entrepreneurs Colm Murphy and Padraig Brady to serve the then newly emerging Irish mobile telecommunications market.
It has been involved in the rollout of fibre broadband here, as well as the development of the Irish electricity transmission infrastructure.
The company expanded into power infrastructure in 2008, before entering the UK market in 2009 and then South Africa in 2010.
The project is supported by the Department of Jobs through Enterprise Ireland.