Successfully completes capital raise to continue rolling out its gigabit speed network to more apartment buildings and businesses across the eastern seaboard
- GigaComm has successfully raised further growth capital to fund the continued expansion of the GigaComm network, with Macquarie Capital’s Infrastructure and Energy Capital team leading the funding round to provide a significant investment in the company.
- Existing shareholders, including Palisade Impact, have also contributed further capital in the funding round.
- The growth capital will fund the continued expansion of the GigaComm network to more apartment buildings and businesses across the eastern seaboard with expansion planned into a further 100 suburbs following its successful expansion into buildings in 180 suburbs across Sydney, Melbourne and Brisbane
- Demand for GigaComm’s ultra-fast connectivity is driven by strata managers, owners and residents who view affordable and fast internet speed as a critical improvement for residential and commercial property.
- GigaComm is specifically focused on delivering ultra-fast, reliable and affordable gigabit (1000Mbps) connectivity to apartments most impacted by social-economic challenges, with design work already complete on four social housing properties in NSW and network builds imminent
Melbourne – 8 February 2024 – GigaComm, an innovative telecommunications infrastructure company delivering Australian consumers and businesses access to affordable ultra-fast internet, today announced it has completed its latest funding round.
Macquarie Capital led the round with a significant investment to continue GigaComm’s mission to connect people in apartments and commercial properties in strata buildings to more affordable ultra-fast internet. This investment by Macquarie Capital was supported by existing shareholders, including Palisade Impact which contributed further capital as part of the raise.
GigaComm’s latest capital funding follows its successful raise of $40.5 million over the last two years. In 2023, GigaComm rolled out gigabit speed network to 180 suburbs across Sydney, Melbourne and Brisbane. With further expansion plans underway, GigaComm will use the funding to extend its network to a further 100 suburbs establishing its network in close to 300 suburbs across the eastern seaboard. The company will also specifically focus on expanding its digital infrastructure to social and community housing, as part of its mission and commitment to digital equity.
Approximately 800,000 school students (20 per cent) are from households in the lowest income bracket, earning under $35,000 annually, according to the Australian Digital Inclusion Index.1 Households in the lowest income quartile see a higher proportion of their disposal income (10-15 per cent) spent on communications compared with 3.5 per cent for the average household.
GigaComm is broadening the reach and accessibility of its ultra-fast, affordable internet to disadvantaged households and communities. It has recently completed the network design on four social housing properties in NSW, who will benefit from discounted pricing, and is currently working on building the GigaComm network at these sites.
Commenting on the Company’s progress and the funding round, GigaComm Co-Founder and CEO Sophearom En said: “We are extremely pleased to be providing Australians with our strong digital infrastructure and affordable, high-speed connectivity. Our latest funding round, thanks to the support of Macquarie Capital’s investment and our existing shareholders, ensures the Company is well positioned for growth to address the strong demand for GigaComm’s services. The provision of affordable high-speed connectivity brings the Australian internet experience in line with our most progressive global peers.
“We are particularly committed to using the funds to help bridge the digital divide and helping low-income households access reliable and affordable internet. Everyone in Australia is being impacted by increasing cost of living pressures, and higher interest rates are hitting families and businesses alike. Digital infrastructure is the backbone of our economy, education systems and productivity. Now more than ever it is incredibly important that we continue to expand our network to provide a greater level of choice and better, faster and more affordable internet connectivity to our existing and potential customers.”
Australia has over four million premises, including many apartment buildings, that are currently limited to connection speeds of 100Mbps or less over legacy copper connections.2 GigaComm is offering to connect buildings to its network at no upfront cost and provide affordable plans that start from $79 per month, effectively providing 200Mbps for a similar price to what some customers are paying for 50-100Mbps download plans.
[1] Australian Digital Inclusion Index, 2024, https://www.digitalinclusionindex.org.au/case-study-digital-inclusion-low-income-families-and-online-education-in-the-wake-of-the-covid-19-pandemic/
[2] https://www.accc.gov.au/system/files/Public%20version%20-%20Forecasts%20in%20support%20of%20SAU%20Variation.xlsx
Media enquiries
Philip Baker, FTI Consulting: +61 416 188 972
About GigaComm
GigaComm has designed a telecommunications network using a combination of the latest technology, to deliver ultra-fast, reliable and affordable gigabit connectivity to more Australians. GigaComm’s network is completely independent, bypassing the NBN and giving GigaComm complete transparency and control over all elements of its network and enabling lowest cost connection outcomes. To support our increasingly digitally connected lives, GigaComm is delivering ultra-fast speeds over 200Mbps up to 1000Mbps, to provide the next level internet Australians need. GigaComm’s entry plan gives some customers more value than similar plans, including 200Mbps download and 50Mbps uploads for only $79 per month. For businesses, GigaComm has symmetrical speed plans, including the 1Gbps plan and locally based, priority business support.
Body corporates and strata owners interested in upgrading to an ultra-fast, reliable and affordable gigabit connection can visit https://www.gigacomm.net.au/buildings for more information.
