LiveOak Fiber, which operates fiber broadband networks in Georgia and Florida, has secured $250 million from J.P. Morgan to fund its fiber network expansion in the southeastern United States. The quarter billion investment will be used to expand LiveOak’s 100% fiber broadband network in Florida, Georgia, and beyond.
Jody Craft, CEO of LiveOak Fiber, highlighted the strategic significance of the funding in advancing the company’s mission: “We are proud of our progress to build much-needed digital infrastructure, which supports communities across the southeast to meet their connectivity needs. This financing will be used to continue our expansion in Florida and Georgia as well as the surrounding region. We see this as an important step and shows our teams’ continued commitment to growth.”
Founded in 2022 and headquartered in Brunswick, Georgia, LiveOak Fiber has grown quickly. Currently serving six counties in Florida and Georgia—Bay, Okaloosa, and Walton counties in Florida, and Camden, Chatham, and Glynn counties in Georgia—LiveOak completed 50% of its planned network build in those states as of May 2024.
In the process, they have received more than $200 million in investment income (including a $150 million initial investment from InfraRed Capital Partners) and installed more than 1,000 miles of fiber.
To date, their expansion has included the acquisition of existing broadband companies as well as new construction. These efforts have brought high-speed fiber broadband to underserved communities in Georgia and Florida, along with access to education, healthcare, and new economic opportunities.
The additional $250 million investment from J.P. Morgan will allow LiveOak Fiber to accelerate its network expansion efforts. In addition to the connectivity offered by fiber, this expansion will bring economic empowerment and other opportunities to new communities that are currently underserved. LiveOak also plans to enhance the fiber infrastructure in the communities it already serves.
