Gigaclear secures £6.5 mn for gigabit rural broadband

Gigaclear-secures-£6.5-mn-for-gigabit-rural-broadbandGigaclear, the provider of ultrafast fibre-to-the-premises networks to rural communities has secured £6.5 million equity financing for gigabit rural broadband.

£6.5 million funds have been raised from both existing and new institutional and private shareholders with the CF Woodford Equity Income Fund, managed by high-profile fund manager Neil Woodford, adding to its initial investment from July 2014 and Forward Private Equity becoming the Company’s second institutional shareholder.

Focused on bringing high-quality, dependable broadband connectivity to the UK’s rural population and offering customers symmetric speeds of up to 1Gbps today, Gigaclear now has a pipeline of several hundred rural communities looking for ultrafast and reliable broadband.

Today’s £6.5 million in new equity funding has been secured from both existing and new private and institutional shareholders, with the CF Woodford Equity Income Fund adding to its previous £5 million investment from July 2014, and Forward Private Equity becoming Gigaclear’s second institutional shareholder.

Following this new round of funding, the Company now has over 100 private and institutional shareholders. This additional investment will allow Gigaclear to continue to expand its footprint and bring ultrafast broadband to thousands of customers in rural areas.

Matthew Hare, chief executive, Gigaclear said, “With strong support from existing and new shareholders, we will meet the record demand we are seeing for our transformational broadband. Rural communities across the UK realise that they can leapfrog a whole generation of technology with a new, ultrafast, pure fibre network that can scale to thousands of megabits per second, future proofing the communities for many many years and allowing them, even today, to reap benefits not yet available to many towns and cities in the UK.”

Gigaclear has been advised in its financings by Cameron Barney.

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