Zzoomm raises further £100m to accelerate its Full Fibre build across the UK
With the Henley-on-Thames build nearing completion, this £100 Million investment will support Zzoomm’s vision of delivering Full Fibre to the UK’s market towns
28 September 2020, Oxfordshire, Zzoomm, the 100% Fibre broadband network operator, has raised an initial £100m of equity from funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree is a leader among global investment managers specializing in alternative investments, with $122 billion in assets under management as of June 30, 2020.
This new investment will accelerate the rollout of Zzoomm’s Full Fibre broadband network across the UK. Zzoomm is currently nearing completion of its first network in Henley-on-Thames network, and this investment will continue this vital infrastructure build across further market towns nationwide.
Full Fibre broadband is recognised as critically important for the UK, even more so now with the increase in people working from home in a post-Covid-19 world. Full Fibre broadband is also a significant factor for future business success in a world of video communication collaboration, cloud services and big data.
Zzoomm’s current build-out in Henley-on-Thames now encompasses over 6,000 homes and businesses who can access these light speed broadband services. This brand new network will be completed before the end of the year, providing Henley residents and businesses with speeds of up to 10,000Mbps to work, learn and play.
Zzoomm, which provides the UK’s fastest home broadband service, was founded in December 2018 by broadband industry veteran Matthew Hare and has to date been funded by investments from private investors and family offices.
This latest investment provides support to accelerate the expansion of Zzoomm’s business. The Full Fibre infrastructure is a crucial element for the UK’s economic recovery and identified in the current UK Governments plans to make Gigabit broadband speeds available to all by 2025.
Matthew Hare, Zzoomm’s Chief Executive said,
“This investment from Oaktree is a clear endorsement of the ability of our experienced management team to deliver what customers want, on budget and on time. ‘Life’s too short for bad broadband.’ The lockdown has accelerated the change in working habits and boosted the demand for online entertainment and learning. Zzoomm has demonstrated that the unmet need for better broadband is satisfied by Full Fibre, and the need for this new infrastructure exists across the UK. Our fast, robust service satisfies this demand. Residents and businesses across Henley-on-Thames love the difference that Zzoomm delivers to their lives. We are targeting market towns that are currently stuck with the pedestrian speeds delivered over ancient copper cables. This funding from Oaktree will enable us to bring our transformational services to many more homes and businesses, making sure that the UK is Zzoomming onwards.”
Pablo Velez, Managing Director at Oaktree commented,
“We are excited to partner with Matthew and the team of experienced industry professionals he has assembled to accelerate Zzoomm’s growth. Zzoomm’s wholly-owned, 100% fibre-optic, last-mile network provides the homes and businesses it serves with the critical infrastructure required to deliver the fastest, most reliable connectivity available in the UK today. We look forward to leveraging our operating expertise and experience with growth platforms to support the team as they deliver on their twin passions for providing great quality customer service and building a valuable infrastructure-backed business.”