NEW YORK, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Andrena, a company that provides high-speed residential and commercial Internet, today announced it has raised $15 million in Series A funding, to continue supplying affordable and reliable Internet solutions nationwide. The round was led by Dragonfly Capital, a global, crypto-focused investment firm, and was backed by existing investors Afore Capital, FJ Labs, Castle Island Ventures, Chaos Ventures, KohFounders, and J Ventures, as well as new investors Blockchange Ventures, Moonshot Research, and EV3.
Andrena uses cutting-edge radio technology to create wireless networks by deploying a series of antennas to provide Internet across urban geographies. The company partners with real estate owners and property managers to provide affordable Internet to their residents, while simultaneously future-proofing properties with a connectivity fabric for smart-home technology. Andrena unlocks a unique end-to-end wireless delivery for building residents and operations, as well as the surrounding neighborhood. The result is a city-wide wireless network that provides building owners a next-gen Internet amenity at no cost to them, while providing an affordable, attractive Internet option for their residents and the surrounding community.
"The digital divide is a very real problem in communities across the US, and Andrena's mission is to tackle that problem directly by providing affordable and convenient Internet so consumers have immediate access to remote work, educational opportunities, telehealth, and more," said Neil Chatterjee, Co-Founder and CEO of Andrena. "In the process of building a new affordable Internet solution, we created a system that simultaneously caters to luxury apartments as well. We believe that solving the connectivity needs of both types of properties can usher in the next generation of Internet. With this new funding, we plan to expand our service to hundreds of thousands of households, continuing to bridge the gap between access and affordability, with a premium solution."
Andrena currently has operations in New York, New Jersey, Pennsylvania, Connecticut, and Florida, and will use this capital to rapidly expand to a national footprint in states including Tennessee, Texas, California, Georgia, Wisconsin, Ohio, and more.
"Just as electrification and the rise of the automobile industry were key drivers in ushering America into modernity a century ago, our firm similarly believes crypto is the connective tissue necessary to rewire the world today - which is all highly reliant on the ubiquity of high-speed Internet. Sadly, in the US alone, over 83 million people still lack access to more than one home Internet option," said Anirudh Pai, Partner at Dragonfly Capital, who led the investment. "We love the mission of Andrena, and the seamless experience they're providing for residents and commercial tenants, alike, in partnership with forward-thinking real estate property owners and managers. We believe the company's business model and mission will foster greater equity and inclusion, overall."
Last year, through a contract with the Jersey City Housing Authority, Andrena partnered with the city to provide public housing residents with a new affordable Internet option. The company also participates in the Federal Government's Affordable Connectivity Program (ACP), which helps eligible households pay for Internet service. The program is available for new and existing Andrena customers.
If you are a real estate manager or owner and are interested in learning more about bringing Andrena to your residents, please contact sales@andrena.com.
About Andrena
Andrena provides high-speed Internet starting at $25 per month, partnering with real estate to use rooftops to set up services building-to-building in underserved urban areas - expanding its network wirelessly and serving residents along the way. Andrena conducts 100% of its installations up front, so residents can sign up online and immediately access Internet service - no more waiting around for an installation specialist to activate each subscriber. Backed by leading venture capital funds, Andrena currently has operations in New York, New Jersey, Pennsylvania, and Florida, and plans to steadily expand its national footprint. To learn more about real estate partnerships or to see if Andrena high-speed Internet is available to you, visit www.andrena.com.
About Dragonfly Capital
Dragonfly Capital is a global, crypto-focused investment firm that partners with crypto founders in all stages of development, from seed to series D, to liquid tokens. With a global team of over 40 professionals, Dragonfly focuses on working closely with founders to solve their most pertinent problems on tech, product and go-to-market. For more information, please visit dragonfly.xyz.
Contact Information:
Dan Capawana
ICR for Andrena
andrena@icrinc.com
646-277-1230
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