The firm announced the acceleration of its growth plans following the acquisition of its parent company M12 Solutions, and a £250m funding injection from Fern Trading Limited, advised by Octopus Investments.
The investment will allow Giganet to offer high speed full fibre connectivity to more than two million homes and businesses in the UK, as the provider significantly increases its existing offering on CityFibre and Openreach fibre and begins construction of its own network.
Work has already begun in Hampshire, Wiltshire, Dorset and West Sussex, with more locations to follow, focusing on connecting local and rural communities and offering homes and businesses access to honest, reliable and cost-effective full fibre broadband.
More than 200 new jobs will be created, providing significant opportunities to grow local economies.
Founders Andrew and Matthew Skipsey will join newly appointed CEO, Jarlath Finnegan and a senior leadership team to deliver the growth plans.
Jarlath said: ‘Together with Fern Trading, Giganet now has the resources to quickly connect lots more customers across the UK.
‘As an experienced provider, it is an exciting time for Giganet as we look to become the best performing ISP in the region, bringing people together like never before and creating sustainable high tech job opportunities for our local community.’
Rob Skinner from Octopus Investments added: ‘We’re really excited about Giganet’s plans to bring full fibre connectivity to customers in need of an upgrade from slow copper broadband.
‘Working with Openreach and CityFibre, as well as building its own fibre network in underserved areas, Giganet will be bringing a broadband service with a reputation for excellent customer service to a huge number of homes and businesses.
‘We look forward to helping Giganet become one of the UK’s leading full fibre ISPs.’
M12 Solutions, which is based at Solent Business Park in Fareham, has won numerous awards since it was set up in 2003, including being named Training Programme of the Year at The News’ Business Excellence Awards last year.
Last month, Giganet installed the 100th home broadband customer in Portsmouth on the new CityFibre network.
Currently, 9,588 homes in Portsmouth can get full fibre broadband, following the first few months of CityFibre’s build.
Work began in 2020 and it started connecting customers in February this year.