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IBB Receives Funding to tune of EUR9m

wrafter · 2005-01-14 10:28:23

Irish Broadband promises further coverage on foot of new funding In what is being described as one of the biggest private fundraising rounds of the past year, National Toll Roads (NTR) and Kilsaran Concrete Products have each committed €9m to the wireless Internet service provider Irish Broadband. It's claimed that this…

14-01-2005 11:28am

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wrafter

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Irish Broadband promises further coverage on foot of new funding

In what is being described as one of the biggest private fundraising rounds of the past year, National Toll Roads (NTR) and Kilsaran Concrete Products have each committed €9m to the wireless Internet service provider Irish Broadband. It's claimed that this fresh injection will enable the company, which currently has some 5,000 residential and business subscribers, to implement rapid expansion plans across the entire country. Co-founder and COO Jeremy Nel predicted that Irish Broadband would have 85% population coverage by the end of 2005. The two-year-old company is valued at €30m, based on the 28% stakeholding allocated to Kilsaran Concrete Products for its €9m investment. NTR's stake is now 63% with the balance held by founders and staff.

From Professional Ireland mailshot.

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