TrueSpeed Communications has secured £75m funding from Aviva Investors to support the roll out of an ultrafast full fibre broadband network across south west England.
TrueSpeed was established in 2015 and provides residential and commercial customers with multi-gigabit capable symmetrical speeds through a full fibre network.
TrueSpeed already provides this service to homes connected to its fibre-to-the-premises (FTTP) network throughout the Chew Valley, Somerset.
The partnership with Aviva Investors (the global asset management business of Aviva) allows TrueSpeed to accelerate its expansion strategy to pass up to 75,000 homes and businesses in the region.
Sean McLachlan, Senior Director, Infrastructure Equity, Aviva Investors, stated: "There is a clear and growing demand for this essential infrastructure across the country, in particular rural locations.
"The funding Aviva Investors is providing will allow TrueSpeed and its management team to accelerate its business plan and network expansion to provide world class infrastructure to users who are currently underserved."
TrueSpeed CEO Evan Wienburg said: "This investment will enable TrueSpeed to roll out the full fibre network infrastructure and services the region has needed and will provide our customers with a high-quality broadband and data capabilities for the first time.
"This brand new infrastructure will be capable of handling the speed requirements of our customers now and in the future at a competitive price and with a regional service focus."
Marcus Allchurch, Partner at Acuity, advised TrueSpeed throughout the fundraising process. He said: “Securing this funding will make TrueSpeed a major UK provider of ultrafast contiguous FTTP network services.
"Aviva’s commitment to this investment has been admirable and is testament to the perfect storm which is being created in the global digital infrastructure market, as the demand for services makes 20th century telecoms infrastructure obsolete.”
TrueSpeed CEO Evan Wienburg added: “Acuity helped us to build a robust business plan that made sense to the investment community.
"This level of investment for an early stage fibre company such as TrueSpeed has not been done before in the UK and gives us fantastic certainty and a considerable commercial advantage."
Acuity Advisors LLP has notched up decades of collective experience in the telecoms sector, working with carriers including BT, Vodafone, Telefonica, EE, Telia, Telenar and numerous mid-market sector participants.