Fiber-based ISP GigaMonster, a specialist in providing gigabit-speed broadband services to the MDU market, announced that it has secured a $45 million investment from Post Road Group.
The Atlanta-based company also announced a merger with Portland, Ore. MDU specialist Fibersphere Communications.
“The $45 million in new capital provides us with the fuel to expand even faster through both future acquisitions and organic growth,” said Bill Dodd, chairman and CEO of GigaMonster, in a statement. “It also allows us to further enhance our standard-setting product offerings as the industry undergoes rapid change. The combination of GigaMonster and Fibersphere significantly increases our West Coast presence and was in perfect alignment with our vision to be the absolute best multifamily internet solution in the market.”
Launching in 2015, GigaMonster has acquired a significant market share in the multi-unit dwelling market, connecting building to its metro fiber rings—a mix of its own dark fiber and fiber acquired from other companies. It has now reached more than 25 markets nationwide with its Scary Fast 1-gig service.
The company did not release an financial specifics on the acquisition of fiber-to-the-home specialist Fibersphere, which was founded in 2002 and is also focused on the MDU market.
“Big cable consistently ranks at the bottom of the worst customer service industry in the country," said Craig Weaver, GigaMonster's customer experience director, in an interview with Multichannel News back in 2016. "As a result, being the best provider as compared to cable is not a worthy goal. We strive to deliver an experience on par with the likes of Amazon and Apple, where customers are the center of our universe and not a necessary evil as they are viewed by our competitors. We are clearly not your parents' Internet service, something we can all be grateful for."
Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!
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