Jacksonville-based internet service provider IQ Fiber announced Wednesday it would be expanding into Alachua County and Gainesville, its first market expansion outside of the First Coast.
IQ Fiber’s initial investment in Gainesville is estimated at nearly $40 million. IQ Fiber will be the first locally based residential fiber-optic company to enter the Gainesville market.
This expansion comes on the heels of IQ Fiber receiving a $150 million equity investment from its founding investor, SDC Capital Partners. IQ Fiber’s latest round of equity funding allowed it to accelerate expansion efforts including expanding into Alachua County, the company said in a statement.
“It has always been a policy priority of mine to extend broadband competition in our community,” Gainesville Mayor Harvey Ward Jr. said. “I’m pleased to see IQ Fiber expanding into the Gainesville market, and I hope their presence here will create a variety of opportunities for all our neighbors.”
Headquartered in Jacksonville, IQ Fiber is deploying its network across Duval, Clay, Nassau and St. Johns counties. The North Central Florida expansion marks the company’s first major network expansion outside of the Jacksonville metro region. The company will establish a satellite office in Gainesville and hire over 30 employees to support the expansion.
“We are excited to expand our network across North Florida so that Gainesville and Alachua County residents will finally have a modern internet choice,” IQ Fiber CEO Ted Schremp said. “Our 100% fiber-optic network delivers the reliability and ultra-fast symmetrical speeds that residents and neighborhoods need along with a streamlined customer experience they deserve.”
Construction on the Gainesville and Alachua County network will begin this summer.
IQ Fiber is privately funded and launched in August 2021.
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