Fibre broadband provider Hyperoptic has secured a new investment that will allow it to take the total amount it commits to the development of its full fibre broadband network to £500 million.
The firm, which so far has specialised in bringing gigabit-capable fibre to densely-populated urban locations such as apartment blocks that may be underserved by other high-speed networks, already has almost 500,000 home and businesses customers, with speeds some 21 times faster than the UK average.
Its latest round of fundraising, which includes financing from Mubadala Investment Company, the investment arm of the government of Abu Dhabi, will help deliver the firm's new 'Hyper Cities' rollout. This aims to deploy over 5,000 miles of fibre by 2021 as part of Hyperoptic's efforts to add full fibre capabilities across the UK.
Mounir Barakat, Executive Director of Mubadala ICT, said: "We have been following Hyperoptic for the last couple of years and have been impressed by the impact they have had on the UK fibre market, taking a strong leadership, catalyst and disruptor role."
Hyperoptic stated that the initiative will enable it to to broaden its reach beyond its traditional focus and extend services to smaller apartment blocks, housing developments, and businesses.
Initial cities to be covered as part of the Hyper Cities scheme will include Greater London, Manchester, Glasgow, Edinburgh, Liverpool and Leeds in 2019. A further ten cities are set to be added to this in 2020, with locations to be announced in the second half of next year.
This will help Hyperoptic boost the speed of its rollout, with the firm now forecasting that its network will reach two million homes by the end of 2021, a year ahead of its previous schedule. It is then set to add a further three million homes - bringing the total to five million homes - by 2024, compared with 2025 previously.
Chairman of Hyperoptic Boris Ivanovic said the additional investment "provides the firepower to deliver on our plan and vision", and adding that it is "further proof of the road we have taken in fundamentally transforming a very slow and reactive UK telco market."