Thursday, 23 June 2022 11:54

GigaComm secures $20.5 million in funding and announces three board appointments

GigaComm co-founder and CEO Sophearom En GigaComm co-founder and CEO Sophearom En

Telecommunications infrastructure company GigaComm has secured a $20.5 million funding round from Endeavor Asset Management and Palisade Impact and has appointed three new board members who will join co-founders CEO Sophearom En and chairman Peter Shore.

Gerry Moriarty AM, Judy Slatyer, and Jeremy Wernert will join the board to spearhead growth and help drive the business forward.

“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,” says GigaComm chairman Peter Shore.

Endeavor Asset Management and Palisade Impact raised the capital and funded Gigacomm.

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.

“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,” comments GigaComm co-founder and CEO Sophearom En.

“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,” En adds.

Palisade Impact CIO and co-founder Jeremy Wernert says GigaComm represented a unique opportunity for Palisade to invest in a company that is both commercially and socially driven—ultimately to improve access to high-speed internet that is 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.”

GigaComm claims to deliver speeds up to Gbps that is 10x faster than the national download average in Australia.

It claims it has already surpassed 100,000 premises in NSW and Victorian inner-city suburbs.

This first appeared in the subscription newsletter CommsWire on 22 June 2022.

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