GigaMonster, an Atlanta-based fiber optic internet provider to multi-family residential communities, has raised $45 million in a recent funding round from Post Road Group.
In addition to the money raised, the company also announced a merger with Portland, Oregon-based competitor Fibersphere.
Bill Dodd, chairman and CEO of GigaMonster, said Tuesday morning the investment from Post Road Group was the perfect strategic move for the company's next investment partner.
"We selected Post Road as a partner because of their in-depth knowledge of the multi-family (market,)" he said.
The merger developed following GigaMonster's recent entry into the West Coast market just over a year ago, Dodd said, where Fibersphere reigned for several years.
"They’re well established. We really wanted a more established presence on the West Coast, so that merger really made that possible (to) jumpstart our West Coast initiative," he said.
Following the funding raised, Dodd said the Atlanta-based company would continue to grow its presence in Atlanta, as a complimentary service to telecom giant AT&T. Within the next two years, GigaMonster hopes to add 50 employees to the 100 members currently working in their Atlanta offices.
"We’re certainly growing our employee base in the Atlanta area," he said.
Launched in 2015, GigaMonster primarily focuses on providing "freeway" connections to multifamily communities such as apartment complexes, town homes and other residential areas, according to Dodd. The company currently operates in more than 25 markets nationwide.
"We are building an internet product and a delivery network that provides the optimal internet experience," he said.
