London broadband provider Hyperoptic clinches £100m from Europe’s banking giants
The innovative business, which provides download speeds of up to 1,000Mbps, now aims to hit five million customers by 2025
London-based broadband provider Hyperoptic has secured a whopping £100m investment from a number of European banking giants, including BNP Paribas, ING, RBS and Dutch investment bank NIBC.
Founded in 2010, Hyperoptic specialises in providing full fibre optic broadband in speeds as fast as 1Gbps (1,000Mbps) to multi-resident buildings such as apartment blocks and offices.
Utilising an innovative fibre to the building (FTTB) network, Hyperoptic connects its fibre cabling directly to each unit in the building rather than to a street cabinet. This means that common internet connectivity problems such as bandwidth congestion, lagging and throttling are minimised.
As a result, Hyperoptic claims that its users are able to download 4K content in minutes, upload 500 photos in 21 seconds, download a high definition film in 43 seconds, and play online video games with little chance of disruption.
Hyperoptic is currently used by more than 350,000 homes and businesses in the UK, and is available in 28 towns and cities. The business says its network reach has grown by over 100% year-on-year for the past three years.
Using the funding injection, the business plans to roll out its gigabit speed broadband services, and is driving to hit two million users by 2022 and five million by 2025.
Hyperoptic is now competing with the likes of BT and Virgin, which recently announced the launch of Voom Fibre, broadband that Virgin Media Business says will provide small businesses and start-ups with download speeds of up to 350Mbps.
Better digital connectivity has been highlighted as key to UK industries’ development and productivity, with better full fibre networks integral to this. In the 2017 spring budget announcement, chancellor Philip Hammond confirmed plans to provide a £200m fund to help local projects build such networks across the country.
Dana Tobak, CEO at Hyperoptic, commented: “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.”