Multifamily connectivity platform Aerwave has raised $20 million of Series B funding from strategic partners. Moderne Ventures, a strategic venture capital and growth equity firm, and an S&P 500 REIT led the latest round and were joined by Dominicus Wireless.
Since launching in 2019, the next-generation managed Wi-Fi platform has amassed a portfolio of over 34,000 apartments in 28 markets. This latest round of capital will provide resources to support the advancement of the platform as well as continued client growth.
“With this round of funding, we are poised to broaden our footprint in the multifamily space and fuel new product developments to enhance our current industry-leading offerings, enabling our customers to thrive in an increasingly competitive market by exceeding residents’ digital expectations,” said Aerwave CEO Jeff Kok. “This funding will augment our dedication to excellence and innovation, and we look forward to continued leadership transforming the digital landscape of today’s apartment communities.”
Aerwave has partnerships with three of the top five multifamily REIT portfolios as well as 18% of the National Multifamily Housing Council’s top 50 owners. According to the firm, it expects to double its size in 2025.
“As we continue to expand our industry presence, our commitment to providing a trusted product backed by superior service has never been stronger,” Kok added. “Earning the trust of our clients and the multifamily industry is paramount.”
Aerwave’s product uses fiber-based mesh networking and proprietary software that provide multifamily communities with gigabit-plus internet that ensures a seamless Wi-Fi connection propertywide.
“We are thrilled to continue our partnership with Aerwave and accelerate the company’s next phase of growth,” said Constance Freedman, founder and managing partner of Moderne Ventures. “Successful digitization and the future of artificial intelligence requires a robust Wi-Fi infrastructure backed with dependable service to meet the evolving needs of today’s consumers and businesses. Aerwave’s impressive expansion and vast customer base is a testament to their differentiated approach and dedication to enhancing the modern telecom infrastructure around the globe.”
