U.K. altnet says cash will help it to extend 1-Gbps network coverage to 5 million homes by 2025.
U.K. altnet Hyperoptic late last week raised £100 million to help it extend the reach of its fibre-to-the-building (FTTB) network.
The company is already up and running in 28 locations and its network passes 350,000 premises. Hyperoptic said the new funds have enabled it to ramp up its coverage target to two million premises 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. 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," said Hyperoptic CEO Dana Tobak, in a statement.
"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," she said.
Last week’s cash injection came from a consortium of European banks comprised of BNP Paribas, ING, RBS, and Dutch investment bank NIBC.
"This new round of funding enables us to offer even more people a credible broadband alternative that is future-proofed for decades to come," Tobak said.
Learn more about what it takes to deploy future-proof broadband networks across the U.K. at Total Telecom’s Connected Britain, taking place in London on 19-20 June 2018. Click here to find out more.