Wholesale full fibre provider ITS Technology Group has secured a further £100m investment from current backer Aviva Investors as it seeks to accelerate the roll out of its full fibre network said to be on track to pass circa 25% of UK business premises by the end of this year.
ITS secured its first round of funding from Aviva Investors in early 2020 (£45m).
This deal provided a boost to ITS's indirect wholesale model giving more than 300 reseller, ISP and MSP partners access to Gigabit-capable connectivity, helping to triple ITS's revenues year-on-year.
"We have made significant progress over the last two years, building a skilled team, scalable delivery capabilities and creating a substantial full fibre footprint," said CEO Daren Baythorpe (pictured).
"This further commitment will enable us to continue to roll out our open access wholesale digital infrastructure at pace, giving more businesses access to the connectivity solutions they need to underpin their operations."
Baythorpe says ITS can connect any UK business via partnerships with key operators and using ITS's own networks.
Sean McLachlan, Senior Director, Infrastructure, Aviva Investors, added: “There has been a huge structural shift in data usage in recent years which continues to accelerate, and the continued investment in digital connectivity is fundamental to supporting how society functions today and tomorrow."
"ITS has made significant progress and outlined a clear vision to address this need. Combined with a strong team and expertise, we think this presents a compelling investment opportunity.”