ISP GiGstreem Raises $10M In Series B For Fiber/Microwave Network Buildout
TYSONS, Va. -- GiGstreem, an internet service provider specializing in residential and commercial internet, today announced it has raised $10M in Series B funding led by RET Ventures, an early stage venture fund representing over 1 million multifamily units in North America, with participation from LNC Partners. GiGstreem will use the investment to fuel research and development efforts and to fund new market expansion.
GiGstreem is revolutionizing the way businesses and multifamily buildings provide internet service through its fiber/microwave hybrid model, which maintains gigabit speeds competitive with pure fiber offerings, all while reducing costs. By offering GiGstreemís high-speed, reliable internet and superior customer service to residents, property managers are able to provide a luxury amenity while increasing NOI to the property.
"High-speed, reliable internet service is a non-negotiable in the multifamily industry," said John Helm, managing director, RET Ventures. "Not only are we seeing the 'hotelification' of the industry where residents expect many of the amenities offered at a high-end hotel, the increasingly prevalent remote workforce and the move away from traditional cable television means that constant connectivity is of the utmost priority. We believe GiGstreem is the best provider to deliver internet services that meet and exceed the demands of todayís multifamily owners and their residents."
"GiGstreem is uniquely positioned to deliver the marketís best high-speed internet experience, especially within the multifamily industry," said Joel McIntyre, CEO, GiGstreem. "This investment from RET Ventures validates our core innovation model and enables us to greatly accelerate our development in key markets. We are thrilled to have the industry-leading expertise of RET Ventures as we begin the next phase of our companyís growth."