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Arenova Capital has committed $50 million in equity to internet provider Aspire Fiber, a fiber startup operating in Southern California.
Edited by Brad Randall, Broadband Communities
A Dallas growth equity firm has made a majority investment in a Southern California startup that is building 10-gigabit fiber internet for suburban communities.
Arenova Capital has committed $50 million in equity to Aspire Broadband Holdings Inc., which does business as Aspire Fiber, the companies said Thursday.
The funding will go toward expanding the company’s fiber-to-the-home network. According to the release, Aspire’s CEO Stephen Weatherford and the rest of the management team will remain significant shareholders and continue running the business.
Aspire launched service in Moorpark late last year and is currently building in more of that community and nearby Santa Clarita.
With Arenova’s backing, the company said it is evaluating additional markets across California.
“This partnership with Arenova marks a significant milestone for our company,” Weatherford said, adding that the firm and Arenova share “a long-term vision for building high-quality, community-focused fiber internet infrastructure across California.”
Arenova’s managing partner, David Li, framed the move as a bet on both the team and the region.
“Although Aspire is still early in its lifecycle, Stephen and his team are extremely experienced in the fiber sector and we are highly aligned with Aspire’s mission of bringing next-generation fiber service to Californian consumers who currently lack access to symmetrical fiber-to-the-home internet,” Li said.
Aspire says its strategy centers on municipal partnerships and building mostly underground networks it describes as resilient and future-proof, offering symmetrical 10 Gbps speeds.
Arenova meanwhile, founded in Dallas in 2022, focuses on middle-market, founder-led technology and communications companies and sees Southern California as a “compelling opportunity for long-term fiber investment,” according to the release.
Some AI tools assisted in the crafting of this report.
