Local Bath business Truespeed secures £100M investment
Bath-based Truespeed has secured a second tranche of funding from Aviva Investors, the global asset management business of Aviva PLC.
The £100 million investment will help Truespeed 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 South West England. It follows an initial £75 million investment made by Aviva Investors in 2017.
A full fibre infrastructure provider and ISP, Truespeed’s mission is to provide ultrafast, ultra-reliable broadband to the South West of England, helping to level up the digital capabilities of the region and acting as a catalyst for local businesses and communities struggling with substandard broadband.
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, the firm has extended its build to the heritage cities of Bath and Wells. And in December 2021 the firm announced the start of its network build in Glastonbury, Shepton Mallet and Street.
High profile local businesses including Yeo Valley and Thatchers Cider rely on Truespeed for full fibre services. The firm’s core ethos extends to providing free broadband to local primary schools and community hubs passed by its network.
Sean McLachlan, Senior Director, Infrastructure, at Aviva Investors, 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 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.”
James Lowther, Truespeed CEO, added: “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.”