Fiber-based broadband company completes a $45-million investment with Post Road Group alongside a merger with Fibersphere Communications
ATLANTA, Aug. 14, 2018 (GLOBE NEWSWIRE) -- GigaMonster, one of the nation’s leading fiber-based internet providers to the multifamily industry, announced today it recently completed a $45-million investment with Post Road Group alongside a merger with Fibersphere Communications.
Since its introduction as a fiber-based broadband company in 2015, GigaMonster has grown rapidly, taking a stronghold in the multifamily internet provider industry, reaching more than 25 markets nationwide and expanding. After growing the GigaMonster footprint by more than six-fold over the past three years, Bill Dodd, chairman and CEO of GigaMonster, sought out MVP Capital to assist in finding the right strategic investor to take GigaMonster to the next level in growth.
“The $45 million in new capital provides us with the fuel to expand even faster through both future acquisitions and organic growth. It also allows us to further enhance our standard-setting product offerings as the industry undergoes rapid change, ” said Dodd. “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.”
GigaMonster is now poised to grow faster from coast to coast both organically and through acquisitions. The investment by Post Road Group was made possible through MVP Capital, which leveraged its expertise in the telecom infrastructure sector and long history of successfully raising capital for companies and entrepreneurs in this space.
“The Fibersphere team is excited about growing under the GigaMonster brand. It is the perfect fit, strategically and culturally,” said David Bell, GigaMonster’s president.
The company will continue to deliver its core offering of Scary Fast™ 1 Gbps internet service to residents in multifamily communities with no hidden fees, no term commitments, no credit checks and no monthly data caps.
“The customer experience is at the core of everything we do,” said Lindsay Whitehurst, GigaMonster’s chief marketing officer. “We will continue to deliver an amazing internet connection at an incredible price that never goes up.”
About GigaMonster GigaMonster provides Scary Fast Internet™ to residents of multifamily communities at symmetrical speeds of up to 1 Gbps with very low latency. As one of the nation’s fastest growing multifamily Gigabit internet providers, GigaMonster’s goal is to not only offer the absolute best customer experience available but to also add considerable value to its real estate partners by delivering higher occupancies, longer retention rates and increased property values. GigaMonster accomplishes this, in large part, through its unique network architecture that delivers an unmatched experience for video streamers and online gamers. To learn more, visit www.gigamonster.net.
About Fibersphere Communications Founded in 2002, Fibersphere Communications is a leading fiber-to-the-home (“FTTH”) internet service provider based in Portland, OR. The Company provides high speed internet access via its dense fiber network to single-family homes, condo developments and MDUs. The Company was the first to build residential fiber and offer Gigabit speed internet in the state of Oregon.
About Post Road Group Post Road Group is a privately held, SEC-Registered Investment Advisor based in Stamford, CT. The firm invests equity and debt across various industries, with a focus on real estate, telecommunication infrastructure, media, technology, business services and health care services.
Original Source: GigaMonster, LLC Completes $45M Capital Raise and Merges with Fibersphere Communications to Continue Nationwide Expansion (globenewswire.com)