Be Raises £24.5M

LONDON -- Be, the ultra fast 24 meg broadband ISP, has secured up to £24.5 million, the full funding needed for the national roll-out to begin later this month. Be is the UK’s first ISP to harness ADSL2+ technology which enables download speeds of up to 24 meg.

With £24.5 million of funding in place, Be will start their national roll-out and build on the 52 exchanges that have been provisioned in London already. Together with further expansion in London, Manchester and Birmingham will be the first other cities to benefit from the roll-out which will aim to cover almost half of the population by the end of 2006.

“The investment enables us to deliver the fastest broadband available in the UK to an even larger number of consumers,” said Boris Ivanovic, Be Director. “Having already pushed broadband technology to the limits we are now better placed than ever to make the UK a world leader in broadband, and for us to continue to lead the market.”

Co-founders Boris Ivanovic and Dana Pressman provided the initial funding, with the remaining amount invested by the Novator One investment fund. Bruce McInroy and Constantine Gonticas from Novator Partners LLP the investment manager of Novator One will be joining the Be Un Limited board.

“We believe there is strong demand in the UK broadband market for a 24 meg service,” said Bruce McInroy, Telecom Investments Partner, from Novator “We chose to back a management team with a proven track record of successful delivery of highspeed services to customers.”

Be Un Limited