SEQI supports London’s Largest 100% Full Fibre Only Broadband Provider Community Fibre as it raises £125m

Sequoia Economic Infrastructure Income Fund announces that it has supported Community Fibre, the UK’s top ranked Broadband provider according to the UK’s consumer champion Which? and the Internet Service Providers’ Association (ISPA),in its new finance facility. The facility is provided and/or arranged by JP Morgan, Barclays, LBBW, SIMCo (Sequoia Investment Management Company) and Alpha Bank raising a total of £125m, overachieving planned targets and bringing total investment in the company to £1.1bn.

Dolf Kohnurst, Partner at SIMCo, said: “We are delighted to support Community Fibre with this investment. We look forward to partnering closely with Community Fibre’s leadership team, together with existing shareholders and lenders, to accelerate the company’s growth, supported by its strong trading momentum and established position as London’s leading full fibre provider for households and businesses.” 

The company also announced it has been EBITDA positive since April 2024, news which was warmly welcomed by existing shareholders Warburg Pincus LLC, DTCP, Railpen and NDIF, and its lenders. 

Community Fibre builds, operates, and owns its 100% full fibre network making available the most advanced technology with the fastest speeds to 1.3m homes and businesses across London. Community Fibre has connected more than 310,000 residents and businesses across the capital and has seen an 85% increase in its customer base in the past 12 months as more people look to alternative networks (Altnets) for faster, more affordable 100% full fibre broadband along with better service.  Businesses include Nando’s and London Grid for Learning (LGFL). It has also signed multiple wholesale agreements with major UK internet service providers, making it the only London-based Altnet to do so.

Graeme Oxby, CEO of Community Fibre said: “Community Fibre has been and will continue to be highly focussed on delivering the best customer experience and the best value for money in the market. Our success here, growing from just 10k customers at the start of 2020 to over 310k in less than 5 years, has driven a strong lender appetite. We and our financial backers are aligned on driving acquisition growth and confident in overachieving our penetration targets.”

Olaf Swantee, Chairman of Community Fibre added: “The lenders and our shareholders share the view that Community Fibre’s momentum will further strengthen its position as the best and largest full fibre only provider in London and is a vote of confidence in its strong management team and their ability to commercialise the large London network.”