Bath-based broadband provider Truespeed is poised for further expansion after securing £100m from Aviva Investors – its largest funding since its launch nearly eight years ago.
It is the second investment from the global asset management arm of UK-based insurance giant Aviva and follows on from the £75m it invested in Truespeed in 2017.
That sparked rapid growth at the firm, which started in 2014 as a community interest company (CIC) with a mission to provide ultrafast, ultra-reliable broadband across the South West, helping level-up its digital capabilities and acting as a catalyst for businesses and communities struggling with substandard broadband.
It has since become one of the Bath area’s fastest-growing companies and the latest funding from Aviva will help it further accelerate the roll-out of its ultrafast, gigabit-capable full fibre network to more homes and businesses across urban, semi-rural and ultra-rural areas of the South West.
In the past year, Truespeed has doubled the size of its network to bring gigabit-capable, fibre-optic connectivity to under-served areas of Somerset.
As well as expanding its footprint in hard-to-reach rural areas, it has extended its network to the heritage cities of Bath and Wells.
Shortly before Christmas it announced the start of its network build in Glastonbury, Shepton Mallet and Street.
A number of high-profile Somerset businesses including diary products firm Yeo Valley – the UK’s largest organic brand – and family-owned cider maker Thatchers, rely on Truespeed for full fibre services, while the firm’s core ethos extends to providing free broadband to primary schools and community hubs passed by its network.
Aviva Investors senior director, infrastructure, Sean McLachlan, said: “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.
“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.”
The investment comes less than a month after Truespeed CEO Evan Wienburg, one of the three original investors in the business, left to pursue a new challenge.
He retains a significant stake in the business, which employed just 10 people when it started. Today it has a team of more than 150.
James Lowther, who replaced Mr Wienburg as CEO, said: “We are delighted that our continuing relationship with Aviva Investors has provided this next tranche of investment.
“This will allow us to significantly accelerate our roll-out, enabling us to connect more customers to our ultrafast, ultra-reliable full fibre service.
“Credit to my predecessor Evan Wienburg and the great team here at Truespeed for the hard work undertaken to get us to this point.
“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.”
