Eight years after Starry began transforming the way Internet is delivered to homes, CEO Chaitanya “Chet” Kanojia announced this week that the company has completed its special acquisition with Firstmark Horizon Acquisition Corp. and is now traded on the New York Stock Exchange.
The Boston-based ISP’s vision is to bring millimeter-wave broadband Internet access over the air. He advertises his internet plan, which costs about $50 a month because it doesn’t include a long-term contract or hidden costs, a free Wi-Fi router, and unlimited bandwidth. You can learn more about Stari’s parents in a 2016 interview with Kanojia.
Kanojia told gaming-updates that this unique technology caught the attention of investors like Firstmark, Tiger Global Management and KKR, raising $400 million before going public.
He explained that when they went public, Stari was “looking for a long-term partnership that would be beneficial” and he found one at Firstmark. According to the company, Canojia will lead the new venture, and the deal will give Stari an estimated $1.76 billion enterprise value with $176 million in total revenue.
Kanojia said, “There are very few companies that go through the startup stage and take them to an IPO.” “We really wanted someone to see this film because the long-term nature of partnerships in public markets is important. For many of us, this relationship lasts 20 years.”
If you’re wondering why Kanojia’s name is famous, it’s because he previously founded the TV streaming service Aereo Networks, which Firstmark also invested in, essentially to extract content from free wireless signals. With the goal of changing the way we watch TV . . When the TV stations didn’t like it, they sued Aireo, where Aireo’s cases were eventually found illegal by the Supreme Court.
Canoggia shrugged, stating that “the history of the court is full of bad decisions, and we were one of them.” Regardless, Aereo had a product that was well received by customers and a business model that evolved rapidly, he says.
They learned from this experience that “demand has declined to serve customers the way they see fit.” So when he founded Starry, he wanted to deliver a customer-centric experience that could add value to customers, not competitors, who he believes are business-driven and instead derive value from customers.
In the meantime, the closing of SPAC deals is delightful
End Launched for Kanojia Kanojia said that today Starry has a loyal customer base that is growing rapidly.
“The IPO was a capital event for us, not a liquidity event, so we’re not going to mess around with the recipe, but let’s start with the regular capital cycle,” he said. “The company is on an excellent growth trajectory and the per unit savings are fantastic.”