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The operator, which is currently building in six towns, is aiming to connect premises in 85 locations by the end of 2025
This week, UK altnet Zzoomm has announced that it has raised £100 million from an international banking consortium, with the funds aimed at accelerating their gigabit-capable fibre rollout.
The banking consortium comprises ING Bank, Hamburg Commercial Bank and Kommunalkredit Austria.
This funding is a major milestone towards Zzoomm’s stated goal of reaching 1 million UK premises in 85 towns with fibre-to-the-premises (FTTP) by the end of 2025. Currently, Zzoomm’s rollout is limited to six market towns, but this new investment promises new locations will soon be added.
Prior to this announcement, Zzoomm was primarily funded by a £100 million equity investment from Oakstree Capital Management that took place around a year ago.
“This new investment provides substantial additional capital to drive our network expansion plans forward at full speed,” said CEO Matthew Hare. “Our goal is to deliver brilliant broadband to the homes and business that we serve. With the support of our new banking partners, we can go further, faster, and bring Zzoomm Full Fibre happiness to many more people over the coming weeks, months and years.”
Hare set up Zzoomm in 2019, following his departure from his previous fibre venture Gigaclear, where he had served as CEO for almost ten years. Gigaclear was taken over by shareholder Infracapital for £270 million in 2018.
Where exactly Zzoomm will target for the next phase of its rollout is unclear, but the operator says further announcements regarding locations will be made in the coming weeks.
How are UK altnets helping the UK meet its gigabit-capable broadband goals? Find out from the experts at this year’s Total Telecom Congress
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