Albion Capital invests £4.675m in G.Network
G.Network, the next-generation communications service provider exclusively focused on Central London, has received investment totaling £4.675m from Albion Capital, the leading independent investment manager.
Based in Mayfair, London, G.Network provides affordable ultra-fast broadband connectivity to businesses across Central London, bridging the gap between constrained copper-based broadband and expensive leased lines which have long lead times.
A fast, reliable broadband connection is an increasingly critical requirement for Central London’s c. 100,000 SMEs, who are driving a rapidly rising demand for data, recorded at 30% growth annually. However, London’s broadband falls significantly behind equivalent cities, with average speeds ranked 26th out of 33 European capitals. G.Network offers businesses class-leading bandwidth without the lengthy installation times, high costs and extended, inflexible contracts normally associated with fibre-optic connections.
The investment from Albion Capital will be used to build out G.Network’s broadband infrastructure in Central London, prioritising streets with significant business density. G.Network recently completed an audit to identify 200 streets for the installations of its fibre, which connects every business on the street, and plans to use the new funds to connect 70 more streets to its fibre network by the end of 2017.
Sasho Veselinski and David Sangster, co-founders of G.Network, said: “As we continue to build a loyal and committed customer base throughout Central London, we’re ambitious about our objective to provide SMEs with affordable, ultrafast fibre broadband without the inefficiencies of legacy networks. This investment from Albion Capital, alongside its team’s exceptional record in supporting growth companies, will enable us to deliver our market-leading service to more potential clients, at a faster rate.”
Adam Chirkowski, Investment Director at Albion Capital, said: “G.Network represents a compelling proposition for the enormous number of growing small and medium businesses in the capital, which are drastically under-served by existing IT infrastructure. In addition to the market opportunity, we have every confidence in the track record and vision of the two founders, Sasho and David. We look forward to working with them over the coming years to help the business develop its network and increase the potential of London’s SMEs.”