Hyperoptic have raised £250 million towards extending its full-fibre gigabit broadband network rollout to 50 cities and towns by 2019.

The London-based company, co-founded by Boris Ivanovic and Dana Tobak in 2011 has major backing from billionaire investor George Soros.

Hyperoptic’s full-fibre broadband network is currently available in selected cities and towns across the UK such as Sheffield, Southampton and Birmingham to name but a few.

Nearly half a million homes and businesses are currently able to access the Hyperoptic full-fibre broadband network, giving customers internet speeds 22 times faster than the national average at 16.51 Mbps, according to a Cable study.

Fibre-to-the-Premises broadband is only available to four percent of the UK population, according to the British government’s Future Telecoms Infrastructure Review released in July despite its plans to connect 15 million premises to full-fibre by 2025.

How Has Hyperoptic Raised £250 Million?

The £250 million deal Hyperoptic rose for its full-fibre broadband expansion was led by eight banks, including RBS, Societe General, Royal Bank of Canada and Barclays.

It’s a £150 million increase from the previous £100 million funding it raised towards expanding its UK broadband network over a year ago.

Hyperoptic say that their latest network expansion will be in line with their goal to expand their network to more than two million homes by 2022 and five million by 2025.

Boris Ivanovic, Chairman and Co-Founder of Hyperoptic commented: “Hyperoptic has the vision, determination and means to lead the rollout of gigabit connectivity across this country, and smash the digital divide once and for all.

“I am proud that we have led by results. This latest round of funding is a tremendous recognition of our achievement and provides the impetus for making Hyperoptic the premier full fibre national network.”

Margot James, Minister of State for Digital and the Creative Industries added: “We recently announced plans for a nationwide full fibre broadband network to build a Britain that’s fit for the future.

“Commercial investment will play a crucial part of this, and Hyperoptic’s commitment to deliver gigabit connectivity to more than 50 UK towns and cities shows that they match our ambitions”

See Also: UK Full Fibre: Sweeping Regulatory Shakeup Needed