CityFibre receives £30 million to build out Gigabit network in 20 UK cities

Looks to expand footprint in mid-sized British cities

Fibre cables

CityFibre has raised around 30 million in funds to build Gigabit Ethernet networks in 20 cities around the UK by the end of 2016.

The firm recently raised 16.5 million during an IPO, and hopes to extend its network to one million homes and businesses in the country. The board at CityFibre approved the fundraising on Monday.

"We are delighted to have a strong capital base behind us and we can now put our foot firmly on the pedal in our roll-out of Gigabit Cities," says CityFibre chief executive Greg Mesch.

"All the evidence points to the social and economic advantages enjoyed by cities with a future-proofed digital infrastructure and we welcome the increased interest from cities and their service providers in our shared fibre infrastructure solution."

It has set up Gigabit Ethernet networks in York and Peterborough, as well as acquiring a council-owned fibre network in Coventry. This acquisition has increased CityFibre's network footprint by 50 per cent.

"As a nation we are at a critical moment in our economic evolution, faced with a choice between the technology of the past and the fibre promise of the future," added Mesch.

"The internet-enabled economy is responsible for a higher level of GDP contribution in the UK than in any G-20 country, but broadband infrastructure lags behind that of many others that have been faster to invest in pure fibre infrastructure."

The firm said it has seen an increase in demand for its infrastructure as bandwidth intensive applications, such as video streaming, have surged in popularity.

CityFibre is looking to determine suitable candidates for future Gigabit City projects and will be opening an application process for the next 10 cities to be prioritised for rollout.

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