£123m funding secured for UK fibre rollout
UK operator, Netomnia and ISP, YouFibre, have secured £123m in funding to support their national rollout of full-fibre broadband.
Founded in 2019 by Jeremy Chelot, former CEO of Community Fibre, Netomnia’s goal is to reach one million premises by 2023. The funds raised will help to achieve this ambition, and include £20m from ESO Capital Partners, the provider of flexible capital solutions to European SMEs; and £25m from AdvenCap, which focuses on businesses that can scale and make a positive impact on the world. A further £73m in debt has been provided by global investment firm Avenue Capital Group, with the remaining £5 million from the founders.
Netomnia's infrastructure is designed to support symmetrical multi-gigabit services up to 10Gb/s using XGS-PON technology. Jeremy Chelot, founder and CEO at Netomnia commented: ‘We are very excited to welcome our new investors on board. This funding will support our strategy to roll our network out faster and across more areas, marking another step towards becoming the third national full-fibre network operator in the UK. We are scaling rapidly, as we rise to the challenge of providing the future-proof multi-gigabit connectivity which will aid the economic and social development of towns and cities across the country for generations to come.’
Jon Ford, senior portfolio manager of Avenue Europe, added: ‘We're delighted to be supporting Netomnia's broadband infrastructure rollout. We have been impressed by the company's experienced management team, their track record of delivery and strong industry relationships. We look forward to working with them over the coming years.’