Internet Industry Disruptor Secures Millions with Aim to IPOBryce Morriss
MEDIA RELEASE – 28.03.17
Last August two of Australia’s biggest Internet entrepreneurs, VOCUS Founder James Spenceley and Amcom founder Tony Grist, privately invested in South Australian super-fast wireless broadband company, Uniti Wireless. Within six months of securing this cornerstone investment, Uniti doubled its subscriber numbers and achieved an 80% increase in revenue.
On the back of this operational success, Uniti co-founders and co-CEOs Che Metcalfe and Sasha Baranikov initiated a pre-IPO fundraising round in January, which closed oversubscribed. The raise attracted some high calibre investors to Uniti’s share register including Sydney’s CVC Limited and Perth’s Viburnum Funds.
Cornerstone investor James Spenceley stated: “The incredible response to the capital raise is a result of the impressive growth rate of this business since we backed the team seven months ago. Fixed wireless performance and speed to deploy continues to be an attractive alternative in a market dominated by the vanilla NBN option.”
Approximately $3million in funds were raised from this round, which will be used to accelerate expansion of the network footprint to service exceedingly high customer demand. Expansion includes increasing infrastructure roll-out in suburban Melbourne, with the aim to IPO in the first half of 2018. The Company will soon employ 40 staff members based out of its Adelaide office and has a growing team in Melbourne.
Delivering super-fast wireless broadband to homes and businesses, Uniti is disrupting an Internet industry plagued by performance issues. Uniti’s broadband solution uses state-of-the-art fixed wireless technology that bypasses the need for the NBN, providing customers with an alternative to the NBN if or when it becomes available in their area. “We’re here to build a sustainable network, and it’s our fast growth and continued quality of the network that is testament to the incredibly high level of customer satisfaction,” said Metcalfe.
Uniti’s pre-IPO plan is to continue its rapid growth into selected areas throughout Melbourne, with further plans to expand nationally and build the nation’s largest super-fast wireless broadband network. “With each region we enter, the communities themselves will be able to take action and bring super-fast broadband to their area. At MakeMyPlacePink.com consumers will be able to pre-register their premises, adding it the Uniti expansion map. The more people that rally their neighbours, friends, family and network to add themselves to the map, the quicker we will launch our super-fast wireless broadband in their area,” stated Metcalfe.
“Uniti’s superior subscriber growth suggests there’s substantial unmet demand for a simple, high speed broadband solution. There seems to be no end of households that either can’t get broadband, are underwhelmed by the NBN, or the NBN is not even getting to them until 2020/21. Allocating more capital to Uniti to meet that demand just seemed a no-brainer…” said cornerstone investor Tony Grist.
Uniti is now on its way to realising its national growth plan to service at least 100,000 Australian customers by 2021.