ITS Technology Group (ITS) secured further funding from funds managed by Maven Capital Partners to support the growth of its full fibre digital infrastructure in metro and rural areas. This latest round includes finance from the Northern Powerhouse Investment Fund, Maven VCTs and other private shareholders.
Headquartered in Chester, ITS is using this fresh equity injection to continue to commercialise and grow its full fibre footprint. Investments will be made in new networks and expansion of the major networks in Bristol, London, Herefordshire and Nottingham.
Ryan Bevington, Investment Director, Maven said: “As a long term investor, our continued support of ITS is a reflection of the confidence we have in its management team, business model and approach. We are excited to be part of the company’s next phase of growth while in the safe hands of Daren Baythorpe and his senior management team.”
Daren Baythorpe, ITS’ CEO said: “Since taking the reins of ITS, my focus has been on making the business more sustainable and getting us into great shape to continue our rollout of ultrafast digital infrastructure at pace. Maven’s continued support both validates and underpins our approach to support the government’s and Ofcom’s full fibre vision. I am delighted to have reinforced our long term partnership.”
Grant Peggie, Director at British Business Bank, said: “The provision of regional funding streams is vital for ambitious innovative companies that are looking togrow. We are pleased to participate in this latest funding in ITS, which will help to support the company as it targets new networks,. We are proud that NPIF continues to support fast growing businesses across the North..”
ITS’ focus will remain on its successful ‘dig once’ approach, working with local authorities and landowners to reuse infrastructure to reduce the costs and accelerate the time to build new full fibre networks.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929