Gigaclear secures £7.75m to accelerate broadband programme

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Congratulations to Matthew Hare, Chief Executive of Gigaclear, on the company’s successful completion on a new round of equity financing. Mr. Hare, who founded the company in 2010, has been a member of the CEO Collaborative Forum since 2005.

Gigaclear provides ultrafast and dependable broadband connectivity to the UK’s rural communities, particularly those that have struggled to access broadband through other providers. Such a service is at extremely high demand, as these communities are often beyond the reach of BT’s network.

“There is huge demand – we have 400 communities chasing us for our services. Every day we are approached by more wanting us to come and build,” said Mr Hare in a recent article in the Financial Times. “This is a very capital-intensive business and needs new funding in future. It’s a question of how fast we can scale up the business, not a demand problem,” he added.

The completed financing round is a significant step towards addressing the demand. The funds, totalling £7.75m, have been raised from both new and existing private investors, as well as from Gigaclear’s first institutional investor, the CF Woodford Equity Income Fund, which is managed by high-profile fund manager Neil Woodford.
For more information about Gigaclear, please visit http://www.gigaclear.com.
For further details about qualifying communities, see http://www.gigaclear.com/can-i-get-it.