Community Fibre, the London ultrafast broadband provider, has announced that it has secured an additional £50m of funding from institutional investors RPMI and Amber Infrastructure.
With over 70,000 London homes passed to date, the additional investment will enable Community Fibre to expedite its ambitious capital-wide growth strategy with the aim of ultimately passing 500,000 homes. So far, it has signed wayleaves with 8 Borough Councils and 9 Housing Associations, including 50% of London’s top ten landlords.
Indeed, with the business proving its ability to scale and succeed in its mission to make London a Gigafast city, it has already equipped thousands with access to high-speed internet, contributing to the UK Government’s ambition of every home in the UK having access to full-fibre by 2033.
Community Fibre is ranked first in the Internet Provider category on TrustPilot; the five-star rating is testament to Community Fibre’s focus on fast, reliable and fairly priced internet for everyone. This strong customer base has allowed for accelerating monthly sales figures within an increasingly competitive market.
In addition to the latest round of funding, Community Fibre has also announced the appointment of Graeme Oxby as its new CEO, to start in August 2019.
Richard Moon, Investment Director at RPMI, said: “Given the full-fibre multi-play opportunities emerging in the market, Community Fibre is clearly well-positioned to build upon its already impressive growth. With the extra resources at its disposal and dynamic new leadership in place, we look forward to quickly making London a Gigafast city.”
Khalid Naqib, Head of Digital Investment at Amber Infrastructure, said: “Since our first investment in Community Fibre last year, the business has matured rapidly and scaled its rollout fourfold. We see enormous potential for it to grow further and faster, and we will continue to help ensure it has all the resources it needs to achieve its ambition of delivering a full-fibre future for all of London.”
Chris Sellers, Chair at Community Fibre, said: “This latest round of investment clearly demonstrates a strong vote of confidence in both our success so far and our plans for future growth. Graeme joins us at a point when the business has built a solid foundation and is ready to achieve scale. As the world of fibre converges into other areas, his proven track record as a mobile and telecoms leader will bring exactly the experience Community Fibre needs to expand into new areas.”
Marcus Allchurch, Partner at Acuity Advisors:
“I hugely admire Community Fibre’s strategy and ability to build full-fibre networks across London, and it has been a pleasure to work with the team on this transaction. There is a great opportunity for this company to continue building towards its target of passing half a million homes, and I look forward to continuing to support them on that journey.”
Richard Baker, Supporting Partner at Acuity Advisors:
“We are delighted to support Community Fibre’s mission of bringing world-class internet services to Londoners. The announcement of Community Fibre’s £50m funding comes hot on the heels of Call Flow’s recent transaction, published on Acuity’s website just last month. The M&A market remains buoyant with telecoms continuing to be a key sector for us.”
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I hugely admire Community Fibre’s strategy and ability to build full-fibre networks across London, and it has been a pleasure to work with the team on this transaction. There is a great opportunity for this company to continue building towards its target of passing half a million homes, and I look forward to continuing to support them on that journey.Marcus Allchurch, Partner Acuity Advisors LLP
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