Chester-based ITS Technology Group has secured further investment from Maven Capital Partners to support the growth of its full fibre digital infrastructure in metro and rural areas.
This latest round includes finance from the Northern Powerhouse Investment Fund, Maven Venture Capital Trusts and other private shareholders.
ITS is using this fresh equity injection to continue to commercialise and grow its full fibre footprint. Investments will be made in new networks and expansion of the major networks in Bristol, Hereford, London, Nottingham and Tameside.
Ryan Bevington, Investment Director, Maven, said: "As a long-term investor, our continued support of ITS is a reflection of the confidence we have in its management team, business model and approach."
ITS CEO Daren Baythorpe added: "Since taking the reins of ITS my focus has been on getting us into great shape to continue our rollout of ultrafast digital infrastructure at pace. Maven's continued support both validates and underpins our approach to support the government's and Ofcom's full fibre vision."
ITS' focus will remain on its 'dig once' approach, working with local authorities and landowners to reuse infrastructure to reduce the costs and accelerate the time to build new full fibre networks.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.