GFiber, previously Google Fiber, is planning to raise external capital in order to expand and offer internet service in more cities.
Alphabet president, CFO, and chief investment officer Ruth Porat told Reuters yesterday that “this next step of raising external capital will enable them (GFiber) to scale their technical leadership, expand their reach, and provide better internet access to more communities.” Today, Alphabet is entirely responsible for funding, though GFiber does have customer revenue.
GFiber CEO Dinni Jain added that the ISP is “now ready to scale this much faster.” It’s currently operating or announced availability in 18 states: Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Idaho, Iowa, Kansas, Missouri, Nebraska, North Carolina, South Carolina, Tennessee, Texas, Utah, and Washington.
In 2023, it signed deals to expand to 25 more cities, while its customer base has tripled in the past six years, though no precise figure was provided. Recently, it’s been working to offer multi-gigabit tiers, including a $250 per month 20 Gig service with Wi-Fi 7.
Reuters reports that the goal is to be “independent from Alphabet.” It’s not clear how much GFiber plans to raise, but it follows Waymo and Verily doing the same over the years. In general, the X Moonshot Factory is also moving to this model to help fund moonshots.
More on GFiber:
- Google Fiber demos how you’d actually use 20 Gig internet at home
- Google Fiber rolling out $125/month 5 Gig service in 4 cities
- Google Fiber aspires to offer 100 Gig internet, more multi-gigabit tiers coming first
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