Gigstreem, a Virginia-based provider of high-quality residential and commercial broadband networks, has secured $59 million in funding over the first quarter of 2023. The startup’s current investors raised the money in two different tranches.
The initial deal, which secured $19 million for GiGstreem, was led by Crestline Investors with participation from multifamily sector stalwarts Essex Property Trust and UDR as well as real estate technology venture capital firm RET Ventures.
The startup was able to scale its growth and introduce internet services to markets across the nation thanks to the funding from this raise. Later, in March 2023, Crestline facilitated raising an additional $40 million to give Gigstreem the strategic capital it needed to pursue acquisition prospects.
Most of the assets from GigaMonster Networks, an Atlanta-based residential and commercial internet provider, were fully acquired using a sizeable chunk of the funds generated in the second round.
This acquisition will hasten the growth of internet service provider’s national presence, more than tripling the number of assets adopting the company’s technology and extending the team’s local customer support and technical skills.
“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. We are thrilled to capitalize on this opportunity to acquire many of their marquee assets across the country,” said Andrew Kusminsky, CEO of GiGstreem.
Gigstreem provides the most reliable and fastest Internet service
A national internet service provider (ISP) for apartment complexes, residential communities, businesses, and events, Gigstreem was established in 2017 and is headed by Andrew Kusminsky, CEO.
Residents can benefit from a private network ready to use in minutes thanks to its solution, which provides quick and dependable connectivity throughout the entire property.
By enabling intelligent devices and other technologies that further improve resident experience and, ultimately, the value of their property, property-wide connectivity also helps real estate operators.
The startup provides multifamily residents with a better online experience by removing the need to arrange with local internet service providers, buy a router, set it up, etc.
GiGstreem now supports 52,000 apartment units across 28 markets nationally, thanks to the intelligent acquisition of more than 100 new properties. The platform intends to start operations in about 40,000 more apartments in 2023.
Additionally, the company will increase its market share in numerous existing markets, including Texas, Florida, California, Washington, and Georgia, while expanding into six new markets due to acquiring a sizeable amount of Gigamonster’s assets and subscribers.
“Our goal is to become the leading provider of ubiquitous, community-wide Wi-Fi in the United States. This transaction brings us another step closer to achieving that goal,” said Andrew Kusminsky.