toob, a full fibre broadband startup in the UK, announced that it has secured a £75 million funding package to support its build out of a gigabit-capable, fibre network in towns and cities across the UK.
toob, which is based in Portsmouth, was founded and is led by Nick Parbutt (CEO) and Mike Banwell (CFO), former Directors at Vodafone UK.
The funding from Amber infrastructure group will be used to deliver gigabit broadband speeds to more than 100,000 premises by the end of 2021, with an ambition to expand its full fibre network to pass more than one million homes and business premises over the next ten years.
toob will deploy the latest fibre technology over existing infrastructure as often as it can to increase the speed of its roll out and reduce community disruption. toob expects to be a major customer of Openreach’s improved ducts and pole access (PIA) product, which becomes fully available at the beginning of April this year.
Nick Parbutt, CEO, toob
We are delighted to be partnering with Amber Infrastructure and to have secured Charles as Chairman. toob now has the right people, the right plan and the right funding in place to capitalise on the exciting opportunity ahead of us.
Jonathan Oxley, Ofcom's Competition Group Director
The amount of internet data used by people in the UK is growing by around half every year. So we’ll increasingly need full-fibre broadband services like this to provide faster, more reliable connections and capacity to our homes and offices.
