Netomnia nets £295m to build ‘multi-gigabit’ UK broadband network

Netomnia funding

Broadband infrastructure provider Netomnia and ISP YouFibre have secured £295m in funding to roll out a “multi-gigabit” broadband network across the UK.

The funding was led by DigitalBridge Investment Management, with additional capital provided by previous investors Soho Square Capital LLP and Advencap Limited.

Founded in 2019, Netomnia is building full-fibre infrastructure to deliver broadband to under-served locations in the UK. YouFibre is an internet service provider that uses fibre-optic cables to deliver broadband and offers speeds of up to 10 Gbps.

Gloucestershire-based Netomnia and YouFibre were founded by CEO Jeremy Chelot and to date has connected over 130,000 locations. The funding follows an injection of £123m in November last year with total funding to date of £418m.

“We are thrilled to partner with DigitalBridge and benefit from their support and industry expertise as we work towards our target of one million premises passed in the next two years. We are scaling rapidly and aim to play an active role in unleashing the UK’s digital potential by delivering the benefits that come with multi-gigabit fibre broadband,” said Chelot.

Boca Raton-based DigitalBridge is a global digital infrastructure REIT that invests in digital ecosystem businesses such as cell towers, data centres and edge infrastructure. DigitalBridge’s portfolio is worth over $45bn (£34.49bn).

“We have known Jeremy for several years and are excited to partner with him in scaling the Group into a premier fibre-to-the-premises (FTTP) provider in the UK. We have been highly impressed with the growth of the business and the best-in-class team he has assembled,” said Manjari Govada, principal at DigitalBridge.

Competitors include Bath-based broadband provider Truespeed, which early this year received £100m funding from Aviva Investors for its gigabit network in the southwest of England.

This comes after the UK government’s broadband delivery body, Building Digital UK, was restructured late last year.