Gigaclear to accelerate new FTTP network build with major new funding commitment from Prudential and Woodford
Prudential has today committed to invest up to £20m in Gigaclear, to fund the roll out of its ultrafast fibre-to-the-premises networks to rural communities in the UK. The investment is managed by Infracapital, the infrastructure investment arm of Prudential, and builds on the Group’s on-going commitment to invest in infrastructure projects that benefit the national economy.
At the same time, Gigaclear’s existing shareholder Woodford Investment Management (Woodford) is committing a further £10m of investment from funds under their management.
Gigaclear brings high quality, fast and reliable broadband connectivity to the UK’s rural population, offering customers speeds up to 1Gbps via fibre optic cable all the way to each property in areas typically underserved by the existing large broadband providers. The company has already built and operates 23 rural fibre networks, and has a strong pipeline with a further 31 in construction. It targets a market of 1.5 million rural households and businesses across thousands of rural communities seeking ultrafast and reliable broadband.