Bosses at CityFibre say the extra funding will enable thousands more homes to access its full fibre network and the high-speed broadband services offered by Vodafone and TalkTalk.
The technology company has just completed work to bring the network to 60,000 homes.
And the new investment comes just eight months after CityFibre increased its original £30 million investment by £1.5 million to connect up the villages of Glinton and Eye.
Rebecca Stephens, CityFibre’s city manager for Peterborough, said: “This extra investment means we can keep going to ensure even more premises can access the network.
“We’ve been working to bring our best-in-class full fibre network to thousands of homes in the city for the last few years and there’s a clear demand.
“You only have to look at what we’ve been through in the last 18 months of the pandemic to see how much we rely on good broadband connectivity for homeworking and schooling, telehealth, and business innovation.
“Peterborough is a trailblazer, becoming one of the first cities in the UK to have this level of digital infrastructure, creating opportunities and giving a digital boost to the local economy for years to come.”
The new investment announcement comes shortly after CityFibre completed the super fast broadband connection to 60,000 homes across the city.
The extra funding will ensure thousands more homes and businesses can access full fibre connectivity with the company’s delivery partner Granemore Group, currently working in Hampton and Stanground.
Councillor Marco Cereste, cabinet member for digital services and transformation at Peterborough City Council, said: “We are delighted that CityFibre has chosen to extend its network roll out in Peterborough.
“We understand the importance of reliable, high-speed broadband services and are thrilled that thousands more homes and businesses in the city will have access to this state-of-the-art digital infrastructure and all the productivity benefits it brings.
“CityFibre’s investment is transforming Peterborough into one of the best digitally connected cities in the UK and beyond.
“We are excited by the many opportunities this will bring for the city from encouraging new investment to improving educational experiences.”