In a recent development, Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) is reportedly seeking external investment for its GFiber internet business.
Since its inception in Kansas in 2012, GFiber has expanded its services to 15 states and tripled its customer base in the last six years. The company also inked agreements in 2023 to extend its services to over 25 additional cities.
“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,” stated Ruth Porat, Alphabet’s president and chief investment officer.
Alphabet has not revealed the amount of funds GFiber is seeking or the valuation it is targeting. GFiber has already engaged an investment bank to begin the process of selling equity in the company, with the ultimate goal of becoming independent from Alphabet.
GFiber CEO Dinni Jain said in a statement: “We are now ready to scale this much faster.”
GFiber is part of Alphabet’s ‘Other Bets’, a collection of businesses at an earlier stage of research or commercialization. These include health company Verily and self-driving car business Waymo, both of which have raised money from outside investors.
In January, Alphabet collaborated with the Chilean government to establish the first undersea cable connecting South America with the Asia Pacific region. These developments highlight Alphabet’s commitment to expanding GFiber’s reach and improving internet access across the globe.
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