Fibre ISP CityFibre is planning to accelerate plans to roll out gigabit fibre infrastructure in 20 UK cities following an investment boost.
The firm has raised over £30 million in secondary fundraising following board approval, aiming to reach more than a million homes, business and public sector sites by 2016.
This latest funding round adds to the £16.5 million the company raised at its IPO just four months ago, and will be used to support the deployment of networks in more than 20 new cities.
CityFibre CEO Greg Mesch said: “We are delighted to have a strong capital base behind us and we can now put our foot firmly on the pedal in our roll-out of Gigabit Cities.
“All the evidence points to the social and economic advantages enjoyed by cities with a future-proofed digital infrastructure and we welcome the increased interest from cities and their service providers in our shared fibre infrastructure solution.”
CityFibre said it has seen ‘substantial interest from local authorities across the country’ in fibre and as part of its process to determine candidates for future “Gigabit City” projects, CityFibre will be opening an application process for the next 10 cities to be prioritised for roll-out.
CityFibre has also increased its national network footprint by nearly 50 per cent with the acquisition of Coventry’s city-wide fibre network from the city council.