Gigstream, which offers business and residential broadband networks, stated it had raised $59 million in two rounds of funding, all coming from present traders.
“The primary transaction, which raised $19 million for Gigstreem, was led by Crestline Buyers, Inc. (“Crestline”) and included participation from actual property expertise enterprise capital agency RET Ventures and multifamily trade leaders Essex Property Belief and UDR, Inc. (‘UDR’); capital from this elevate will assist Gigstreem extra quickly scale its progress and deploy web companies to markets throughout the nation,” the corporate stated in a press launch. “Crestline led an extra $40 million elevate in March 2023 to supply Gigstreem with the strategic capital to pursue acquisition alternatives.”
The corporate offers Web service to condo buildings, residential communities, companies, and occasions. Tenants go to Gigstream and may get service, essential tools, and set up with “reliability connectivity wherever on the property.”
“A good portion of the capital raised within the second spherical was used to finish the acquisition of a majority of property from GigaMonster Networks, an Atlanta-based residential and business web supplier,” the corporate stated. “The acquisition will speed up the growth of Gigstreem’s nationwide footprint, greater than doubling the variety of property using the corporate’s expertise, whereas additional rising the group and increasing native buyer help and engineering capabilities.”
Gigstreem claims to at present service 52,000 condo items throughout 28 markets. It hopes so as to add 40,000 further items this 12 months and, with the GigaMonster acquisition, expects so as to add six new markets and develop operations in quite a few present ones, together with Texas, Georgia, Florida, and California.
The GigaMonster acquisition wasn’t the primary the corporate had carried out. Final August, Gigstreem purchased Boston-based residential and business web supplier netBlazr, opening the Boston market. In 2022, the corporate additionally entered Seattle, San Francisco, and Dallas markets.
