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U.K. Fiber Startup Netomnia Raises $385 Million to Battle BT

  • Firm aims to connect 1 million homes in next two years
  • Network builder has raised more than 400 million pounds
Telecom Italia SpA Network Installations Ahead of Company Results
Photographer: Alessia Pierdomenico/Bloomberg

Fiber network startup Netomnia Ltd has raised 295 million pounds ($385 million) led by DigitalBridge Investment Management, showing there’s still ample investor appetite to challenge Britain’s big phone companies.

Additional funding came from previous investors Soho Square Capital LLP and Advencap Ltd, and takes Netomnia’s total funding to 418 million pounds, including 73 million pounds of debt, founder and Chief Executive Officer Jeremy Chelot said. The company declined to share a valuation.