Pac Fibre secures more funding
PayPal co-founder included in $NZ5.5 million raising
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The proposed Pacific Fibre, which if built would add both capacity and competition to the trans-Pacific fibre route, has announced $NZ5.5 million of funding from PayPal co-founder Peter Thiel via his Valar Ventures investment vehicle.
In an announcement posted on the Pacific Fibre Website, Thiel is quoted as describing the venture as “significant to the growing technology industries in New Zealand and Australia.”
New Zealand has limited direct links to the USA, with only the Southern Cross Cable Network making the trip. If it is able to raise the funds for the $NZ300 million to $NZ400 million build, Pacific Fibre is expected to enter service with more than 5 TB of capacity in 2013.
Correction:It's been pointed out to The Register that Peter Thiel is a participant in the capital raising, alongside Pacific Fibre's existing external investors, and that the total raising was $NZ5.5 million including Thiel's contribution.
COMMENTS
And....?
None of this will make a blind bit of difference to pricing in New Zealand while there's a duopoly there.
10 years ago it cost 6 times as much to take 2Mb the last mile for delivery within the country as it did to get it from Los Angeles to Auckland. Internal pricing hasn't changed much since then.
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