UK wholesale altnet Netomnia and sister company service provider YouFibre say they have landed £123 million of funding to support their UK-wide deployment of full fiber broadband infrastructure and accompanying broadband. The funds include £20 million from ESO Capital Partners UK LLP, £25 million from AdvenCap, £73 million in debt provided by Avenue Capital Group, and £5 million from the founders.
Those founders include Jeremy Chelot, former CEO of Community Fibre, who started both companies in 2019. Netomnia launched full fiber network construction in 2020. Its fiber network currently passes 75,000 premises, with plans to pass 1 million premises by 2023 as it expands beyond Britain into Scotland and Wales. Netomnia expects to pass more than 100,000 premises by year’s end; YouFibre plans to serve more than 5,000 customers by the same time marker.
Netomnia is using XGS-PON technology for its full fiber rollout.
"We are very excited to welcome our new investors on board,” commented Chelot, who is also CEO of Netomnia and YouFibre. “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 fiber 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."
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