To help expand its growing fiber network, Wave Broadband today announced $130 million in additional funding.
The fresh cash comes through a corporate bond led by Deutsche Bank, with participation from Wells Fargo, Sun Trust, and RBC Daniels.
Wave CEO Steve Weed told GeekWire that the money will be used to accelerate the company’s fiber buildout up and down the West Coast, from San Francisco to Canada. An additional 1,500 more miles of fiber will be built by the end of 2015 — nearly double of what was installed in 2014 — which adds to 5,000 miles of existing fiber.
With the new funding, Wave will also offer residential gigabit service to an additional 10,000 folks in Seattle, where it faces competition from CenturyLink and Comcast, among others.
“We are building a next-generation fiber network,” Weed said, noting that Wave’s entire network is now worth more than $2.5 billion.
This is the second time in Wave’s 13-year-history that it has raised outside money, having reeled in $1.1 billion in 2012.
Wave also named longtime exec Steve Friedman as the new executive vice president of fiber design and construction. The company now has 100 employees dedicated to the construction of fiber rollouts. In addition, Wave named former Classmates.com president Harold Zeitz as the company’s new president and COO.
Wave, which employs 1,000 and serves more than 420,000 customers in Washington, Oregon, and California, has made 17 acquisitions since its birth in 2003.
Editor’s note: Wave Broadband is a GeekWire annual sponsor.