Fiber optic provider Omni Fiber has secured an additional $200 million in capital for its fiber build-out across the Midwest and Texas.

In an announcement this week, Omni Fiber confirmed that it closed a debt financing worth $150m from Stonepeak Credit and Oak Hill Advisors (OHA), alongside an incremental $50m equity investment from Oak Hill Capital.

The company also announced that it had additionally closed a $10m working capital facility with Republic Bank & Trust Company.

Ohio-based Omni was founded in 2022 and is backed by Oak Hill Capital. Since launching, the fiber company has invested more than $400m to build out its XGS-PON fiber network and is on track to reach approximately 340,000 locations by the end of the year.

The company notes that the financing will expand its build-out to more locations throughout the Midwest and Texas.

At present, Omni Fiber serves residential and business customers in approximately 60 small and mid-size communities in Ohio, Pennsylvania, Michigan, and Texas.

The company added that construction is in progress in approximately 25 communities, and network design and engineering activities are ongoing in many others.

"We are grateful that the additional funds will accelerate our rapid expansion to bring fiber-optic connectivity to those who have been previously underserved. We welcome our new funding partners OHA and Republic Bank," said Darrick Zucco, founder and CEO, Omni Fiber.

Scott Baker, managing partner at Oak Hill Capital, added, "The Oak Hill additional equity investment, together with the incremental financing from debt partners, underscores our belief in the Omni Fiber business model."