Business ISP Luminet Secure £3m Boost from Private Equity Firm

London-based UK ISP Luminet has secured a development focused capital funding boost of £3m from the Foresight Group, which is an independent infrastructure and private equity investment firm. The extra funding will be used to grow their customer base, boost marketing and improve the network.

The money will come as a huge boost to the business, which has been quietly building out their own fibre optic network and a completely independent Fixed Wireless Access (FWA) infrastructure (mostly in London where 550 businesses use their service) in order to support their managed connectivity solutions.

As part of the deal, Foresight will introduce an experienced NED chairman to the provider.

Mike Quinn, Foresight’s Senior Investment Manager, said:

“We have known Luminet for some time and have been impressed by the wireless network they are building across London. The need for fast, reliable connectivity is ever increasing and the service offered by Luminet, particularly in the densely populated South East, is in high demand. We are excited to work with Sasha and his team as they look to accelerate the growth of the business.”

Sasha Williamson, CEO of Luminet, added:

“In the last year, Luminet has transformed from a business broadband ISP to a managed service provider. We operate in a sector with high levels of M&A activity, which the team at Foresight have extensive experience with. We are excited to be working with Foresight at such an important stage of the Company’s development.”

Last year the ISP’s CEO, Sasha Williamson, told ISPreview.co.uk that the UK should focus on deploying Gigabit broadband networks “nationwide” and that the plan for a 10Mbps USO was “laughable in this digital age” (here).