Fibrus, a telecommunications company that offers full-fibre broadband services in Northern Ireland and Northern England, announced on Thursday that it has surpassed 50,000 customers. The company has also revealed that it received an additional equity funding infusion from its shareholder, Infracapital, to support its growing expansion.
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Expanding Network Reach
Fibrus' network coverage now reaches 300,000 homes, of which 273,000 are ready to be connected to full-fibre broadband. The company has recently introduced a new Total Home Wi-Fi product in collaboration with eero, an Amazon company, ensuring customers have coverage in every room of their homes.
As of August's end, Fibrus said it has expanded its network to cover 300,000 homes, of which 273,000 homes are now ready to be connected to Full Fibre broadband. Fibrus had previously announced reaching a quarter of a million homes back in March as reported by TelecomTalk.
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Fibrus attributes this customer surge to a growing confidence and momentum surrounding the Fibrus brand. The company aims to deliver Full Fibre broadband to rural and regional UK areas, with their customer base tripling within a year.
Total Home Wi-Fi Solution
Fibrus also highlighted its recent launch of Total Home Wi-Fi product, a partnership with Amazon-owned eero, which aims to provide seamless Wi-Fi coverage throughout homes, paired with guaranteed speeds and price stability during the contract term.
Speedy Network Delivery
The company said its growth can also be attributed to the high speed of network delivery, as seen in the speedy connection of the first homes in the UK's Project Gigabit procurement in Cumbria. According to the company's statement, customer penetration exceeded 20 percent within a month of the launch.
Additional Funding
To sustain this expansion, Fibrus announced that it has secured an additional GBP 35 million in equity funding from shareholder Infracapital, bringing their total investment to GBP 150 million. This funding supplements their existing GBP 220 million loan facility and over GBP 300 million in government funding.
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Fibrus states that it maintains a forward-looking approach, with plans to raise additional equity and debt as part of its "road to one million" strategy, including further Project Gigabit contracts to boost network growth and customer outreach.
