Netomnia successfully completed the latest fundraise in committed debt financing from a group of six bank lenders, comprised of HSBC UK, ING, NIBC, RBC, Standard Chartered and UKIB. The financing package also includes an accordion to be raised in the future to support the business’ continued growth.
Netomnia said the backing comes at a pivotal moment in its network deployment. The company has become the fourth largest altnet in the UK in two and a half years, recently passing 410,000 premises ready for service and connecting 28,000 customers.
“We are very pleased to welcome this new group of lenders to Netomnia and are thrilled they have chosen to support the continued acceleration of our business,” said Wil Wadsworth, CFO at Netomnia and YouFibre.
“The enthusiasm from these institutions to support our business is a testament to our successes at Netomnia and YouFibre, and our unique approach to building our full fibre network and providing best-in-class Internet speeds and services to customers across the UK.”
Wadsworth added that with the rising cost of living hitting businesses and families alike, it’s now more vital than ever for Netomnia to continue building its network at pace to provide homes and businesses with better, more affordable broadband.
Netomnia and YouFibre were advised by Rothschild & Co and Allen & Overy.