Bath-based Truespeed has secured a second tranche of funding, totally £100m, from Aviva Investors to support its full-fibre network roll-out.
Founded in 2014, the company’s stated mission is to deliver full-fibre, gigabit-capable connectivity to homes and businesses across urban, semi-rural and ultra-rural areas in its catchment area. In 2017, Truespeed secured a £75m investment from Aviva Investors and over the past 12 months, the ISP has doubled the size of its network and can deploy 10Gbps connectivity.
As well as expanding its footprint in hard-to-reach rural areas, the firm has extended its build to the heritage cities of Bath and Wells. High-profile local businesses including Yeo Valley and Thatchers Cider rely on Truespeed for full fibre services and the firm has extended free broadband to local primary schools and community hubs passed by its network. In December 2021, it announced the start of its network build in Glastonbury, Shepton Mallet and Street.
“We are delighted that our continuing relationship with Aviva Investors has provided this next tranche of investment,” said Truespeed’s new CEO, James Lowther. “This will allow us to significantly accelerate our roll-out, enabling us to connect more customers to our ultra-fast, ultra-reliable full-fibre service. 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, infrastructure, 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.”
