Netomnia and YouFibre land further £295m fibre funding
UK altnet, Netomnia and sister company, ISP YouFibre have secured £295m in new funding led by DigitalBridge Investment Management, the investment management platform of DigitalBridge Group.
The investment will help Netomnia to accelerate and scale its fibre rollout, in line with its aim to reach a million properties passed by 2023.
The companies have achieved more than 130,000 premises passed since rollout commenced in 2020. Working in partnership with major UK construction companies, the partnership has a scalable operating model that enables it to achieve swift deployment.
DigitalBridge joins existing shareholders ESO Capital Partners, AdvenCap, Avenue Capital Group and Soho Square Capital and builds on the £123m investment secured towards the end of 2021.
Jeremy Chelot, CEO at Netomnia said: ‘We are thrilled to partner with DigitalBridge and benefit from their support and industry expertise as we work towards our target of one million premises passed in the next two years. We are scaling rapidly and aim to play an active role in unleashing the UK's digital potential by delivering the benefits that come with multi-gigabit fibre broadband.’
Manjari Govada, principal at DigitalBridge, added: ‘We have known Jeremy for several years and are excited to partner with him in scaling the group into a premier FTTP provider in the UK. We have been highly impressed with the growth of the business and the best-in-class team he has assembled.’
The transaction is expected to close in the second quarter of this year.