International law firm Bird & Bird advises institutional investors the Amber Infrastructure managed National Digital Infrastructure Fund (NDIF) and RPMI Railpen (Railpen), on the £50 million funding round in Community Fibre, the ultra-fast full-fibre internet service provider.
Only 7% of UK homes are currently connected to full-fibre broadband which has the capacity to provide gigabit-capable download speeds. With over 70,000 London homes passed to date, the additional investment will enable Community Fibre to expedite its ambitious capital-wide growth strategy. The funding marks another milestone in Community Fibre’s journey to pass 500,000 homes in London.
The team at Bird & Bird advised on both the corporate and finance aspects of the financing. The transaction was led by Corporate partner James Baillieu together with partner Isabel Evans (Finance), legal director Simon Gough (Tax) and associates Jennifer Bird (Finance), Hannah Fletcher (Corporate) and Charlotte Hart (Corporate).
Khalid Naqib, Head of Digital Investment at Amber Infrastructure says: “Since our first investment in Community Fibre last year, the business has matured rapidly and scaled its rollout four-fold. We see enormous potential for it to grow further and faster and we will continue to help ensure Community Fibre has all the resources it needs to achieve its ambition of delivering a full fibre future for all of London. Bird & Bird helped us to complete the transaction seamlessly.”
Richard Moon, Investment Director at Railpen, comments: “Given the full fibre multi-play opportunities emerging in the market, Community Fibre is clearly well-positioned to build upon its already impressive growth. With the extra resources at its disposal and dynamic new leadership in place, we look forward to quickly making London a Gigafast city.”
James Baillieu, Corporate Partner at Bird & Bird said "We are delighted to have advised the National Digital Infrastructure Fund and RPMI Railpen on their latest investment in Community Fibre. Bird & Bird's venture capital practice is ranked Tier 1 in leading legal directories and this transaction is another great example of the work we are undertaking in the high-growth community."