Gigabit broadband provider Hyperoptic has secured an additional £100million in funding to accelerate the build of its full fibre network.
The cash injection comes from a consortium of four ‘tier one’ European banks: BNP Paribas, ING, RBS and Dutch investment bank NIBC.
Full fibre broadband from Hyperoptic is currently available across 28 cities and towns across the UK after it grew its network fivefold over the last six years to 350,000 residential homes and business units.
Its new plan is to grow its network another sixfold and make its hyperfast broadband service available to two million homes by 2022 and five million by 2025.
Dana Tobak, CEO of Hyperoptic, said: “We are proud to have created a network of gigabit cities where residents can live and work without connectivity constraints.
“Through private funding and partnerships with developers, freeholders, and councils we have hugely increased our footprint – but it’s our customers that have been the biggest catalyst in fuelling our growth.
“This new round of funding enables us to offer even more people a credible broadband alternative that is future-proofed for decades to come.”
Hyperoptic runs its own dedicated Fibre-to-the-Premises (FTTP) network, which is why it can offer symmetrical gigabit broadband services – 1,000Mbps – the fastest broadband speed in the UK today.
It has been growing its network reach by over 100 per cent for the last three years in a row. During this process it has installed over 20 million metres of dedicated cable – further than the distance from the UK to New Zealand.
Exchequer secretary to the Treasury Andrew Jones said: “Full-fibre is the gold standard of broadband connectivity – and through companies like Hyperoptic, our commitment to world-class digital infrastructure for everyone in the UK is already becoming a reality.
“We’re investing over £1 billion in next generation digital communications, including our recently launched £400 million Digital Infrastructure Investment fund, and a five year business rates relief on new full-fibre investment – all of which will stimulate the market, and expand full-fibre networks around the country.”
Hyperoptic has previously received funds of over £75m. In 2016 the European Investment Bank agreed to provide £21m to fuel Hyperoptic’s rollout and addressable market expansion.
In 2013 Hyperoptic received an equity investment led by Quantum Strategic Partners Ltd, a private investment vehicle managed by Soros Fund Management LLC.