Jacksonville-based internet service provider IQ Fiber announced this week it received an additional $150 million in follow-on equity funding from its founding investor, SDC Capital Partners.
IQ Fiber said it plans to use the additional funds to continue to aggressively expand its network as it is already on track to deliver its Phase 1 target of 60,000 serviceable homes across metro Jacksonville and four counties in Northeast Florida.
“We are excited to continue our partnership with SDC to offer a new choice to residents across Northeast Florida,” IQ Fiber CEO Ted Schremp said. “While this area has experienced significant growth over the last few years, residents continue to be underserved by incumbent providers. Our 100% fiber-optic network delivers the reliability and ultra-fast symmetrical speeds that residents need along with a streamlined customer experience they deserve.”
SDC Capital Partners, a global digital infrastructure investment firm specializing in data centers, fiber networks, wireless infrastructure and associated businesses, provided an undisclosed amount to fund the Jacksonville-based startup in 2021.
"This additional equity commitment is a reflection of IQ Fiber’s success and our confidence in the significant growth potential ahead,” said Clinton Karcher, partner at SDC Capital Partners. “We’re excited about the growth opportunity in Northeast Florida and look forward to continued partnership with the IQ Fiber team.”
Established in August of 2021, IQ Fiber is deploying its 100% fiber-optic-to-the-home network in Duval, Nassau, St. Johns and Clay counties with service now available in San Marco, Mandarin, Jacksonville Beach, Atlantic Beach, Orange Park and Neptune Beach. The company employs over 75 employees at its Jacksonville headquarters.
IQ Fiber’s network is capable of symmetrical speeds of up to 10 gigabits per second. The network consists of underground conduit and fiber-optic cables extending from the core internet backbone directly into individual homes, allowing for the fastest internet speeds available while supporting the explosive growth in internet usage and demand.
IQ Fiber offers month-to-month rates with its three service plans, delivering symmetrical internet speeds between 250 and 1,000 Mbps and whole-home Wi-Fi service with an app to manage connections and settings, according to the company.
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