Regional ISP Truespeed secures USD135m investment for fibre rollout

7 Jan 2022

UK broadband internet provider Truespeed has received a second tranche of funding from global asset management firm Aviva Investors to help underpin its ongoing rollout of gigabit-capable fibre-optic networks in towns, cities and rural areas of South West England.

The Bath-headquartered ISP secured GBP100 million (USD135 million) through the funding round, augmenting the GBP75 million it received from Aviva in 2017, the Bath Echo notes, adding that in the past twelve months Truespeed has doubled the size of its network to bring gigabit-capable, fibre-optic connectivity to under-served areas of Somerset. As well as extending its coverage in Bath and Wells, it is also targeting more remote areas, and in December 2021 announced the start of its network build in Glastonbury, Shepton Mallet and Street.

Commenting, Sean McLachlan, Senior Director, Infrastructure, at Aviva Investors, said: ‘Since our initial investment in 2017, Truespeed has continued to successfully deliver essential gigabit-capable broadband infrastructure to under-served locations across the South West of the UK … This second tranche of funding reflects our belief that the company and its activities not only represent a sound investment, but also create significant social benefits for local communities across the country.’

United Kingdom, Truespeed