Gigaclear completes new round of financing

22nd November 2012

Filed Under: Announcements

Gigaclear successfully completes a new round of financing enabling it to accelerate fibre broadband deployments for additional rural communities 22 […]

Gigaclear successfully completes a new round of financing enabling it to accelerate fibre broadband deployments for additional rural communities

22 November 2012: Gigaclear Limited is pleased to announce that it has successfully concluded further equity financing for the Company that enables it to substantially accelerate the pace of its roll-out of ultrafast fibre-to-the-home (FTTH) broadband networks in rural UK communities.
Gigaclear, founded in 2010 by Mathew Hare, designs, builds and operates fibre broadband networks in rural UK communities. Its networks deliver ultrafast internet access at 1000Mbps, delivering broadband speeds in excess of those generally available even in cities. In the last 12 months Gigaclear has built two FTTH networks in the communities of Hambleton in Rutland and Appleton and Eaton in Oxfordshire. Customers are thrilled with the Gigaclear service, being able to communicate, work, entertain and play more effectively and reliably. The group also owns and operates six other rural community internet networks using other technologies such as wireless and xDSL.
The additional funds secured from a group of private investors will allow Gigaclear to expand substantially the number of communities it can serve with FTTH. This will be good news to the scores of rural communities which have registered interest with the company to bring Gigaclear services to their villages and towns.
Immediate plans are to build a further 4 networks in communities where substantial pre-orders have already been taken. The funding secured has exceeded Gigaclear’s minimum requirement to fund these communities. Cameron Barney LLP have been Gigaclear’s financial advisers in arranging this transaction

Matthew Hare said: “Gigaclear has successfully proven the level of demand for high speed internet in rural and semi-rural areas and has developed a business model which enables it to offer sensible returns to investors. It is now about rolling-out to more communities. The additional balance sheet strength we now have in place should secure Gigaclear’s position at the forefront of rural broadband development.”