US-based fixed wireless access (FWA) service provider Starry Internet revealed it added 8,017 customers during Q1, with CEO Chaitanya Kanojia stating it needs more capital going forward.
Kanojia noted while an IPO and a merger with special purpose acquisition company (SPAC) FirstMark Horizon Acquisition completed before the NYSE debut had added capital, its outlay was rising as it moved to broaden the reach of its FWA service.
“This is not a concept company and we’ve successfully found investors willing to finance our approach”
“However, the business ultimately will require more capital.”
Starry Internet’s capex in Q1 rose from $10 million in 2021 to almost $17 million this year. Customer numbers grew 72 per cent to 71,000 and the company expects a total of more than 100,000 by the year-end.
COO Alex Moulle-Berteaux said it plans to add at least one new market during 2022, adding to a current list of six major cities.
Starry Internet’s plan to target urban areas differs from some mobile operator FWA strategies focusing on underserved areas.
Kanojia noted the approach pitches Starry Internet into more direct competition with fixed-line broadband companies, meaning the key to its success lies in being “able to match speed and capacity except at a much lower cost”.Subscribe to our daily newsletter Back