Amberside Capital advises Wildanet on £50m investment from Gresham House
22 December 2020 Wildanet, advised by Amberside Capital, raise £50m to bring full-fibre and high speed fixed wireless internet to homes and businesses across Cornwall.
Wildanet Limited, Cornwall’s leading alternative network provider, was established in 2017 to bring better connectivity to the people and businesses of Cornwall. At the time of the investment, Wildanet had developed a fixed wireless network that passed 30% of Cornwall’s properties. The investment by Gresham House will enable Wildanet to upgrade and expand this fixed wireless network and roll out a full-fibre network to continue to serve the hard-to-reach homes and businesses of Cornwall. The fibre network, expected to be rolled out over the next three years, will expand Wildanet’s reach to 60% of Cornwall’s properties.
Amberside Capital were engaged by Wildanet at an early stage to develop and refine their business plan and rollout strategy, before producing a detailed financial model setting out the investment proposition. Amberside carried out an extensive market testing exercise, and Gresham were selected as the preferred partner following a high level of interest from potential funders.
The market opportunity for Wildanet is significant. Demand for high speed, low latency internet is growing exponentially yet, across a large proportion of Cornwall, the service available is poor. The COVID-19 pandemic has significantly accelerated this growth in demand and shown that digital connectivity is critically important for the UK, with more people than ever working and studying from home.
Amberside Capital invested in Wildanet as well as advising on their capital raising.
David Lomas, co-founder of Amberside Capital, said:
“This investment brings Wildanet closer to realising their ambition of ensuring all areas of Cornwall have access to gigabit-capable broadband. We believe Gresham House are the right partners for Wildanet as they bring complementary expertise alongside their capital. Both parties appreciate the significant impact high-speed connectivity can have on a community and the local economy.”
Ian Calvert, CEO of Wildanet, said:
“This is a fantastic deal for Wildanet. Having Gresham House as partners in this exciting expansion is a tremendous endorsement for our business. In a post COVID-19 world, digital connectivity will be more crucial than ever. With further new investment, we can accelerate our expansion and bring great broadband to the people of Cornwall.”
Peter Bachmann, Fund Manager at Gresham House, said:
“This year, unlike any other, has brought home the importance of connectivity to the economic, social and health wellbeing of us all. Wildanet’s focus on digital inclusion for all of Cornwall, not just the easy to reach homes and businesses, allows us to invest to make a meaningful economic and social impact in line with our Fund’s strategy and objectives of backing innovative sustainable infrastructure projects.”
Local MP Sheryl Murray, said:
“I’m delighted that Wildanet have secured this investment which will enable them to accelerate the development of their network across Cornwall bringing the benefits of gigabit connectivity to homes and businesses in the county. Access to fast, reliable broadband will support the further development of Cornwall’s digital economy whilst creating additional jobs.”
For more information on how Amberside can support fund raising businesses and infrastructure investors, please contact Dan Scowcroft on firstname.lastname@example.org