Netomnia has secured an additional £25 million loan from the National Wealth Fund (NWF).
Tue, 4/07/2023 - 11:55
Wildanet has secured an additional £50m of private equity funding from Gresham House, to accelerate and extend its rollout in Cornwall and Devon.
This follows an initial investment of £50m in the business by Gresham House in 2020, which kick-started the altnet’s rollout.
CEO Helen Wylde said: “This latest investment will allow Wildanet to bring forward the timing of its current rollout plans and target new areas across both counties, including some of the most challenging, remote locations bypassed in previous rollouts by major telecoms operators.”
Wildanet expects to add more than 50,000 rural ready for service premises by the end of 2023 to add to the 60,000 wireless connections already available across Cornwall and Devon.
The company currently employs 180 people, with plans to recruit up to a further 200.
Simon Adcock, Head of Portfolio & Co-Fund Manager, Sustainable Infrastructure at Gresham House said: “This is critical infrastructure that will enable the South West to benefit from the digital transformation, equating to an economic value of £70mn per year for Cornwall alone out to 2030.”
