Optimity secures £2.5m to boost London SME connectivity

London-based technology service Optimity is expanding its business services across the city thanks to funding from Clydesdale and Yorkshire Bank.

The £2.5m funding package from the bank’s growth finance team will allow the company to strengthen its existing connectivity proposition and expand operations.

Optimity currently offers wireless broadband services to SMEs throughout London using its in-house technology Wibre, designed to be quickly installable and provide coverage in areas with limited connectivity.

As well as investing in the company’s business development strategy, Optimity will use the funds to hire 10 new members of staff in the next year as part of its expansion.

Andrew Frome, chief financial officer at Optimity, said: “As with many cities, London’s internet connectivity leaves much to be desired. We provide our clients with the ability to be connected to a high capacity network in a shorter space of time.”

“The new funding from Clydesdale and Yorkshire Bank will give Optimity the working capital we need to expand our business and further develop our range of business solutions.”