UK fibre company Hyperoptic has won a further £100 million (€111 million) in funding as it looks to accelerate and broaden its network roll-out.
The FTTP provider said the new money will allow it to “exponentially” expand coverage to consumers and businesses that have been neglected by big players and which it has previously been unable to reach.
Hyperoptic said it would now offer its services to sites starting at a minimum of 25 units.
The fibre provider, which currently passes 350,000 UK homes and businesses, aims to pass two million premises by 2022 and five million by 2025.
The injection of funds came from a consortium of European banks including BNP Paribas, ING, RBS and NIBC. It has previously received £75 million in funding.
Dana Tobak, CEO of Hyperoptic, said: “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.”
She added: “This new round of funding enables us to offer even more people a credible broadband alternative that is future-proofed for decades to come.”
Andrew Jones, the UK's Exchequer Secretary to the Treasury, said: “Full fibre is the gold standard of broadband connectivity – and through companies like Hyperoptic, our commitment to world-class digital infrastructure for everyone in the UK is already becoming a reality.”
The UK broadband market has a variety of market players aiming to cater to demand for faster connectivity through fibre.
Clive Selley, CEO of BT’s infrastructure arm Openreach, which is in the process of making itself a legally separate entity from its parent, recently said 10 million UK premises could access pure fibre technology by the mid-2020s if “the right conditions” prevail.
Hyperoptic’s fellow pure fibre provider CityFibre recently announced it will try to net around £200 million from a new funding round as it looks to deploy FTTH to premises in up to 10 UK cities.
In June, the UK government officially launched its £400 million Digital Infrastructure Investment Fund (DIIF), which it said would unlock over £1 billion for pure fibre broadband roll outs, and cut business rates.