Omni Fiber secures $200 million to expand fiber-optic network across Midwest and Texas
CINCINNATI, Ohio (UI) — Omni Fiber has raised $200 million in new funding to accelerate the buildout of its fiber-optic broadband network across the Midwest and Texas, the company announced Dec. 1.
The financing includes $150 million in debt from Stonepeak Credit and Oak Hill Advisors (OHA), a $50 million equity investment from Oak Hill Capital, and a $10 million working capital facility from Republic Bank & Trust Company.
Founded in 2022, Omni Fiber has already invested more than $400 million in deploying an XGS-PON fiber network. The company expects to reach about 340,000 locations by the end of 2025, serving small and mid-size communities across Ohio, Pennsylvania, Michigan, and Texas. Construction is currently underway in roughly 25 additional communities.
"We are grateful that the additional funds will accelerate our rapid expansion to bring fiber-optic connectivity to those who have been previously underserved," said Darrick Zucco, Omni Fiber’s founding CEO. "We welcome our new funding partners OHA and Republic Bank."
Investors said the new funding reflects confidence in Omni Fiber’s performance and growth strategy.
"We are proud of our strong operating performance driven by the Omni Fiber management team and very pleased with the company’s continued growth," said Scott Baker, managing partner at Oak Hill Capital. "The Oak Hill additional equity investment, together with the incremental financing from debt partners, underscores our belief in the Omni Fiber business model."
Ryan Roberge, senior managing director at Stonepeak, added, "We continue to be impressed with the Omni Fiber team’s execution of their business plan. We are excited to upsize our investment and continue supporting the team and the high-quality fiber network they are deploying for customers in the Midwest."
Omni Fiber said the new financing will help the company continue its mission to connect underserved communities with high-speed broadband and expand its footprint across key U.S. markets.
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