London-based broadband startup Cuckoo Internet raises $6 million in funding.
Today, UK newly formed alternative broadband company Cuckoo Internet, has raised a $6 million investment round. RTP Global led the round, previously backing Yandex, Delvery Hero and Datadog, with JamJar also participating in the round as well as other individual investors including former executives of Monzo and Stripe.
Cuckoo aims to simplify broadband deals with lower prices and highly respected services every single one of their customers. Sounds too good to be true? Maybe, but Cuckoo’s mission is to finally offer you what you paid for. That said, the idea is they offer a single 67 MB/s fibre connection, double the average UK speed, on a rolling monthly contract with no hidden fees.
Gareth Jefferies, Partner at RTP Global added “Consumer broadband is one of the largest markets yet one of the most poorly served. Consumers are fatiguing of customer-hostile pricing practices, inflexible contracts and deliberately awful customer service, and just as we have seen in insurance, energy and banking, we will see a number of challenger providers come in to eat incumbents’ lunch with differentiated product packagings and a fresh respect for their customers”
Typical conduct from broadband providers is to offer near ideal terms and services with low prices and seemingly high speeds to draw consumers into yearly long contracts with extra fees to cancel. Cuckoo founder and CEO Alexander Fitzgerald commented that “The broadband market is broken and consumers are being ripped off every day. The importance of fast, reliable and affordable broadband has come into sharper focus with millions of people working from home over the past year”.
Cuckoo has grown more than 250% the past 6 months and is also launching nationally on uSwitch. The company aims to use this funding to further expand marketing and customer acquisition as well as grow its size of the team.
Source: tech.eu ” Investors go Cuckoo, pour $6 million into UK’s flat-rate broadband provider”, 26/04/2021