Hyperoptic
| Company type | Private |
|---|---|
| Industry | Telecommunications |
| Founded | April 2011 |
| Founder | Dana Tobak, Boris Ivanovic |
| Headquarters | London , United Kingdom |
Area served | United Kingdom |
Key people | Boris Ivanovic (Chairman) |
| Products | Digital telephony, internet services (Fibre to the Premises) |
| Parent | Kohlberg Kravis Roberts (majority owner) |
Hyperoptic Limited is a UK-based telecommunications firm specializing in digital telephony and internet services. Established in April 2011, its main office is located at Kings House in London.
The company owns and manages its proprietary Fibre to the Premises (FTTP) infrastructure throughout the United Kingdom. By July 2024, Hyperoptic's network had extended to 1.7 million premises, with 340,000 customers actively connected.
History
Initially registered as bcube Limited on 13 April 2010 by Dana Tobak, the company rebranded to Hyperoptic Limited on 6 April 2011. Boris Ivanovic joined Tobak as co-founder and chairman; both had previously launched Be Broadband in 2005, which they sold to O2 for £50 million in 2006.
Hyperoptic officially began operations on 14 September 2011, responding to the demand for gigabit-capable broadband at a time when UK average internet speeds hovered around 7Mbps. The rollout initially focused on installing its full fibre network within large residential blocks in London, with an original goal of reaching one million homes by 2017. However, by the end of 2018, coverage extended to only half a million premises, eventually surpassing one million in November 2022.
By March 2013, fibre installations had reached 20,000 London residences. That May, the company secured £50 million in equity financing led by Quantum Strategic Partners, managed by Soros Fund Management, facilitating expansion into cities including Bristol, Cardiff, and Reading.
In August 2018, Hyperoptic raised £250 million from a consortium of eight banks to accelerate the extension of its full-fibre network to two million premises by 2022 and aimed for five million by 2025. Later that year in November, Abu Dhabi’s Mubadala Investment Company acquired a minority stake; at that time, the network covered half a million premises across 30 cities in the UK.
On 14 October 2019, investment firm KKR purchased a majority ownership interest from Newlight Partners LP and Mubadala.
By November 2022, the company had reached one million premises passed—delayed by five years—and postponed its target of two million premises first to 2023 and subsequently to 2024.
In June 2023, following a strategic pivot from network expansion towards increasing customer connections, Hyperoptic announced workforce reductions affecting approximately 6% of its employees.
As of March 2023, Hyperoptic ranked among the top five fibre network providers in the UK based on coverage, having reached approximately 1.4 million homes and serving over 300,000 customers by the end of that year.
In July 2024, Hyperoptic obtained an additional £150 million loan from the UK Investment Bank (UKIB), pushing its total debt facilities beyond £1.1 billion.