UK-based Gigaclear has revealed that it has secured GBP30 million (USD46 million) in new equity, with the funds to be used to accelerate the construction of new fibre-to-the-premises (FTTP) networks in rural areas. Confirming the development in a press release, the company noted that international financial services group Prudential had committed to investing up to GBP20 million in Gigaclear, with this investment being managed by Infracapital, the infrastructure investment arm of Prudential. Meanwhile, Woodford Investment Management (Woodford), one of Gigaclear’s existing shareholders, is committing a further GBP10 million from funds under their management.
Commenting on the additional funds, Matthew Hare, Chief Executive, Gigaclear, said: ‘Securing this new investment from Prudential and Woodford is a major breakthrough for Gigaclear. The divide between cut-off rural communities and connected towns and cities has never been greater, and we see Prudential and Woodford’s investments as a strong endorsement of our business plan to become the largest rural FTTP provider in the UK, bridging that divide by building ultrafast, pure fibre networks. These investments give us the resources needed to accelerate our rollout over the next 24 months to many more communities.’
Gigaclear is a private and institutional investor backed communications operator dedicated to building and operating FTTP infrastructure in rural communities, and is looking to bring ‘high-quality, dependable broadband connectivity’ to areas typically underserved by the UK’s existing large broadband providers at symmetric speeds of up to 1Gbps. The company has already built and operates 23 rural fibre networks, while it has a further 31 under construction.