Virginia, USA-based leading national provider of high-quality residential and commercial broadband networks, Gigstreem raised USD 59 million in funding. The round took place on April 10, 2023. The funding took place in two separate transactions in the first quarter of 2023.
The first tranche saw a raise of USD 19 million led by Crestline Investors. Meanwhile, real estate technology venture capital firm RET Ventures and multifamily industry leaders Essex Property Trust and UDR, Inc. (“UDR”) joined in the financing. In March 2023, Crestline provided the firm with USD 40 million in funding.
Purpose of financing for Gigstreem
With the latest financing, Gigstreem seeks to rapidly scale its growth. It also has plans to deploy internet services to markets across the country. Meanwhile, Gigstreem intends to use the capital to pursue acquisition opportunities.
With the funding raised from the second tranche, Gigstreem acquired a majority of assets from GigaMonster Networks. The latter is an Atlanta-based residential and commercial internet provider. The acquisition further fuels the expansion of Gigstreem’s national footprint, more than doubling the number of assets utilizing the company’s technology. Meanwhile, it aided the company in growing the team and expanding local customer support and engineering capabilities.
What the company’s official has to say
Andrew Kusminsky, CEO of Gigstreem, said, “Over the past few years, the limitations of traditional ISPs have become apparent, and this funding and strategic acquisition position us to continue scaling our superior service. For years GigaMonster has been a formidable force in the industry, boasting a phenomenal base of owner relationships, and we are thrilled to capitalize on this opportunity to acquire many of their marquee assets across the country. Our goal is to become the leading provider of ubiquitous, community-wide WiFiWiFi in the United States, and this transaction brings us another step closer to achieving that goal.”
What the investor has to say
Josh Gampp, Senior Vice President and Chief Technology Officer of UDR, said, “Providing our residents with integral services like reliable, ubiquitous WiFiWiFi greatly enhances their living experience and serves as a foundational component to the functionality of numerous community features we offer. Equipping communities with consistent, uninterrupted service is a benefit to both residents and our property management teams and gives us a competitive advantage in today’s market. Gigstreem has the engineering capabilities and ability to scale to ensure UDR communities get the best internet connectivity possible.”
About the company
Joel McIntyre launched the company in 2016. Currently, the company services a total of 52,000 apartment units spanning 28 markets nationwide. Meanwhile, the platform plans to launch operations in some 40,000 additional apartments in 2023.
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