2degrees shareholders have coughed up more cash for the fledgling New Zealand telecommunications company.

The major shareholders reported to have dug a bit deeper are said to be Trilogy International New Zealand LLC, Tesbrit B.V. and Hautaki Trust.

According to Companies Office documents, an extra US$23.5 million (NZ$31 million), through two issues of 13 million shares and 18.3 million shares at 75 US cents apiece, has been raised.

Director of Corporate Affairs Mathew Bolland told BusinessDesk, “Investment early on was always going to exceed profit, but it’s in line with expectations – our shareholders are happy to provide it. It’s a $2.4 billion industry and the rewards are real.”

Bolland wouldn’t say if the extra funding would be spent on capital or operating expenditure.

This weekend sees two new 2degrees retail stores open in Manukau and Westgate.