UK altnet, Netomnia and sister ISP YouFibre have secured £295 million in new funding led by DigitalBridge Investment Management, the investment management platform of the DigitalBridge Group.
The investment will help Netomnia accelerate and expand its fibre deployment to meet its goal of reaching one million properties by 2023.
Since its launch in 2020, the two companies have passed more than 130,000 premises. Working with major UK construction companies, the partnership has a scalable operating model that allows for rapid deployment.
DigitalBridge joins existing shareholders ESO Capital Partners, AdvenCap, Avenue Capital Group and Soho Square Capital, and builds on the £123 million investment secured at the end of 2021.
Netomnia's CEO said, "We are delighted to be working with DigitalBridge and to benefit from their support and industry expertise as we work towards our goal of passing 1 million premises over the next two years. We are scaling rapidly and aim to play an active role in unlocking the UK's digital potential by delivering the benefits of multi-gigabit fibre broadband.
The head of DigitalBridge added: "We have known Jeremy for a number of years and are delighted to be working with him to expand the group into the UK's premier FTTP provider. We are very impressed with the growth of the business and the first class team he has assembled.
The transaction is expected to close in the second quarter of this year.
