GiGstreem Secures $50-Million Investment from Crestline to Deploy Gigabit Ubiquitous WiFi in Multifamily and Commercial Properties across the U.S.
GiGstreem, a premier in-building gigabit internet service provider, announced that it has secured a $50-million investment from Crestline Investors, Inc. (Crestline) to support the company's continued growth strategy in deploying its Ubiquitous WiFi (News - Alert) platform to multifamily properties across major cities throughout the U.S.
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A GiGstreem dish sitting on a New York City rooftop can broadcast 10 Gigabits of capacity to buildings within a two-mile radius. (Photo: Business Wire)
Launched in 2017 and headquartered in New York, GiGstreem is a premier gigabit internet service provider that currently operates in multiple U.S. East and West Coast markets providing services to commercial business, residential communities and apartment buildings. With its state-of-the-art technology, GiGstreem 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 bufer. 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."
Added Crestline Investors Partner Will Palmer: "We are thrilled about the market opportunity that GiGstreem represents and believe the Ubiquitous WiFi platform currently being deployed is a great value proposition that consumers are increasingly demanding in a post-COVID environment. We believe that Joel McIntyre (CEO) and Andrew Kusminsky (COO) are the right guys for the job."
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 and most innovative multifamily and single family rental property owners/managers in the country. The leading real estate technology VC with a focus on multifamily, RET's strategic investors own or manage more than two million residential units across the U.S. & Canada.
"The move toward seamless connectivity within the home is still in the early innings," said RET Ventures Partner John Helm. "Perhaps more significantly, smart home technology - a feature embraced by managers as much as residents - benefits tremendously from ubiquitous property-wide coverage. 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. With Crestline's investment supporting GiGstreem's national growth, the Company is poised to create synergies with our other portfolio companies - and with real estate technology more broadly - enhancing processes for operators and residents alike."
Houlihan Lokey served as the exclusive financial advisor to GiGstreem on this transaction.
Launched in 2017, GiGstreem is a premier in-building gigabit internet service provider currently operating in multiple east and west coast markets providing services to commercial businesses, residential communities and multi-tenant properties.
About Crestline Investors, Inc.
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is an institutional alternative investment management firm. Crestline specializes in opportunistic and credit investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund, and provides beta and hedging solutions for institutional clients. Headquartered in Fort Worth, Texas, the company maintains affiliate offices in London, New York City, Toronto and Tokyo. For more information, please visit www.crestlineinvestors.com.