Newlight Partners LP, a growth equity investment firm has led an investment of up to $100 million in Honest Networks LLC. Newlight joins Fifth Wall, who has led prior Honest investments and is also committing additional capital.
Founded in 2018, Honest is an internet service provider to residential communities and commercial properties.
“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 Landon Tucker, Honest founder and CEO. “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.”