Everstream, a fast-growing internet-access provider, recently announced that it has successfully raised $24 million in a Series A funding round.
This new influx of capital will be used to fund Everstream’s expansion plans and further their mission of eliminating the digital divide.
Let’s take a look at how Everstream plans to use this new round of funding.
Everstream raises $24 million
Everstream, a provider of advanced broadband services, recently announced that it has raised $24 million in a venture funding round led by Third Wave Ventures. Everstream is a Cleveland-based technology company that provides high-speed internet and business solutions to small and mid-sized companies located throughout the Midwestern United States. This new funding will enable the company to expand its network capacity and bring its fast gigabit-speed internet services to more customers.
This improved network capacity and expansion will enable Everstream to offer its customers low latency interconnects between their facilities, enabling faster data transfers over fiber, wireless, or both. Additionally, with the additional funding, they will be able to promote better availability of their gigabit-speed services by providing more locations throughout their service geography as well as greater bandwidth capabilities for businesses currently utilizing their services.
In addition to enhanced network connectivity capabilities for existing customers, Everstream also plans to utilize its new funding resources for various business development activities such as IT consulting and managed IT services. These offerings will expand on the current portfolio of products and services offered by Everstream but also provide new revenue streams for the business. By offering new IT solutions specifically tailored for small businesses – such as hosted cloud solutions or managed service offerings – Everstream hopes these new revenue streams further contribute towards improving both customer satisfaction as well as financial growth in the coming years.
Background of the funding
Everstream, a Cleveland-based provider of high-bandwidth managed service, recently announced that it has raised $24 million in a series B equity and debt financing round led by Emerald Ventures and CIP Capital. The funding will be used to accelerate the company’s ongoing mission to create high-bandwidth services that help businesses stay connected at all times.
With the latest investment, Everstream brings its total equity raised to date to more than $43 million. The company will use the new capital to expand its network infrastructure initiative to provide small businesses with access to higher speed, faster internet services. This expanded infrastructure will enable Everstream’s customers to improve their data security, latency and throughput capabilities, while also providing increased scalability for their operations.
In addition, the infusion of additional capital will enable Everstream to expand its current footprints into new markets in order to meet the ever-growing demand for high-bandwidth infrastructure solutions that are reliable and affordable. By offering comprehensive managed services, as well as content delivery networks (CDNs) for local need caching, Everstream plans on using this newfound capital strategically towards creating an unrivaled level of service and delivering on customer commitments with future-proof technology solutions.
How the Funding Will be Used
Everstream has recently raised $24 million in a Series A round of funding from venture capital firm B Capital Group and other investors. The funding will be used to fuel the company’s expansion into new markets and develop its technology. The funding will also be used to hire more personnel in order to continue to build out the business’s product portfolio.
Let’s dive into how the funding will be used.
Expansion of Services
Following the successful completion of Everstream’s $24 million Series B funding round last year, the company announced plans to use the new funds to expand their services. According to everstream CEO Brett Lindsey, “We’re planning on using the additional capital to open new offices and launch new product offerings in our growing markets. It’s also going to allow us to invest more in technology and personnel improvements across the organization.”
Specifically, closing this round of venture capital enables Everstream to initiate new initiatives including augmenting its customer support team, implementing infrastructure upgrades and launching a first-of-its-kind analytics suite for its security solutions. Additionally, the company intends to hire additional sales and customer service staff members as well as other core operations positions. This will strengthen their ability to compete in the highly competitive cyber security market by offering enhanced customer service levels, innovative technology solutions and expanding its geographical reach.
With these investments in place, Everstream will be positioned for success as it continues building services that help make data secure now and into the future.
Investment in Technology
Everstream, a provider of business broadband services, recently raised $24 million in Series B financing to invest in expanding its fiber-optic network and advancing its software and technology solutions. This new funding brings the total raised by Everstream to more than $50 million.
The company plans to deploy the funds from the new Series B financing towards key strategic initiatives such as further investments in its software and technology solutions, research and development (R&D) activities, expansion of its high-capacity fiber-optic network access throughout Michigan, Kentucky and Northern Ohio, enhancing customer service capabilities and expanding sales channels throughout various markets.
In addition to investing in technology for customer service solutions, Everstream will use these funds to strengthen its market position through marketing efforts and strategic partnerships with local businesses. The investment fuel growth opportunities across small business sectors with access to groundbreaking networking technologies, enabling customers to accelerate their digital operations while improving overall effectiveness of operations.
This latest capital will help Everstream roll out state-of-the-art solutions such as enterprise voice applications that enhance customer support features allows businesses greater control over success factors such as time management or increasing customer engagement while optimizing their systems interactions. By integrating advanced technologies into their infrastructure such as Voice over Internet Protocol (VoIP), Voice conferencing services or Cloud Applications – businesses can increase efficiency while reducing costs associated with everyday operations & workforce management.
Investment in Talent
Everstream is planning to invest the series B funding round of $24 million to expand its technical capabilities and attract a talented group of engineers, sales reps and customer service-focused experts. The company’s founding team has decades of industry experience and investor confidence in their ability to build an experienced, knowledgeable team as the backbone for Everstream.
With the new funding, the company plans to hire a wide range of professionals from product experts to software developers and account managers. Everstream’s CEO says that the money will be used to “build out a team that will have the capacity and talent required for this level of growth”—a big undertaking for any business.
The goal is not only to entice top engineers who can bring their technical expertise but also diversify experience backgrounds allowing them to become thought leaders in different disciplines—all while maintaining an entrepreneurial spirit. The sophisticated new hires will form a multi-disciplinary infrastructure capable of helping Everstream sustain its rapid growth rate while continuing its mission: making sure no business has any obstacles preventing them from getting online with critical technology solutions.
Impact of the Funding
Everstream recently completed a successful round of funding and raised a total of $24 million. This is a huge boost for the company and will allow them to take their products and services to the next level.
In this article, we will look at how Everstream will use this funding to further develop their products and expand their reach.
Increased Market Presence
Everstream, a Cleveland-based fiber-optic technology provider, has recently raised $24 million in venture funding to support their mission and fuel the growth of their business. This will allow them to further expand their reach and strengthen their presence in key markets across the United States.
The company’s CEO and founder Mike Frank believes that this will be a game-changer for them, allowing them to increase market share by investing in innovative technology solutions, opening new channels for delivering services, and expanding its sales force. This will also allow them to reach more consumers which could potentially lead to increased revenue.
Furthermore, Everstream plans on focusing on building out gigabit services and increasing their connectivity in smaller or rural markets that are often underserved by traditional telecom carriers. These efforts are expected to open up new opportunities for new services as well as attract people who wouldn’t necessarily have access otherwise.
Overall, the additional funding should help increase the company’s market presence. Leveraging these funds to invest in staff, create better solutions for customers, as well as addressing underserved markets will help foster growth for Everstream both locally and nationally as they continue to build out their network infrastructure across the nation.
Improved Customer Experience
Everstream, a Cleveland-based fiber network operator, recently raised $24 million in funding to improve its customer experience. This investment will go towards developing advanced offerings and bolstering its service capabilities. With this funding, Everstream is set to expand the availability of its services across the Great Lakes Region and beyond.
The company plans to use the funding to implement some key enhancements that are designed to improve customer experience. These improvements include improved broadband coverage with access points across multiple cities, increased public Wi-Fi services through partnerships with local businesses as well as upgrades such as enhanced customer care tools and improved service fulfillment processes.
In addition, Everstream plans to apply the funds towards expanding their sales and marketing efforts by hiring additional sales personnel and independently executing on their vision for providing internet connectivity that is fast, reliable, secure and scalable.
By having a significant expansion in marketing campaigns along with these crucial upgrades to its service offering, customers can expect an overall better user experience from the company when seeking out its internet connectivity solutions.
Enhanced Product Offerings
Everstream, a wholesale-focused fiber internet provider in the Midwest region of the US, recently raised $24 million in funding. The capital infusion adds to Everstream’s existing resources and will be used to expand its network and enhance customer-facing services. According to company officials, the primary focus of this capital will be on enhancing customer product offerings.
Everstream plans to use the funds to enhance its existing infrastructure by investing in a more reliable network with lower latency and better throughput for both businesses and homes in its current Midwest region coverage area. The company is also planning to invest in the development of new services such as whole-home WiFi access, streaming services integration, voice over IP (VoIP) capabilities, data breaches prevention and multi-location networking.
Furthermore, Everstream looks forward to developing new products such as high-speed Internet connection options for emerging technologies such as 5G cellular networks and Machine Learning applications. This will enable them to provide faster speeds for customers compared with traditional broadband technology. Alongside these investments in new products, Everstream plans to use this funding for market expansion by growing their service areas across new regions within the US and Canada.