Gigaclear Broadband Player Digs Into New Sponsorship | Business newsletter
Gigaclear, a fiber-optic broadband network provider, is plotting to raise hundreds of millions of pounds in additional funding as the industry races to modernize Britain’s communications infrastructure.
Sky News has learned that Gigaclear is working with bankers at Rothschild to raise additional capital between £200m and £300m for the rollout.
Raising capital, which can include a combination of debt and equity, is part of a string of efforts by alternative network providers – or alternative networks – to secure enough financing to build businesses of real scale.
The market is led in terms of space volume by BT’s Openreach division, with Virgin Media 02 and CityFibre Holdings following it.
Dozens of altnets have been launched in recent years, many of which are focused on specific regions of the UK.
Like Gigaclear, Hyperoptic, G.Network and Community Fiber have raised substantial amounts to power their expansion.
Gigaclear’s network is present in 22 counties and in May surpassed 300,000 facilities.
That milestone means the company, with a focus on rural areas across central and southern England, is 60 per cent of the way to reaching its goal of connecting 500,000 premises by December. 2023.
Founded in 2010, Gigaclear has raised hundreds of millions of pounds from investors including Infracapital, M&G’s infrastructure investment arm.
A Gigaclear spokesman declined to comment.