€25m windfall for Irish Broadband in funding round

12 Jan 2006

Irish Broadband has secured new funding to the value of €25m. The second-round investment has come from the existing shareholders National Toll Roads and Kilsaran Concrete and adds to funding secured last year worth €18m.

In a statement the company said it would use the money to invest in the wireless broadband network it is building and to further accelerate its expansion around the country. As part of the ongoing development of its network, Irish Broadband plans to install an additional 100 high sites throughout the country this year. The company said this will cover every large to medium urban centre in Ireland.

Last week Irish Broadband announced it had exceeded its 2005 target of 20,000 customers. The company claimed this makes it the leading wireless provider in Europe.

“The new funding will accelerate the rollout of our national network and will allow us to develop a wider range of customer service offerings,” said Paul Doody, managing director of Irish Broadband. Doody added that the second-round investment could help the company to exceed its 2006 target of 75,000 customers. “We believe that, based on existing demand, with this funding we could reach as many as 100,000 customers this year.”

Investors National Toll Roads and Kilsaran Concrete both said they were happy with the company’s progress and will continue to support its future development.

By Gordon Smith