In a recent development, Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) is reportedly seeking external investment for its GFiber internet business.
What Happened: Alphabet aims to accelerate the growth of GFiber, a provider of Wi-Fi and internet services in certain U.S. regions. GFiber, a subsidiary of Google’s parent company, competes with major internet service providers such as Comcast Corporation (NASDAQ:CMCSA), Verizon Communications Inc. (NYSE:VZ), and AT&T Inc (NYSE:T), Reuters reported.
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 ...