TrueSpeed, a fibre-optic broadband and phone company, has secured £75m in its second-ever equity investment round.
The firm had previously participated in an investment round worth £250k, which took place in January 2016 and was unpublicised. That raise valued TrueSpeed at £131k pre-money. Clearly, a £75m raise eighteen months later shows significant growth ambitions.
The capital is to be used to extend 'fibre-to-the-premises' broadband to rural areas in north east Somerset and elsewhere in the South West, prioritised on a demand-led basis, and aiming particularly to target underserved areas. The deal was advised by Acuity, and the CIO of TrueSpeed and Aviva's Senior Director of Infrastructure Equity both gave comment on the investment here.
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