Quantum Strategic Partners invests £50m in fibre-to-the-home cable company
Major funding round will enable London-based Hyperoptic to increase broadband access across the UK
Three-year-old London-based fibre cable business Hyperoptic has raised an impressive £50m with investment led by private equity vehicle Quantum Strategic Partners, a fund managed by Soros Fund Management LLC.
The company which specialises in 1 Gbps ‘hyperfast’ broadband provision – 83 times faster than the current national average – says the funding will allow it to reach more than 500,000 homes within the next five years, helping to create ‘hypercities’.
Three non-executive directors will join the company’s board to oversee its development. They include Waldemar Szlezak and Joshua Ho-Walker of Soros Fund.
The company aims to accelerate growth by providing broadband to business and commercial premises and seeks to develop new products such as IPTV (internet protocol television) and cloud computing services for its clients.
Hyperoptic says it will use the funds to close the gap on global market leaders Japan, which boasts 50% penetration, and the US, where 10% have hyperfast access.
In contrast, the UK languishes with just 1% of homes receiving hyperfast broadband.
Chairman and co-founder of Hyperoptic, Boris Ivanovic said the investment represents “a resounding vote of confidence in both our business model and the bright prospects for FTTH technology in the UK.”
“As momentum continues to build for ‘smart cities’ and an increasingly technology-fuelled economy and society, the need to future proof our infrastructure has become absolutely critical.”