Cornwall-based internet provider, Wildanet, has secured an additional £50 million of funding to accelerate and extend the rollout of its Full Fibre gigabit broadband network in Cornwall and Devon.
The private equity funding from sustainable infrastructure investment specialist Gresham House follows an initial investment of £50 million in the business back in 2020, which kick-started the rollout.
Wildanet CEO, Helen Wylde, said: “This latest investment will allow Wildanet to bring forward the timing of its current rollout plans and target new areas across both counties, including some of the most challenging, remote locations bypassed in previous rollouts by major telecoms operators.”
Wildanet expects to add more than 50,000 rural ready for service premises by the end of 2023 to add to the 60,000 wireless connections already available across Cornwall and Devon.
Wylde added: “For Wildanet to secure such significant private equity funding, in today’s challenging economic and investment environment, stands out as a demonstration of real confidence in our values, our strategy and our delivery to date.
“Gresham House are a fantastic partner to Wildanet and fully share our vision for sustainable infrastructure development in the south west.
“We are grateful for their continued support and for the significant difference this investment will make to our own rollout plans and to lives and opportunities in communities where we are bringing modern, high-speed digital connectivity residents and businesses need and deserve.”
Simon Adcock, head of portfolio & co-fund Manager, sustainable infrastructure at Gresham House, added: “Over the past two years, Wildanet has had a transformative impact on communities across Cornwall, creating a truly gigabit-capable network that is both vastly superior to and materially more energy efficient than copper-based broadband.
“This is critical infrastructure that will enable the south west to benefit from the digital transformation, equating to an economic value of £70 million per year for Cornwall alone out to 2030.
“We are delighted to be supporting the Wildanet team on these projects.”