In-building gigabit internet service provider GiGstreem has secured a $50 million investment from Crestline Investors to support its continued growth strategy in deploying the company’s ubiquitous Wi-Fi platform to multifamily properties throughout the nation.
GiGstreem, which was launched in 2018 and headquartered in New York, provides services to apartment buildings, residential communities, and commercial businesses in multiple East and West Coast markets. The company offers entire buildings and communities continuous propertywide Wi-Fi coverage on their own private network, which facilitates the next generation of wireless and technology-enabled services including IoT, smart devices, in-building mobility, and building management systems.
With plans for continued growth across major U.S. cities, according to GiGstreem, the investment from Crestline provides the capital that will enable the firm to deploy the necessary infrastructure 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,” said GiGstreem CEO Joel McIntyre. “We are excited to partner with Crestline and to receive the funding, which will enable us to expand our ubiquitous Wi-Fi platform to hundreds of thousands of units across 15 new metropolitan areas.”
A portfolio company of RET Ventures and LNC Partners, its business development is aided in part by RET’s investor network that includes many of the largest multifamily and single-family rental property owners and operators. RET’s strategic investors own or manage more than 2 million residential units across the U.S. and Canada.
“This move toward seamless connectivity within the home is still in the early innings,” added John Helm, partner and founder of RET Ventures. “Perhaps more significantly, smart-home technology—a feature embraced by managers as much as residents—benefits tremendously from ubiquitous propertywide coverage. As property owners continue to discover the many benefits of technology integration, GiGstreem’s unique Wi-Fi deployment will facilitate the operations of modern apartment buildings across the country.”
Houlihan Lokey served as the financial adviser for GiGstreem on this transaction.