Netomnia raised £ 295m to build a multi-gigabit broadband network in the UK
Broadband infrastructure provider Netomnia and ISP YouFibre have secured £ 295m funding to roll out a “multi-gigabit” broadband network across the UK.
Funding was provided by DigitalBridge Investment Management, with additional capital provided by previous investors Soho Square Capital LLP and Advencap Limited.
Founded in 2019, Netomnia is building a full-fiber infrastructure to deliver broadband to underserved locations in the UK. YouFibre is an internet service provider that uses fiber optic cables to deliver broadband and offers speeds of up to 10 Gbps.
CEO Jeremy Chelot founded Netomnia and YouFibre, which is based in Gloucestershire and to date has more than 130,000 connected locations. The funding comes after an injection £ 123m in November last year with total funding to date of £ 418m.
“We are delighted to partner with DigitalBridge and leverage their industry support and expertise as we work towards our target of one million premises over the next two years. We are growing rapidly and aim to play an active role in unlocking the UK’s digital potential by delivering the benefits of multi – gigabit fiber broadband, ”said Chelot.
Boca Raton-based DigitalBridge is a global digital infrastructure REIT that invests in digital ecosystem businesses such as cell towers, data centers and peripheral infrastructure. DigitalBridge’s portfolio is worth over $ 45bn (£ 34.49bn).
“We have known Jeremy for a number of years and look forward to partnering with him to scale the Group into a leading provider of on-premises fiber (FTTP) in the UK. We are very excited about the growth of the business and the team in the class it has put together, ”said Manjari Govada, principal at DigitalBridge.
Competitors include Bath-based Truespeed broadband providerwhich received £ 100m funding earlier this year from Aviva Investors for its gigabit network in the south – west of England.
This comes after the UK government’s broadband delivery company, Building Digital UK has been restructured late last year.