Edinburgh-based broadband company GoFibre has completed a £125m funding round that will support its delivery of two Project Gigabit contracts in the South and North East of Scotland.
The contracts will cover the Borders, East Lothian, Angus, Aberdeenshire and the Moray coast.
The round was led by a £45m debt facility from the Scottish National Investment Bank, alongside a further £80m from Hamburg Commercial Bank (HCOB).
An independent Scottish provider focused on expanding digital connectivity in underserved rural areas, the Edinburgh-based firm contributes to regional economic development by using local supply chains and recruiting talent within the communities it is connecting.
Backed by Gresham House’s British Sustainable Infrastructure Funds, the business was recently awarded a £105m contract by the Scottish Government for the delivery of the UK government-funded Project Gigabit in the North East of Scotland.
The Project Gigabit programme aims to allow hard-to-reach communities to access fast, reliable gigabit-capable broadband.
“This is a significant step-change in GoFibre’s position both as a major independent broadband provider, and as a significant company in Scotland,” said Neil Conaghan, CEO of GoFibre.
“Our appointment as the supplier for the biggest Project Gigabit delivery area in Scotland, in the North East, builds on our win earlier this year for the very first Scottish lot to be announced, for the Borders and East Lothian.
“We are excited to play a crucial role in bringing the very best full fibre broadband connectivity to rural areas in Scotland, as part of our mission to bridge the digital divide.
“We are grateful for the support of The Scottish National Investment Bank, HCOB and Gresham House as we continue to build and grow GoFibre.”
Ailsa Young, investment director of innovation at the Scottish National Investment Bank, added: “GoFibre is a great example of a Scottish scale-up that is targeting growth through delivering tangible local impact.
“We live in an increasingly digital world where high-speed, reliable internet is essential for accessing services and building and maintaining connections.
“Broadband is a critical service for businesses and communities. This continues to be an important sector for us, so we’re delighted to support GoFibre as it delivers important connectivity to the north east of Scotland.”