Investing in community-centric broadband

How we invest

We work with partners to understand their needs and provide capital that is:

• Low-cost. Broadband is a utility with predictable, steady cashflows. By properly pricing this risk, we can provide capital at competitive rates, often below “market”.
• Non-dilutive. We structure financing options such as loan and revenue-based finance that do not take equity of the company.
• Flexible. We can lend solo or in a consortium; we work with a range of org types and partnerships; and we’re flexible on uses of funds. In other words, we tailor investments to meet needs, not vice-versa.
• Sustainable. Using blended capital we prioritize responsible returns over profit maximization. This enables sustainable broadband investments in communities that have been digitally redlined.

What we fund

We support broadband projects designed to meet the digital needs of residents and businesses in underserved communities. We look for:

• Sound network design: networks that are thoughtful, well-planned, and technically robust.
• Meaningful community engagement: centering community voices and considering barriers to adoption like digital literacy and affordability of service.
• Sustainable business models: demonstrating a clear path to financial sustainability, with realistic expectations of take-rate and deployment challenges.

Explore our investment portfolio

Why we do this work

The second half of humanity will not be connected in the same way as the first — by traditional, profit-maximizing ISPs. They simply don’t have the business models to connect the high-cost, low-income areas that have been left on the wrong side of the digital divide.

A growing movement of community-centric broadband initiatives — from municipal networks, to co-ops, to local family-owned internet providers — has shown it’s possible to sustainably, affordably connect unserved communities to high-speed broadband.

Yet, despite a track record of success, funding for these efforts is scarce. Traditional lenders are rarely familiar with community broadband business models and the capital that is available is often not at sizes, rates, and terms that work for the sector. Community-centric ISPs need new capital partners that understand what they’re trying to do and how they’re trying to do it.

That’s where we can help.

By raising and deploying responsible investments in community broadband and helping others do the same, together we can bridge the digital divide and make sure every American has the digital connectivity and tools they need to thrive.