The company plans to expand its full fibre network to reach at least 5 million new customers by 2025
Hyperoptic is to rollout hyperfast, gigabit capable broadband services to 2 million people across 50 UK cities, after the company secured a £250 million financing package.
The finance will be drawn from a group of eight international banks and will help Hyperoptic rollout its ambitious plans for the UK at scale.
“Such large financial backing from prestigious investors is testament to the strength of Hyperoptic’s business model and proven track record for delivery. All our teams are forging ahead with one rally cry: Let’s Gigabit Britain,” said Dana Tobak, CEO of Hyperoptic.
The funding comes at an opportune moment for Hyperoptic, coming hot on the heels of the UK government’s plea to industry to provide 15 million fibre to the home (FTTH) connections by 2025.
Hyperoptic currently provides around half a million FTTH connections in the UK, so its plans to scale up to reach 2 million more homes by 2022 and 5 million by 2025, represents a significant challenge for the UK’s biggest gigabit broadband provider.
The company is hoping to leverage a number of group planning agreements that it has negotiated with local councils to get fibre broadband connectivity laid in to all new build properties as standard.
Hyperoptic says that its plans to roll out 5 million FTTH connections across the UK by 2025 will create around 1,500 jobs.
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