Appoints New Board Members to Support Rapid Network Expansion
- Successful $20.5 million funding completed and oversubscribed, with strong support from existing shareholders in addition to two new institutional investors, Palisade Impact and Endeavor Asset Management.
- Funds will support the rapid expansion of GigaComm’s latest technology telecommunications infrastructure network in NSW and Victorian inner-city suburbs, and entry into new markets including Brisbane and Canberra.
- Since inception, GigaComm has focused on broadening its network and coverage, so that more households and businesses can have access to the ultra-fast internet modern day life requires.
- Additionally, GigaComm has appointed three new Board members, Gerry Moriarty AM, Judy Slatyer and Jeremy Wernert who will join existing Board members, GigaComm Co-Founder and CEO Sophearom En and Co-Founder and Chairman, Peter Shore.
Melbourne, Victoria – 21 June 2022 – GigaComm, an innovative telecommunications infrastructure company delivering Australian businesses and consumers access to ultra-fast internet, today announced it has completed an oversubscribed $20.5 million funding round and appointed three new Board members who will join existing board members and Co-Founders, CEO Sophearom En, and Chairman Peter Shore.
The capital raise was supported by existing shareholders and two new institutional investors, Endeavor Asset Management and Palisade Impact.
Australia is currently ranked over 60th in the world for broadband speeds, significantly behind many countries, including our Asian neighbours. GigaComm was formed in 2018 by a team of industry experts who identified significant unmet demand for ultra-fast internet and set out to build the infrastructure needed to drive Australia’s economic productivity and growth.
The Company has designed and is building an independent, leading technology infrastructure network that it controls, to deliver ultra-fast, reliable, gigabit connectivity to more Australians through better-value plans.
Utilising a combination of the latest technologies, GigaComm is delivering ultra-fast speeds up to a Gigabit per second which is over 10x faster than the national download average in Australia. The network is completely independent, bypassing the NBN and giving GigaComm complete transparency and control over all elements of its network, while bringing real choice to consumers and businesses.
The company has already surpassed 100,000 premises passed in NSW and Victorian inner-city suburbs. Proceeds of the capital raise will be used to further expand network infrastructure and connect residential and business customers in these areas, as well as enter new markets including Brisbane and Canberra.
Commenting on the raise, GigaComm Co-Founder and CEO Sophearom En said: “We are thrilled with to welcome two new investors to our shareholder base.
“High-speed internet is essential today to connect communities, drive innovation, stimulate economic growth, and provide greater opportunities. However, many Australian households and businesses are being left behind because they are not able to access affordable, ultra-fast internet.
“We recognised this gap and set out to build a high-capacity, completely independent network to meet the new ways people are living and working. The level of support we have received and the calibre of shareholders who are aligned to our values is further confirmation that we have a network that is capable of delivering real benefits to Australians.”
Commenting on its investment, Jeremy Wernert of Palisade Impact said: “The Palisade Impact Fund was established with a focus on investing in next generation infrastructure that addresses environmental and social challenges, while delivering strong returns. GigaComm represented a unique opportunity for us to invest in a company that is both commercially and socially driven, ultimately to improve access to high-speed internet that is just as critical as water and electricity to everyone’s day-to-day lives.
‘In addition to the broader rollout of GigaComm’s network, as part of our investment we will work with GigaComm to deliver the network to social and affordable housing residents. This will ensure we can actively address digital inclusion in Australia and provide more of the right kind of infrastructure to more Australians.”
To spearhead growth and help drive the business forward, GigaComm has appointed three new Board members to its highly experienced team. Gerry Moriarty AM, Judy Slatyer, and Jeremy Wernert will join existing Board members and Co-Founders, CEO Sophearom En and Chairman, Peter Shore.
Commenting on the new Board appointments, GigaComm Chairman Peter Shore said: “To have such high-calibre business leaders join the Board reflects the ambition and conviction of GigaComm. We all share the vision, to give more Australians’ access to affordable, world-class internet. Gerry, Judy and Jeremy bring a wealth of knowledge to support our experienced management team and will help us accelerate growth”.
- ENDS –
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. To support our increasingly digitally connected lives, GigaComm is delivering ultra-fast speeds over 200Mbps up to 1000Mbps, to provide the next level internet Australian’s need. GigaComm’s entry plan gives customers more value than similar plans, including 200Mbps download and 50Mbps uploads for only $79 per month – a similar price to what customers across Australia are paying for 50-100Mbps download plans. For businesses, GigaComm has symmetrical speed plans, including the 1Gbps plan and locally based, priority business support.