GOFIBRE has announced the completion of a £125m funding round that will support its delivery of two Project Gigabit contracts in Scotland.
The round is led by a £45m debt facility from the Scottish National Investment Bank (SNIB) alongside a further £80m from Hamburg Commercial Bank (HCOB).
An independent Edinburgh-based provider, GoFibre 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 enables hard-to-reach communities to access fast, reliable gigabit-capable broadband.
GoFibre will be delivering two Project Gigabit contracts in the aforementioned north east of Scotland and the south too – covering the Borders, East Lothian, Angus, Aberdeenshire and the Moray coast – which was announced earlier this year.
Neil Conaghan, CEO of GoFibre, said: “This is a significant step-change in GoFibre’s position both as a major independent broadband provider, and as a significant company in Scotland.
“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 SNIB, HCOB and Gresham House as we continue to build and grow GoFibre.”
While connectivity has improved in recent years, Scotland’s urban-rural divide remains extensive.
Ofcom figures show that just 44% of rural communities have full-fibre coverage, compared to 71% of urban communities.
Ailsa Young, investment director of innovation at the SNIB, said: “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.”
