Cumbria-based broadband provider Grain has received an additional £130 million in funding to accelerate its investment in full fibre broadband across the country.
Founded in 2017, Grain has grown rapidly, particularly in the last 12 months, as it has given households access to their own dedicated full-fibre network. Last year, Grain hired more than 100 new employees, including engineers and sales representatives across the country, and opened a new headquarters in Carlisle. The latest investment will also help the company create a number of jobs in Carlisle and other parts of the country.
The investor, German Landesbank Nord/LB, is one of the leading commercial banks investing in social and digital infrastructure and renewable energy projects that support the transition to a just and climate-neutral economy. With a global presence and teams in London, New York, Singapore and Northern Germany, Nord/LB offers a range of financial services to institutional and corporate clients.
To supplement Nord/LB's debt financing, existing shareholders Equitix, Albion Capital and Pinnacle Group are investing an additional £21 million of equity. Equitix is a leading investor, developer and long-term fund manager of core infrastructure and renewable energy assets in the UK and Europe. Albion Capital is a leading independent investment manager with a long track record of supporting change and growth. Pinnacle Group is a founding shareholder of Grain and retains a significant portion of its interest in Grain.
This latest funding is in addition to the £90 million previously raised by Grain, bringing the total capital invested in the business to over £200 million.
Roland Barzegar, Grain's Chief Financial Officer, said: "This further investment in Grain will allow us to accelerate the rollout we are already undertaking nationwide. We have demonstrated that our model of delivering fast, reliable and great value broadband is working and customers are delighted that they have more choice beyond the national broadband provider. Our investors have helped us realize our business vision and share in our excitement about our brand and what we can achieve. The additional bank loan and the partnership with Nord L/B solidifies our position as one of the leading alternative networks in the country."
