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Investment values U.K. operator at 115 million, will use funding for FTTP rollout.
Gigaclear on Tuesday revealed that it has received £24 million (€30 million) in new equity, a funding injection that will enable it to speed up its network build.
The company, which focuses on rolling out high-speed broadband to rural areas in the U.K., said the investment, led by Infracapital and Woodford
Investment Management, was fully subscribed by its existing shareholders.
The investment values the company at £115 million.
According to Gigaclear, the investment will allow it to accelerate the rollout of its fibre-to-the-premises (FTTP) infrastructure.
"We are building to tens of thousands of potential new customers this year," said Gigaclear CEO Matthew Hare, in a statement.
"The strong financial support of our shareholders lets us get on with the job of delivering Britain’s best future-proof broadband without delay," Hare said.
Gigaclear has built out and operates 60 rural fibre networks and has a further 25 under construction.
"We are delighted to continue our support for Gigaclear as it accelerates its growth rate and strengthens its presence in the market," said Ed Clarke, co-founder and director of Infracapital.
"Having successfully secured several BDUK contracts and completed this round of fund raising the business is well placed to deliver its 2016 roll out plans," he added.
Tuesday’s announcement comes in the wake of January’s €25 million loan from the European Investment Bank (EIB).
At the time, Gigaclear said the loan would fund around a third of its planned 40,000-premises fibre rollout this year.
