Canadian ISP Barrett Xplore Inc. has put together $55 million in private funding to build an advanced broadband network in rural Canada, consisting of $30 million from existing investors and $25 million in new equity monies.
Among the new investors are private equity firm Catalyst Investors and Calgary’s Werklund Capital Corp.
The carrier, which provides Xplornet Internet services, already has started building the 4G network in Quebec based on WiMAX technology; the system will incorporate 1,200 towers and a new satellite network.
"The range and size of these investments are a clear endorsement of the Barrett Xplore Inc. mission, business model and vision of making Canada an international rural broadband leader," commented John Maduri, CEO of Barrett Xplore Inc., in a statement earlier today. "This investment allows us to finish the job we started: to bring affordable, robust broadband to every rural Canadian.”