Netomnia has secured an additional £25 million loan from the National Wealth Fund (NWF). The investment strengthens a £75 million debt commitment made in March 2023 – before the recent transformation of UKIB into the NWF – bringing the total NWF backing to £100 million.
To date, the funding has enabled the connection of more than 100,000 premises to the Netomnia network, with around 10,000 customers receiving high-speed services across the UK, particularly in digitally underserved regions. This is expected to more than double as the network continues to grow.
Jeremy Chelot, CEO at Netomnia and Group, said, "This additional £25 million investment from NWF is a powerful vote of confidence in Netomnia's vision and execution. It will significantly accelerate our ability to deliver fast, reliable broadband to more homes and businesses across the UK, particularly in underserved communities. We're not just building infrastructure; we're laying the foundation for the UK's digital future, and Netomnia is committed to ensuring no one is left behind."
Stuart Nivison, National Wealth Fund head of portfolio management, said, “This investment will directly support improvements in areas that would otherwise miss out on the opportunities fast, reliable broadband affords, and so we’re pleased to extend our support to Netomnia as an existing client of the National Wealth Fund.”
This investment comes on the heels of Netomnia's recent merger with Brsk. The merged company has a network footprint of 1.8 million premises, with plans to expand to three million premises by December 2025. Since 2020, Netomnia and Brsk have collectively raised more than £1.3 billion.
The UK Infrastructure Bank became the NWF on 14 October. The new NWF will expand UKIB’s remit beyond infrastructure in support of government’s industrial strategy. With additional financial capacity and an enhanced risk budget, the NWF will be capitalised with £27.8 billion to catalyse private investment in the market.