UK-based pure fibre provider Hyperoptic has secured an additional GBP100 million (USD131 million) in funding, which it says will be used to accelerate its infrastructure deployment. According to the company, the cash injection has come from a consortium of four ‘tier one’ European banks,namely BNP Paribas, ING, RBS and Dutch investment bank NIBC. Hyperoptic has previously received funds totalling more than GBP75 million, with the European Investment Bank last year agreeing to provide GBP21 million to underpin the operator’s rollout, while back in 2013 it received an equity investment led by private investment vehicle Quantum Strategic Partners.
With Hyperoptic currently offering services based on fibre-to-premises (FTTP) technology in 28 towns and cities across the UK, around 350,000 premises are said to be passed by its networks, while it claims to have installed over 20 million metres of dedicated cable to date. Now, having arranged this latest funding, the operator says the monies will be used to support a new ambitious plan to grow its network ‘six-fold’, with Hyperoptic aiming to ‘exponentially expand its coverage’ and make its services available to two million homes by 2022 and five million by 2025.
Dana Tobak, CEO of Hyperoptic, said of the development: ‘This new round of funding enables us to offer even more people a credible broadband alternative that is future-proofed for decades to come.’
Meanwhile, Hyperoptic has also confirmed that it is ‘evolving’ its business model, revealing that it will now offer its services at sites with only 25 premises. Moreover, it has said that it may be able to service even smaller sites, depending on the demand and the proximity of its fibre infrastructure.