Starry makes $1.66 billion deal with FirstMark to expand broadband network

Starry, a Boston-based fixed wireless broadband provider, is going public with FirstMark Horizon Acquisition Corp in a business combination valued at $1.66 billion. It marks a big turning point for Starry; the provider is using 802.11 technology to disrupt the home broadband space, going up against cable companies and increasingly, wireless carriers. The company charges $50 per month for internet service. When Starry was rolling out its network in late 2018 and early 2019, it was focused on multi-family dwellings because that’s where the economics were most attractive and it had not yet built out a single-family product. It started growing dramatically after that; it acquired licensed spectrum in the 24 GHz auction and saw a 187 percent increase in revenue from 2019 to 2020. Starry was also one of the biggest winning bidders in the RDOF auction as one of the companies that won funding to use fixed wireless to provide gigabit service. So far, the company has deployed its gigabit network in six US cities: Boston, New York, Los Angeles, Washington (DC), Denver and Columbus. It covers more than 4.7 million households and aims to cover more than 25 million households by 2026, with a projected 1.4 million subscribers and $1.1 billion in revenue. The company says its deal with FirstMark will give it the capital to expand its broadband network and reach its coverage goals.