A group of private investors are supporting the growth ambitions of Gigaclear as the business looks to bring its services to four new communities.
Oxfordshire-based Gigaclear, which was founded in 2010 by Matthew Hare, builds and operates fibre broadband networks in rural communities around the UK.
It’s first round of funding came back when it was established when Hore and a small group of investors contributed. Gigaclear will now look to accelerate the availability of its ‘ultrafast’ fibre-to-the-home (FTTH) broadband networks.
According to the firm, in the last 12 months it has built two FTTH networks in the communities of Hambleton in Rutland and Appleton and Eaton in Oxfordshire.
Its future plans are to build a further four networks in communities where ‘substantial’ pre-orders have already been taken.
Speaking to GrowthBusiness, Hore says that typically it takes 60-90 days of planning with the Highways Authority and a further 60-90 days of project execution to get a rural community online with its service.
He adds that Gigaclear has experienced ‘huge demand’ for its FTTH broadband from in excess of 200 areas, as businesses struggle to operate in poorly serviced rural communities. ‘A lot of people are very unhappy with what they’ve got,’ he says.
Hare comments, ‘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.’
The funding amount, which is undisclosed, is said to exceed the company’s minimum requirement to fund the communities it is targeting. However, Gigaclear says that given the current level of engagement between it and rural communities, it will continue to hold open its offer to investors on the same terms for a ‘limited period’.
Gigaclear’s new investor base has been secured by financial advisor Cameron Barney, which put the funding round together.
