Connect One Billion 

Fund Manager Request for Proposals (RFP) 

Approximately 2.6 billion people worldwide are not accessing the Internet: 93% of people in wealthy nations are connecting compared to only 27% in Low-Income Countries. Most of these connections are made on usage-based mobile connections with high data costs. This digital divide entrenches existing inequalities and hinders economic growth.

Internet Service Providers (ISPs), particularly smaller, independent, and local operators, play a key role in bridging this divide, and are well-positioned to connect underserved communities due to their local knowledge and presence on the ground. There are over 7,000 ISPs in Low- and Middle-Income Countries (LMICs), each with more than 5,000 subscribers; together they represent a large and diverse opportunity for investment and support. 

However, these ISPs face significant challenges in accessing financing to expand their networks. To help them address these challenges and realize their potential, USAID, Microsoft, Vernonburg Group, and Stadia Capital have spent the last year co-creating a blended finance entity designed to support and accelerate the growth of ISPs in LMICs.

Connect One Billion will be a new entity with a leadership team to be hired in early 2025. Its mission is to provide small, high-potential ISPs in LMICs with the capacity building and early financial support they need to extend secure and affordable high-speed Internet connectivity to at least one billion people over the next decade. Connect One Billion has a closely integrated three-part structure that will support ISPs at various stages of development. This is envisioned to initially be a $250M initiative with targets of $50M in Technical Assistance, $50-100M in Concessional Capital, and $100-150M in Growth Equity.

We are seeking an experienced equity fund manager with a proven track record in raising capital from development finance institutions, corporations, and philanthropic funders and successfully deploying it, particularly in the digital infrastructure sector in emerging markets. For additional details on this opportunity and instructions on how to submit a proposal, see the full RFP document below.

Submit any questions concerning this solicitation to RFP@c1bfund.com by January 10, 2025.

Full RFP Document: Connect One Billion Fund Manager RFP