Bath-based internet service provider Truespeed has secured £100m from Aviva Investors to support the rollout of its broadband network across the South West.
The funding is the second tranche Truespeed has received from the asset management arm of the insurance giant, which invested £75m into the supplier in 2017.
Truespeed, which in December announced the appointment of experienced telecoms director James Lowther as its new chief executive, has extended its reach across more than 200 communities in rural and urban areas, stretching to the outskirts of Portishead and down to Froome.
Before the turn of the year, it announced the start of its full fibre broadband network build for residents and businesses in Glastonbury, Shepton Mallet and Street in Somerset.
Truespeed said that the latest backing from Aviva Investors would help accelerate the roll-out of its ultrafast, gigabit-capable full fibre network to more hard to reach homes and businesses across urban and rural areas of the South West.
Mr Lowther said the company was “delighted” and thanked predecessor Evan Wienburg and the firm’s staff for their contribution in the growth of the business.
Mr Lowther said: “We are now an established and fast-growing employer in the region with a reputation for excellent staff training and personal development. It is a privilege to lead the business as we embark on our next phase of growth.”
Sean McLachlan, senior director at Aviva Investors, added: “Since our initial investment in 2017, Truespeed has continued to successfully deliver essential gigabit-capable broadband infrastructure to under-served locations across the South West of the UK.
“This second tranche of funding reflects our belief that the company and its activities not only represent a sound investment, but also create significant social benefits for local communities across the country. We look forward to continuing to support Truespeed and furthering the roll-out of its network build and award-winning service.”
From a headcount of six, Truespeed now employs more than 135 staff and 150 subcontractors, with plans for continued growth in the future as it seeks to connect another 450,000 properties over the next five years.
The company counts yoghurt maker Yeo Valley and Thatchers Cider among its high profile business customers.
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
