Gigabit Networks is to scale up to ‘cope with customer demand’ and is looking for potential investors.
The company was launched by technology entrepreneurs, David Yates and Dan Ilett, with the intention of helping Midlands-based businesses and residents bridge the digital divide full fibre connectivity.
The connection uses the infrastructure created by CityFibre’s £4.9bn investment, has already been successfully rolled out into Coventry, Wolverhampton, Leicester, Derby and Nottingham – and Gigabit Networks have plans for increased penetration in these cities, as well as further expansion into the surrounding towns, on the back of this fundraising campaign.
At present, the technology is available to 250,000 homes and businesses in the current Gigabit Networks catchment area, but this could ultimately yield over 1 million potential premises, as the CityFibre infrastructure and tech roll-out continues.
Yates says: “We’ve had a few conversations already with investors. The key for us will be to find the right investor who understands what we are doing in the long term, and we welcome conversations with interested partners.”
