Common Networks Raises $25M In Series B Funding To Expand Fiber-Class Internet To More Homes In More Cities
Continued customer growth drives latest investment for accelerating R&D and expansion
SAN FRANCISCO, Aug. 16, 2018 /PRNewswire/ -- Common Networks, a wireless internet service provider that offers affordable, fiber-class home internet, today announced it has secured $25 million in Series B financing. This latest round of financing is led by General Catalyst, with participation from existing investors, Eclipse Ventures and Lux Capital. The new investment will be used for R&D and expansion to the Silicon Valley this year, and to more cities in 2019.
Since launching in 2017, Common Networks has created a strong following of customers in Alameda, California, its initial market. Common Networks is using wireless technology to take on traditional incumbents and big cable companies by delivering ultra high-speed internet to homes through its pioneering use of graph networks on a city-wide level.
"Access to reliable, high-speed internet is a major pain point for consumers. Most people have a terrible experience with their local provider because without competition, there is little incentive for providers to offer good service or customer support," said Zach Brock, Chief Executive Officer of Common Networks. "We are excited to bring our fiber-class internet service to more homes in the Bay Area and are focused on expanding into new cities next year. We will use this round of financing to get more customers online, to continue hiring amazing people, and to develop the next generation of our hardware to bring even faster access to more people."
Common Networks was founded in 2016 by technology industry veterans Zach Brock, Grace Chen, Mark Jen, and Jessica Shalek. The founding team all previously worked at Square where they built the Square Register product, started the Square developer platform, and led Growth teams for domestic and international expansion.
"Common Networks has pioneered a new way to deliver ultra high-speed internet that can solve the increasing need for bandwidth for millions of homes across the United States and beyond," said Kyle Doherty, Managing Director at General Catalyst. "What's equally impressive is that the leadership team has created an incredibly customer-focused company culture that has the potential to change the way consumers feel about their ISP experience. We are proud to partner with the Common Networks team as they continue to expand and grow."
About Common Networks, Inc.
Common Networks is a wireless internet service provider that brings fiber-class internet to homes. Common Networks is pioneering the use of graph networks to take on traditional incumbents and big cable networks to deliver ultra high-speed internet. Founded in 2016, the company is based in San Francisco and has raised more than $34 million in funding from notable partners including General Catalyst, Eclipse Ventures, and Lux Capital.
For more information, visit www.common.net
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SOURCE Common Networks
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