Jacksonville, Florida, May 24, 2023 (GLOBE NEWSWIRE) -- News Release
For Immediate Release
Maria Coppola, APR, CPRC
(904) 312-3321 or maria@coppolapr.com
IQ Fiber Secures Additional $150 Million Equity Commitment from SDC Capital Partners
Northeast Florida’s only local residential internet service provider to accelerate expansion
JACKSONVILLE, Fla., May 24, 2023 – IQ Fiber, Northeast Florida’s only local residential fiber-optic internet service provider, announces it has secured $150 million in follow-on equity funding from its founding investor SDC Capital Partners, LLC. IQ Fiber is aggressively expanding its network and is on track to deliver its Phase 1 target of 60,000 serviceable homes across metro Jacksonville and four counties in Northeast Florida. The additional equity funding will support further network deployment and customer growth in 2023 and beyond.
“We are excited to continue our partnership with SDC to offer a new choice to residents across Northeast Florida,” said Ted Schremp, Founder and CEO of IQ Fiber. “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.”
Established in August of 2021, IQ Fiber is deploying its 100% fiber-optic-to-the-home (FTTH) 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.
"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.”
IQ Fiber’s 100% fiber-optic network is capable of symmetrical speeds of up to 10 gigabits per second and is far superior to telephone or cable-based internet. 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 simple month-to-month rates with no fees, surcharges or surprise price increases. IQ Fiber delivers symmetrical speeds along with whole-home Wi-Fi service and a simple app to manage the ever-growing number of Wi-Fi devices in the home.
IQ Fiber, headquartered in Jacksonville, is bringing high-speed, state-of-the-art 100% fiber-optic internet to areas of Northeast Florida that do not currently have access to modern, symmetrical broadband services.
About IQ Fiber
IQ Fiber is Northeast Florida's only local fiber-optic internet service provider. Headquartered in Jacksonville, IQ Fiber is transforming the residential broadband market by offering a 100% fiber-optic network with a stress-free guarantee: no contracts, hidden fees, or data caps. Its network is supported by live, local customer service. IQ Fiber is focused on rapidly expanding its residential fiber network across Clay, Duval, Nassau and St. Johns Counties. For more information, visit www.iqfiber.com.
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