Blended Capital Diagram
Blending finance with tools across the philanthropic-investment spectrum

The Funding Gap

Not enough money is going to bridge digital divides.

New federal funding for broadband is expected to cover 30% of the need at best — and government grants don’t have a strong track record in reaching the least served communities. Meanwhile, incumbent operators will continue to invest in communities that offer the highest returns, again leaving out the least connected.

Community connectivity providers face a ‘missing middle’ problem.

The capital available is mostly in grants below $100k or investments above $30M. Most community internet projects sit between these bookends, in the $1-10 million range. We operate in this space.

Graphic of the missing middle in network operator financing
The missing middle in operator financing | Adapted from a graphic by Connectivity Capital

Many funders lack the expertise to invest in CCPs.

Traditional investors rarely have the technical expertise to run due diligence on network design and owner/operator business models. And the underwriting methods typically used for small businesses often overestimate risk in CCPs and community network deployments.

Some projects will never work with market-rate capital. That’s OK.

From affordable housing to rural electrification, many critical goods aren’t supplied on a purely commercial basis. That’s why we structure capital based on sustainability, not investor returns.

We invest in three main categories

We fill this funding gap, bringing in-house expertise and flexible capital to fund a range of community internet projects. We fund digital equity holistically, which means investing in digital infrastructure and also the support solutions that make broadband accessible, affordable, and relevant — such as digital skills, device access, telehealth and financial literacy tools.


Network builds in a single community, secured by the network’s economics. We may look at tools like revenue-based financing as well as more traditional loans.


Operators that work in multiple communities. Financing can include senior term loans, working capital, and lines of credit. We like to include digital equity covenants to ensure everyone is served.


Creative investment vehicles that promote things like device access, telehealth content, and other programs to encourage uptake and use of digital services. Because infrastructure alone is not digital equity.

Projects we invest in demonstrate:

Sound network design

Networks that are thoughtful, well-planned, and technically robust. They connect unserved or underserved communities. 

Meaningful community engagement

Projects that center community voices, often anchoring around community institutions. They consider digital equity factors like digital literacy, affordability, and uptake hesitancy.

Sustainable business models

Projects that demonstrate a believable path to financial sustainability. Implementation plans incorporate realistic expectations of take-rate and real-world deployment challenges.

Ready to talk?

If you have a project that could benefit from our Impact Investment Fund, please complete this form to tell us about it. Or reach out to us at with any questions.

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