Aerwave Raises $20 Million in Series B Funding

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Sep 17, 2024, 07:45 ET

Connectivity platform to use strategic financing for product innovation, continued growth

HOUSTON, Sept. 17, 2024 /PRNewswire/ -- Aerwave, a next-generation managed WiFi platform transforming connectivity in the multifamily industry, today announced $20 million of Series B investment from strategic partners. Moderne Ventures and a S&P 500 REIT, led this latest round, joined by Dominicus Wireless.

"With this round of funding, we are poised to broaden our footprint in the multifamily space, and fuel new product developments to enhance our current industry-leading offerings, enabling our customers to thrive in an increasingly competitive market by exceeding residents' digital expectations," said Jeff Kok, chief executive officer of Aerwave. "This funding will augment our dedication to excellence and innovation, and we look forward to continued leadership transforming the digital landscape of today's apartment communities."

Since forming in 2019, Aerwave has amassed a growing portfolio of more than 34,000 apartment homes spanning 28 markets across the nation. The company's latest round of capital will provide the resources necessary to support the advancement of Aerwave's platform, as well as continued client growth.

"We are thrilled to continue our partnership with Aerwave and accelerate the company's next phase of growth," said Constance Freedman, Founder and Managing Partner, Moderne Ventures. "Successful digitization and the future of AI requires a robust Wi-Fi infrastructure backed with dependable service to meet the evolving needs of today's consumers and businesses. Aerwave's impressive expansion and vast customer base is a testament to their differentiated approach and dedication to enhancing the modern telecom infrastructure around the globe."

Having established partnerships with three of the top five multifamily REIT portfolios, as well as 18% of the NMHC top 50 owners, Aerwave expects to continue to double its size in 2025 by driving growth with MANAGED WI-FI: FOR OWNERS, BY OWNERS^™.

"As we continue to expand our industry presence, our commitment to providing a trusted product backed by superior service has never been stronger," Kok said. "Earning the trust of our clients and the multifamily industry is paramount."

Aerwave's innovative product, a connectivity foundation for real estate, uses fiber-based mesh networking and proprietary software to provide multifamily communities with instant-on, gigabit-plus internet that ensures a pervasive and seamless WiFi connection throughout the entire property.

About Moderne Ventures
Moderne Ventures is a strategic venture capital and growth equity firm with more than $500M assets under management and a 16-year track record generating top-tier returns across multiple funds. Moderne is a generalist investor with a vertical approach focused on technology companies in and around the multi-trillion-dollar industries like real estate, finance, insurance, and sustainability – which make up ~20% of the US GDP and are ripe for innovation and disruption. The Fund focuses on companies that pertain both to these verticals and that can also expand beyond these industries to capture larger markets and top-tier venture returns.

Moderne differentiates itself by bringing customers to its portfolio companies. Moderne has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and emerging technology companies. Moderne has built an extraordinary network of over 1,500 executives and corporations within its core industries and programmatically connects its portfolio to the industry network to help generate growth for the portfolio. Moderne has invested in over 150 companies across three funds and built a stellar track record through investing in companies like DocuSign, Caribou, Homesnap, ICON, Measurabl, Proof, Porch, Qloo, and Xeal.

About Aerwave
Aerwave, Inc. is a next-generation managed WiFi platform leading the transformation of the connectivity foundation in multifamily residential buildings across the United States. Aerwave provides an unparalleled customer service experience from a team of multifamily industry professionals while delivering fiber backbones to apartment homes, property management teams and amenity spaces all while keeping data secure and encrypted. Aerwave is leading the evolution of network intelligence for a better-connected experience by enabling the smart home, simplifying self-guided tours, enhancing WiFi calling coverage, and supporting its partners' initiatives to make buildings smarter. To learn more, visit aerwave.com.

SOURCE Aerwave