New York-based GiGstreem, an in-building gigabit internet service provider, has secured a $50 million investment from Crestline Investors, to support the company’s continued growth strategy in deploying its Ubiquitous WiFi platform to multifamily properties across major cities throughout the U.S.
Launched in 2017, GiGstreem provides services to commercial business, residential communities and apartment buildings. It offers entire buildings and communities continuous property-wide WiFi coverage on their own private network, which in turn facilitates the next generation of wireless and technology-enabled services including IoT, smart devices, in-building mobility (including CBRS and Connectivity-as-a-Service) and building management systems.
Amid the pandemic, a growing number of consumers have recognized the limitations of the large providers’ networks, and the resulting outages and complaints have cost countless lost hours in productivity and economic losses.
Property owners have quickly come to value purpose-built networks like GiGstreem that are specifically designed to accommodate multiple streaming devices without any lag or buffer. As they roll out technologies designed to improve property operations, developers have prioritized providers who have mastered large-scale connectivity, which has made GiGstreem an increasingly attractive option.
With GiGstreem’s plans to continue its growth strategy across major U.S. cities, the investment from Crestline provides GiGstreem with capital that will enable the firm to deploy the necessary infrastructure in order to satisfy its backlog of demand.
“The pandemic has created a major shift in how people utilize their apartments, with millions of residents now accustomed to working from home on a regular basis. As the importance of reliable web service has grown, it has exposed the capacity issues of traditional providers,” said GiGstreem CEO Joel McIntyre.
“We are excited to partner with Crestline and to receive this funding, which will enable us to expand our Ubiquitous WiFi platform to hundreds of thousands of units across 15 new metropolitan areas.”
A portfolio company of RET Ventures and LNC Partners, GiGstreem’s business development is aided in part by RET’s investor network, which includes many of the largest multifamily and single family rental property owners/managers in the country. A technology VC with a focus on multifamily, RET’s investors own or manage more than two million residential units across the U.S. & Canada.
John Helm, managing director, RET Ventures, said, “As property owners continue to discover the many benefits of technology integration, GiGstreem’s unique WiFi deployment will facilitate the operations of modern apartment buildings across the country.”
Houlihan Lokey served as the exclusive financial advisor to GiGstreem on this transaction.