London-based broadband provider G.Network lands £4.6m
Provider of fibre broadband to small businesses across Central London will use funding to expand its network to 70 more streets throughout 2017
G.Network, the communications service provider focused in Central London, has closed over £4.6m in funding from Albion Capital.
Based in Mayfair, G.Network provides fibre broadband connectivity to small businesses across Central London in an attempt to “bridge the gap” between “slow and unreliable” copper-based telephone lines and expensive leased fibre lines.
Starting at £85 per month and with speeds ranging from 20Mbps to 10Gbps, the company claims to offer more affordable “ultra-fast” fibre broadband than other providers.
With London currently ranked 26 out of 33 European capitals for average broadband speeds, G.Network is responding to the estimated 30% annual growth in demand for data from the more than 100,000 small businesses in Central London.
The company recently completed an audit to identify 200 streets where it could install its fibre and will use the funding to build out its network further, prioritising streets with “significant business density”. It plans to connect 70 more streets by the end of 2017.
Sasho Veselinski and David Sangster, co-founders of G.Network, said: “As we continue to build a loyal and committed customer base throughout Central London, we’re ambitious about our objective to provide small businesses with affordable, ultrafast fibre broadband without the inefficiencies of legacy networks.
“This investment from Albion Capital, alongside its team’s exceptional record in supporting growth companies, will enable us to deliver our market-leading service to more potential clients, at a faster rate.”
Adam Chirkowski, investment director at Albion Capital, added: “G.Network represents a compelling proposition for the enormous number of growing small and medium businesses in the capital, which are drastically under-served by existing IT infrastructure.
“[…] We look forward to working with them over the coming years to help the business develop its network and increase the potential of London’s small businesses.”