Gigstreem, a Tysons Corner, Virginia-based provider of premium residential and commercial broadband networks, recently raised $59 million in two separate deals. With this funding, the company will be able to scale its growth, introduce internet services across the country and look for strategic acquisition opportunities.
The first deal, which raised $19 million, was led by Crestline Investors, with participation from real estate technology venture capital firm RET Ventures and multifamily leaders Essex Property Trust and UDR, Inc.
Another deal led by Crestline Investors in March 2023 raised $40 million, a significant portion of which was used to acquire a majority stake in GigaMonster Networks, an Atlanta-based provider of residential and commercial Internet services. This acquisition strengthens Gigstream’s national presence by doubling the number of resources using its technology while expanding its team, customer support and engineering capabilities.
Founded in 2017 and led by CEO Andrew Kusminsky, Gigstream has become a reputable Internet Service Provider (ISP) for apartment buildings, condominiums, businesses and events across the country. The company’s solution gives residents the opportunity to enjoy a private network with a fast and reliable connection, but also benefits real estate by enabling smart devices and technologies that increase the living experience and property value.
Gigstream currently serves 52,000 residences in 28 markets nationwide. In 2023, it is planned to start operations in another 40,000 apartments, so the company is expanding rapidly. The acquisition of GigaMonster’s assets and subscribers will allow Gigstream to expand its reach into six new markets and increase market share in existing territories such as Texas, Florida, California, Washington and Georgia.
As Gigstream continues to grow and secure funding, its commitment to providing high-quality broadband to residential and commercial customers remains paramount. The company’s expansion plans are sure to have a significant impact on the broadband industry, paving the way for more accessible and reliable Internet connections across the United States.