Honest Networks Raises Significant Funding Led by Newlight Partners to Accelerate Expansion of Gigabit Internet Service
Proceeds will be used to accelerate expansion of fiber and 5G fixed wireless infrastructure in new and existing markets throughout New York, New Jersey, Connecticut, and the Mid-Atlantic
NEW YORK, August 12, 2021-- Honest Networks, LLC (“Honest”) today announced an investment of up to $100 million, led by Newlight Partners LP (“Newlight”), a growth equity investment firm. Newlight joins Fifth Wall, who has led prior Honest investments and is also committing additional capital.
Founded in 2018, Honest is a rapidly growing internet service provider to residential communities and commercial properties throughout the Tri-state area. Honest’s mission is to reinvent the internet market by offering gigabit speeds, greater reliability, transparent and lower pricing, 100% net neutral connectivity, and an exceptional customer experience. Proceeds from the investment will be used to accelerate Honest’s expansion of fiber and 5G fixed wireless infrastructure in new and existing markets throughout New York, New Jersey, Connecticut, and the Mid-Atlantic. Honest was launched by Landon Tucker, Founder and CEO, and incubated at Fifth Wall during Mr. Tucker’s time as a Fifth Wall Entrepreneur-in-Residence. Fifth Wall remains an investor in the business alongside HOF Capital, Quiet Capital, and BoxGroup. Honest has partnered with real estate companies including Douglaston Development, Greystar, Jamestown LP, The Moinian Group, Rudin Management, RXR Realty, Solstice Residential Group, Toll Brothers, and many more.
“This investment from Newlight Partners will enable Honest Networks to meet the large and growing demand for fast, reliable, and affordable internet for consumers and businesses,” said Mr. Tucker. “Honest is excited to accelerate our investments in digital infrastructure to handle current and future connectivity needs. We look forward to working closely with Newlight, Fifth Wall, and our existing investors to accelerate expansion into new markets.”
“We are excited to partner with Honest Networks, which has built a disruptive, next-generation internet service provider from scratch in a market with significant barriers to entry while enhancing the customer experience,” said Joshua Ho-Walker, a Managing Director at Newlight. “We believe a unique opportunity exists to help scale the business, expand its footprint and capture attractive growth opportunities through both organic initiatives and strategic acquisitions.”
“Today, high speed broadband is considered an essential utility, like water or electricity,” said Brendan Wallace, Co-Founder and Managing Partner at Fifth Wall. “Honest’s gigabit service and technology suite is an ideal fit for multifamily and commercial property owners and developers looking to deploy Internet of Things (IoT) and other smart home solutions, amenitize their residential properties with ubiquitous wi-fi, and upgrade their commercial properties with a modern connectivity provider.”
About Honest Networks
Honest Networks is a rapidly growing internet service provider built to provide faster speeds, greater reliability, transparent pricing and an enhanced customer experience. Formed in 2018, Honest delivers gigabit internet service to residential communities and commercial properties throughout the Tri-State area. Bring Honest to your building by going to honest.net/request.
About Newlight Partners LP
Newlight Partners LP is a control-oriented growth equity investment firm that builds businesses in partnership with founders and exceptional management teams. The Newlight team has been investing together since 2005, originally as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team's spin-out from Soros in 2018. Newlight’s thematic investment approach focuses on marketplace opportunities in rapidly growing subsectors. Newlight currently has over $5 billion in capital commitments and assets under management.
For more information, please visit www.newlightpartners.com.
For Newlight Partners
Nathaniel Garnick/Alex Jeffrey
Gasthalter & Co.
Venture Capital Database