UK network connectivity has received a major boost after residential gigabit provider Hyperoptic announced that it has secured £100 million in funding.
The funds, which came from a consortium of four tier one European banks – BNP Paribas, ING, RBS and Dutch investment bank NIBC, will be used to further build its full fibre network.
The full fibre network is currently available in 28 cities and town in the UK, reaching 350,000 residential homes and business units. With the new funding, Hyperoptic hopes to reach two million homes by 2022, and five million by 2025.
“We are proud to have created a network of gigabit cities where residents can live and work without connectivity constraints,” said Dana Tobak, CEO of Hyperoptic. 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.”
Hyperoptic has its own Fibre-to-the-Premises (FTTP) network, allowing it to offer broadband speeds of up to 1,000Mbps. According to the company’s press release, it has been growing its network reach by over 100 per cent for the last three years in a row, installing 20,000 kilometres of dedicated cable.
“We have a 4* Trustpilot rating; the highest in the industry” Dana Tobak continued.
“Our customers have really supported us by sharing their experiences with their neighbours, family and friends, which has meant that we have been able to expedite our rollouts across urban centres. This new round of funding enables us to offer even more people a credible broadband alternative that is future-proofed for decades to come.”
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