UK fiber-to-the-home (FTTH) service provider Hyperoptic says that has received an equity investment commitment of £50 million ($75.5 million) led by Quantum Strategic Partners Ltd. (Quantum). Quantum is a private investment vehicle managed by Soros Fund Management LLC for the benefit of well-known investor George Soros and Soros family clients.
Hyperoptic began delivering symmetrical 1-Gbps services in London via its fiber-optic network in September 2011 (see "Hyperoptic bring 1-Gbps broadband to London"). It expects to use its new wealth to stretch its FTTH footprint to pass more than 500,000 homes within the next five years, with a short term goal of reaching 10 more UK cities by the end of the year. It currently passes 20,000 homes in London.
The company also plans to launch service to businesses and commercial premises, as well as offer new services such as IPTV and cloud computing for its residential customers.
"Today's investment is a resounding vote of confidence in both our business model and the bright prospects for FTTH technology in the UK,” asserted Boris Ivanovic, chairman and co-founder of Hyperoptic. “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 and Hyperoptic will play a key role in doing just that."
The new funding round will also see the addition of three non-executive directors to Hyperoptic's board: Bruno Ducharme, chairman of TIW Capital Partners and founder of European mobile operator TIW, and Waldemar Szlezak and Joshua Ho-Walker of Soros Fund Management.
"In Hyperoptic, I see an exceptional team of entrepreneurs in the ISP marketplace, a proven business model to deliver cutting-edge broadband technology, and a big opportunity to meet the growing appetite for superfast broadband,” said Ducharme. “I am pleased to play a part in supporting their rapid growth trajectory through this long-term infrastructure investment."
For more information on FTTx equipment and suppliers, visit the Lightwave Buyer’s Guide.