Netomnia and YouFibre secure £123m funding

Netomnia’s plan to reach one million premises by 2023 with its full fibre network is closer to realisation following a £123m funding boost.

The company has reached over 75,000 premises since beginning its rollout in 2020 and is on track to hit 100,000 by the end of 2021.

The funds raised include £20m from ESO Capital Partners, £25m from AdvenCap, £73m from Avenue Capital Group and £5 million from the founders.

Jeremy Chelot, Founder and CEO at Netomnia, said: “This funding will support our strategy to roll our network out faster and across more areas, marking another step towards becoming the third national full fibre network operator in the UK.

“We are scaling rapidly, as we rise to the challenge of providing the future-proof multi-gigabit connectivity which will aid the economic and social development of towns and cities across the country for generations to come.”

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