Kinetic Ventures Invests in RiverStreet

WASHINGTON, Nov. 26, 2024 – Kinetic Ventures, a growth capital provider to telecommunications companies announced last week a minority investment in RiverStreet to help close the digital divide.

“We are excited to partner with Kinetic Ventures to further our goal of bridging the digital divide,” RiverStreet President and CEO Eric Cramer said in a Nov. 19 announcement of the investment. “With Kinetic’s investment and the support of federal and state grants, we are well-equipped to expand our network, reaching more rural communities with high-quality broadband.”

RiverStreet, based in Wilkesboro, N.C., serves about 30,000 customers in Virginia and North Carolina.

Kinetic Ventures hopes to leverage the partnership to close the digital divide. As part of Kinetic Ventures’ investment, the company has appointed Kinetic Ventures’ Managing Director Deb Rand to RiverStreet’s Board of Directors in order to help oversee more than $260 million the company received from state and federal grants to build out its fiber networks.

“RiverStreet’s commitment to expanding fiber networks aligns perfectly with Kinetic’s vision of empowering broadband providers that make a real difference in their communities,” Rand said in a statement.

Kinetic Ventures, based in Atlanta, provides growth capital to broadband providers in rural and unserved communities.