Toob
Founded in 2017 by seasoned ex-Vodafone senior executives and backed by Amber Infrastructure as equity sponsor, Toob owns and operates a full-fibre network in the south of England, connecting homes and businesses directly to gigabit broadband at affordable prices.
By prioritising use of Openreach’s Physical Infrastructure Access comprising of existing underground ducts and telegraph poles, Toob is able to minimise the need for civil works and permits from councils to keep the roll-out costs low.
From the environmental perspective, full fibre networks like Toob’s are significantly more energy-efficient compared to copper wireline networks, requiring no power to street cabinets, and their services are more reliable, requiring significantly less maintenance. Sequoia requires an annual ESG report to be prepared which enables active monitoring of Toob’s progress and engages in ongoing dialogue with the management in achieving a range of sustainability goals.
The new funding facility from Sequoia enabled the company to continue the investment in its full fibre network, to achieve coverage and subscriber growth objectives. The funding of up to £87.5m is comprised of a senior secured capex facility and a working capital facility with robust financial covenants and drawdown conditions.