Hyperoptic to expand with £50m of investment funding
The financial sections are all over the news that the George Soros a financier is via Quantum Strategic Partners investing some £50m into Hyperoptic. In case you don't know Hyperoptic offer three products, 20 Mbps, 100 Mbps and 1 Gbps with the fastest service available from £50 per month.
Hyperoptic has a footprint that is expanding rapidly adding 10,000 flats to its coverage footprint between October 2012 and March 2013 giving a footprint at that time of 20,000 and an average take-up rate that is running at over 20%.
"Hyperoptic is clearly paving the way for the UK to take a significant leap forward when it comes to superfast broadband. The UK's major property developers, managers, investors and owners alike are awakening to this reality, and will soon begin to realise the significant benefits – including increased value and marketability of a property – of ‘future proofing' their assets, taking smart decisions today about what will be absolutely critical for tomorrow."Louis Armstrong, non-executive director of Hyperoptic
This investment will mean two new directors on the Hyperoptic board who are from Soros Fund Management, but the more important part for the broadband consumer is that this extra money should allow for expansion.
The plans seem to be to expand coverage to another 10 cities by the end of 2013, with consumers and landlords firmly in the driving seat on which cities will benefit. The expansion is all part of a plan to build their coverage level pass more than 500,000 homes within the next five years.
"The entire Hyperoptic team is excited by the opportunity to further grow our network and fulfill demand for proper fibre connectivity. We will be looking to our Registered Interest and current Freeholder and Developer partners to decide which cities to target next. The question on the table now, is where will the next HyperCity be?"Dana Pressman Tobak, Managing Director
After the debacle that is the Governments super connected cities plan, we have a company that with no recourse to public money might drag the UK into line with the best of what is available in some other countries.