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The company says the new funding from the UK Infrastructure Bank (UKIB) will help them to “accelerate” their ongoing full fibre rollout
Today, altnet Hyperoptic has announced a new £150 million investment from the UKIB to continue rolling out fibre-to-the-home across the country.
This additional funding increases the company’s total raised this year to £255 million, and total overall to £1.1 billion. The funding follows a report in February in which Hyperoptic said they were seeking to raise an additional £500 million to further fund their rollout.
At a time when investment in fibre has largely dried up, Hyperoptic says this latest investment represents continued support for the company’s business plan.
“Since 2011, we’ve been on a mission to bring ultra-reliable, hyperfast full fibre broadband to businesses and consumers across urban areas and new developments in the UK. We’re acutely aware of the government’s target to achieve 99% gigabit-capable broadband coverage by 2030 and, as an industry, we still have some way to go to achieve it,” said Dana Tobak CBE, CEO and Co-Founder of Hyperoptic. “We welcome the support of the UK Infrastructure Bank, together with other investors, enabling us to continue delivering award-winning gigabit-capable broadband to more people across the UK every day.”
“Reliable internet connectivity is increasingly important to participate in the modern economy and drive forward the UK’s net zero and regional growth ambitions. Our investment in Hyperoptic will ensure that the scale and pace of the full fibre rollout is sustained, specifically in those areas where it’s needed the most, opening up opportunity for numerous communities across the UK,” added Ian Brown, Head of Banking & Investments at UKIB. “We hope that our commitment will help mobilise further private debt financing for Hyperoptic’s continued network expansion.”
Since its foundation in 2011, Hyperoptic has grown to be one of the largest altnets in the UK, with a full fibre network that passes 1.73 million homes and serves roughly 340,000 customers. The company is aiming to increase these figures to 2 million and 500,000, respectively, by the end of this year.
The new investment represents something of a reinvigoration for Hyperoptic, with the company having last year cutting 110 jobs and extended their build timeline due to the challenging operating environment.
Join Hyperoptic CEO Dana Tobak in discussion at this year’s Connected Britain conference, the UK’s largest digital economy event
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