UK-based pure fiber provider Hyperoptic has announced the completion of a debt raise of GBP250 million (USD325 million) from eight leading international banks, with the funds generated to be used to extend its full fibre infrastructure to 50 towns and cities across the country.
In what it claims will be ‘the largest single investment in the UK for a full fibre-optic network provider’, the company confirmed it is aiming to reach two million premises by 2022 – up from around half a million at present – before expanding to five million by 2025. Notably, with the UK government last month having said it was aiming for 15 million premises to have access to full fibre broadband by 2025 in its Future Telecoms Infrastructure Review (FTIR), Hyperoptic stated that it alone will deliver one-third of this target.
In the past year Hyperoptic has expanded its network to ten additional UK towns and cities, and signed contracts in a further 14, and it expects to be offering connectivity in more than 50 cities and towns by Q1 2019. Hyperoptic has suggested that its network expansion plans will create another 1,500 jobs, more than doubling its current 600 staff across five offices; in the wake of its latest funding, the company plans to recruit at least a further 400 employees by the end of this year and another 1,000 by the end of 2019.
Hyperoptic CEO Dana Tobak said of the matter: ‘Such large financial backing from prestigious investors is testament to the strength of Hyperoptic’s business model and proven track record for delivery.’ Meanwhile, the operator’s chairman, Boris Ivanovic added: ‘Hyperoptic has the vision, determination and means to lead the rollout of gigabit connectivity across this country, and smash the digital divide once and for all … This latest round of funding is a tremendous recognition of our achievement and provides the impetus for making Hyperoptic the premier full fibre national network.’