Related Invests in Expanding 5G Wireless Broadband Firm
Starry Internet is currently available at Related residential properties in Boston and Los Angeles and will expand to its New York City properties this fall.
NEW YORK CITY—Related Companies has invested in Starry Inc., an expanding broadband 5G wireless Internet service firm and reports that it has agreed to have the Boston-based technology firm’s service available across Related’s portfolio of luxury and affordable residential properties nationwide.
Starry Internet is currently available at Related residential properties in Boston and Los Angeles and will expand to its New York City properties this fall.
In addition to the partnership, Related Companies has made what the companies term as a “strategic investment” in Starry, participating in the company’s most recent $100-million C round. Starry has raised a total of $163 million and is backed by a diverse group of investors including Tiger Global, KKR, FirstMark Capital, Fidelity Management and Research Company, ArrowMark Partners, IAC and HLVP.
The specific amount of Related’s investment in Starry was not disclosed. Starry is pioneering the use of millimeter waves to deploy fixed 5G wireless last-mile gigabit broadband.
“Related was founded with a focus on innovation and our partnership with Starry is an ideal fit to enhance our technology offerings and provide more choices for our residents. We piloted Starry in our Boston portfolio to great success and are pleased to be first-to-market in Los Angeles and New York City. We are also extremely proud to be able to work with Starry to bring low-cost broadband to our affordable housing developments in their markets across the country,” says Jeff T. Blau, CEO of Related Companies.
“Today, everyone recognizes and acknowledges the importance of having a reliable, affordable high-speed internet connection in the home. Innovative companies like Related, however, have an acute understanding of the importance of providing its residents with access to cutting-edge technologies, to enhance the resident experience and the value of their properties,” says Starry CEO and co-founder Chet Kanojia.
Starry announced the expansion of its high-speed Internet service to the New York City metropolitan area. Starry will begin delivering its service in New York City this fall. Internet service will be available initially in select areas of Manhattan and Brooklyn, and will become more widely available as Starry expands its presence across the metropolitan area.
In addition to Boston, Los Angeles, Washington, DC and New York City, Starry also reports it will expand its service to 18 additional markets over the next year including: Denver, Cleveland, Chicago, Houston, Dallas, Seattle, Detroit, Atlanta, Indianapolis, San Francisco, Philadelphia, Miami, Memphis, Phoenix, Minneapolis, Manchester, NH, Portland, OR, and Sioux Falls, SD.