Superfast rural broadband company receives £30 million investment

A superfast broadband company Gigaclear has secured a £30 million investment, as it rolls out 1,000 mbps broadband in Oxfordshire and targets 1.5 million homes across rural areas in the UK.

Prudential has committed £20 million to Gigaclear, in addition to £10 million from an existing shareholder to fund a rollout of ultrafast broadband to rural UK communities.

Gigaclear is targeting areas that are not covered by the national rollout of broadband, as part of the governmental target of 90% UK wide broadband coverage.

The company has built and also manages 23 rural fibre networks, with a further 31 in the pipeline, and is targeting 1.5 million homes that will not be covered by the rollout by BT or Virgin.

We don’t target where the big companies are already. And the way the [state broadband programme] was designed, it has focused on the densest areas in rural parts,” Gigaclear chief executive Matthew Hare.

Most recently Gigaclear has connected 92 homes in Oxfordshire villages Sunningwell and Bayworth with 1,000 mbps.

We started marketing for customers in February,” Hare explained, “by mid-March we hit the target we needed of 92 of the 249 properties.”

Matthew Hare commented on the state of rural broadband, “the divide between cut-off rural communities and connected towns and cities has never been greater

We plan to become the largest rural fibre-to-the-premises provider in the UK, bridging that divide by building ultrafast, pure fibre networks. These investments give us the resources needed to accelerate our roll out over the next 24 months to many more communities. ”

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