A Dallas-based growth equity firm, Arenova Capital, has committed $50 million in equity to Aspire Broadband Holdings Inc., the company operating as Aspire Fiber in Southern California.
The investment will position Arenova as a majority owner and will fund the expansion of Aspire’s fiber-to-the-home network, with early deployments in Moorpark and nearby Santa Clarita, where the company already began service last year.
Aspire’s CEO Stephen Weatherford and the management team will remain significant shareholders and will continue to run the business, according to the announcement. The deal includes plans to pursue additional markets across California.
Weatherford said the partnership with Arenova aligns with a long-term vision to build high-quality, community-focused fiber infrastructure across California. Arenova’s managing partner, David Li, framed the investment as a bet on both the team and the region, highlighting Aspire’s experience in delivering symmetrical 10 Gbps services via underground networks.
Arenova, 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, per the release. Aspire emphasizes municipal partnerships and resilient, future-proof underground networks as core elements of its strategy.
Some AI tools assisted in the crafting of this report.
