Broadband provider Fibrus has received an additional £35 million of equity funding as it continues to roll out its service throughout Northern Ireland and northern England.
The latest tranche of funding from the company’s controlling shareholder Infracapital brings the infrastructure fund’s total investment in the firm to £150 million and comes as it reveals it has over 50,000 customers on its books. Fibrus said its network rollout is also financed by a £220 million loan facility and over £300 million in 海角视频 government funding.
The company is in charge of the rollout of Northern Ireland’s Project Stratum in collaboration with the 海角视频 government and Northern Ireland Executive. It is focused on providing full fibre broadband to 100% of premises throughout Northern Ireland, an aim it said it will be achieved by the end of 2026.
READ MORE: {}
It has also been involved in Project Gigabit, rolling out full fibre broadband across rural Cumbria and said it is aiming to win more work from the 海角视频 government initiative in the future. To do that, it expects to raise more equity and debt in the future.
Colin Hutchinson, Fibrus Chief Financial Officer & Chief Revenue Officer, said the reaching the milestone of 50,000 customer is an important milestone for the business.
“It shows the momentum we are building in the market, having tripled our customer base in just one year,” he said. “Our journey has become synonymous with bringing Full Fibre broadband to every corner of Northern Ireland, and our growth is accelerating as we continue our rollout and build our brand in northern England.”
Fibrus also said its network coverage – the number of homes its full fibre has reached - has passed 300,000, 273,000 of which are ready for service.