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Hyperoptic bringing 1 Gbps broadband to half a million homes

Internet Service Provider Hyperoptic has just announced that it is bringing its 1 Gbps fibre broadband to more than half a million new homes in cities across the UK.

This was made possible through a significant investment from the European Investment Bank (EIB), which has agreed to provide £21 million. Other partner in the project is Quantum Strategic Partners Ltd. (Quantum), a private investment fund managed by Soros Fund Management LLC, bringing the total investment into Hyperoptic to £75 million.

The company also said this was the single biggest dedicated backing, by the EIB, for an internet network in the UK.

“Hyperoptic is excited by the European Investment Bank’s investment, which will further fuel our roll out and addressable market expansion. The confidence of both EIB and Soros Fund Management LLC supports the importance of FTTP in providing a boost to the UK’s digital infrastructure and economy,” said Dana Tobak, CEO of Hyperoptic.

Hyperoptic said it has been growing by more than 100 per cent each year, in the past few years, and that it is just going to continue on that path.

The European Investment Bank backed telecom broadband and telecoms in the UK with more than £5 billion since 1975.

“The European Investment Bank is pleased to support Hyperoptic’s roll-out of super-fast broadband in cities across the UK. This exciting new initiative will transform economic activity, healthcare, education and access to key services and represents the EIB’s first targeted support to address slow urban communications in UK,” said Jonathan Taylor, European Investment Bank Vice President.

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