Hyperoptic, a London, UK-based gigabit broadband provider, received an equity investment from Mubadala Investment Company, the investment arm of the Government of Abu Dhabi.
On closing of the transaction, Mubadala will acquire a minority stake in Hyperoptic and Mounir Barakat, Executive Director ICT will be joining Hyperoptic Board of Directors as an observer.
This funding follows the company’s £250m debt raise this summer.
The last two rounds of funding, combined with the large balance sheets of its shareholders, will allow the company to accelerate the growth of its 1Gbps full fibre national broadband network.
Hyperoptic is committing to deploy up to £500 million over the next three years, bringing forward its target of two million homes passed to 2021 (from 2022 previously).
Another three million homes will be passed by 2024 (from 2025 previously).
The company is also announcing its “Hyper Cities” rollout with extensive deployment of over 5,000 kilometres metro fibre network using DPA (Duct and Pole access) by 2021 as a key component to the full fibre deployment plan. The initial cities will include Greater London, Manchester, Glasgow, Edinburgh, Liverpool and Leeds in 2019.
A further 10 cities to be covered in 2020 will be announced in the second half of 2019.
This metro fibre deployment will allow Hyperoptic to broaden its reach beyond its traditional focus of large residential blocks, to extend service to smaller blocks, housing, and businesses.
The company already powers nearly half a million homes and businesses with access to its 1Gbps service.
Hyperoptic also announced additions to the senior management team to support its rapid development and growth, including:
– Charles Davies as MD ISP,
– Moray Falconer as MD Infrastructure,
– Boris Dragovic as Chief Strategy & Transformation Officer (CSTO),
– Pascal Koster as Chief Technology & Information Officer (CTIO) and
– Daniel Butler as Director Communications and Policy Strategy.
The team is led by Dana Tobak, CEO & MD, Tom Williams, COO, and Floyd Widener, CSO.