Snip was founded in 2016 by Brett Lindsey, who is also president and CEO of fiber-based internet provider Everstream, which is also based in Cleveland.
In the four years since launching, Snip has been building itself up to expand into new markets, which this new capital will support, Lindsey said.
The company offers two straightforward, “symmetrical” internet options at speeds of either 100Mbps or 1G at monthly rates of $50 and $75, respectively. Part of its value proposition is offering no contract, installation or hardware fees.
Per a description by the business: Snip’s goal is to not only offer the fastest service and best customer experience available, but to also add considerable value to its real estate partners by delivering higher occupancies, longer retention rates and increased property values.
The Series B round was led by Peppertree Capital Management of Chagrin Falls, with additional support from Limelight Partners, Imperial Court and Weinberg Capital Partners, according to a news release.
“We invest in communications infrastructure that delivers services to customers, disrupting the status quo by outperforming the competition,” said Peppertree co-president Howard Mandel in a statement.
This latest round follows a Series A funding round of $900,000 raised by local angel investors in 2016.