Wifinity Secures £10m Investment

Invest

Wifinity has secured £10 million in funding from Clydesdale Bank in order to continue its growth in delivering superfast, robust wireless connections to businesses in some of the UK’s most remote areas.

The funds will allow Wifinity to continue its development of pay-as-you-go services for the holiday park industry, upgrade its networks at MOD sites across the UK and Germany, and invest in new technology in order to deploy the best networks are available for businesses no matter where they are based.

Wifinity launched their partner programme in early 2016 to provide superfast WiFi networks and enable the channel to add WiFi to its offering and increase recurring revenues.

“By entering a long-term business relationship with Clydesdale Bank, we can continue to respond to market opportunities as they arise, as we have since founded the business in 2007. Since that time we have delivered WiFi to more than 1,500 buildings in 120 locations with more than 120,000 devices connecting to our networks each month. Each network has different complexities based on location and the make up of sites so it is critical we constantly innovate in order to deliver the superfast WiFi to any business,” said Aubone Tennant, Co-CEO, Wifinity.

Mark Cook, Director of Corporate and Structured Finance, Clydesdale Bank, said: “We are delighted to have supported Wifinity with a new £10 million funding package that provides investment in this successful, fast-growing and innovative business. Clydesdale Bank funding will enable management to drive the business forward and expand into new contracts and markets”

Wifinity provides superfast, robust WiFi connections to businesses in some of the UK’s most remote and hard-to-install locations, including schools, holiday parks, care homes, retailers and military barracks. Wifinity’s customers include: the MOD: Park Resorts; Harvey Nichols; Serco; RedCentric; and Holiday Resort Unity. It has installations at key sites including: Buckingham Palace, the Tower of London, Edinburgh Castle, Royal Military Academy Sandhurst, RAF Cranwell and Britannia Royal Naval College.

To find the latest developments in Wifi see the Comms Business market report published recently