Private equity pumped $194 billion into telecom last year.
Not for phone lines. For the infrastructure powering AI, autonomous vehicles, and smart cities.
Tower companies sell for 20x EBITDA. Fiber networks command insane multiples. Why? Because data demand doubles every 18 months.
The math is simple. 5G needs $1.5 trillion globally. Telcos can't fund it alone.
Enter new money. Infrastructure funds. Tech VCs. Sovereign wealth. All chasing telecom assets.
This guide lists who's writing checks. From $1M seed rounds to $10B infrastructure deals.
Track investor engagement with your telecom deck
You're raising capital for telecom infrastructure. Time is limited. Every meeting counts.
Traditional pitch tracking leaves you guessing. Who opened your deck? Which sections interested them? When should you follow up?
Professional fundraising requires professional tools. See detailed analytics on every deck view. Understand investor behavior before your next call.
Make informed decisions about your fundraise.
Telecom investor list
1. KKR
PE giant betting big on telecom infrastructure.
Investment focus: Fiber networks, tower companies, data centers
Investment range: $100M-$5B+ deals
Notable investments: Metronet ($4.9B with T-Mobile), telecom infrastructure plays
Contact: kkr.com
2. T-Mobile Ventures
Strategic fund from major US carrier.
Investment focus: 5G applications, network tech, edge computing
Investment range: $1M-$50M, minority stakes
Notable investments: Companies leveraging T-Mobile's 5G network
Contact: t-mobile.com/business/ventures
3. Qualcomm Ventures
Leading telecom tech investor with 700+ portfolio companies.
Investment focus: 5G, IoT, AI, automotive connectivity
Investment range: Seed to growth, $500K-$50M
Notable investments: Cloudflare, Zoom, Fitbit, Waze
Contact: qualcommventures.com
4. TPG Peppertree
Specialized digital infrastructure investor.
Investment focus: Wireless towers, communication infrastructure
Investment range: $50M-$500M
Notable investments: Tower portfolios across US
Contact: peppertreecapital.com
5. Digital Bridge
Infrastructure-focused investment firm.
Investment focus: Towers, fiber, data centers, edge infrastructure
Investment range: $100M-$1B+
Notable investments: Major tower companies, fiber networks
Contact: digitalbridge.com
6. Blackstone Infrastructure
Largest alternative asset manager in telecom.
Investment focus: Large-scale telecom infrastructure
Investment range: $500M-$5B+
Notable investments: Data center portfolios, fiber networks
Contact: blackstone.com
7. Apollo Global Management
PE firm with dedicated infrastructure practice.
Investment focus: Telecom assets, data infrastructure
Investment range: $100M-$2B
Notable investments: AT&T Mobility funding round
Contact: apollo.com
8. Searchlight Capital
Mid-market PE focusing on telecom services.
Investment focus: Broadband providers, telecom services
Investment range: $50M-$1B
Notable investments: Consolidated Communications
Contact: searchlightcap.com
9. KDDI Open Innovation Fund
Japanese carrier's venture arm.
Investment focus: 5G services, AI/IoT applications
Investment range: $1M-$20M
Notable investments: Asian telecom startups
Contact: kddi.com
10. Stonepeak
Infrastructure specialist with telecom focus.
Investment focus: Communications infrastructure
Investment range: $100M-$2B
Notable investments: Fiber and tower companies
Contact: stonepeakpartners.com
11. EQT Infrastructure
European infrastructure investor active in telecom.
Investment focus: Fiber networks, tower companies
Investment range: €100M-€2B
Notable investments: European telecom infrastructure
Contact: eqtgroup.com
12. Macquarie Infrastructure
Global infrastructure investor.
Investment focus: Telecom towers, fiber networks
Investment range: $100M-$3B
Notable investments: Tower companies globally
Contact: macquarie.com
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13. Brookfield Infrastructure
One of the largest infrastructure investors.
Investment focus: Telecom assets, data infrastructure
Investment range: $200M-$5B
Notable investments: Tower portfolios, fiber networks
Contact: brookfield.com
14. Partners Group
Private markets investment manager.
Investment focus: Telecom infrastructure, data centers
Investment range: $100M-$1B
Notable investments: European telecom assets
Contact: partnersgroup.com
15. IFM Investors
Australian infrastructure specialist.
Investment focus: Telecom infrastructure assets
Investment range: $100M-$2B
Notable investments: Tower and fiber companies
Contact: ifminvestors.com
16. AMP Capital
Infrastructure equity investor.
Investment focus: Communications infrastructure
Investment range: $50M-$1B
Notable investments: Telecom assets in APAC
Contact: ampcapital.com
17. InfraBridge
Dedicated infrastructure investment firm.
Investment focus: Digital infrastructure, telecom
Investment range: $50M-$500M
Notable investments: Telecom Infrastructure Partners
Contact: infrabridge.com
18. 5G Ventures
Venture studio for 5G ecosystem.
Investment focus: 5G startups, network applications
Investment range: Seed to Series A
Notable investments: 5G application companies
Contact: 5gventures.com
19. Cloud City Capital
VC focused on 5G and edge computing intersection.
Investment focus: 5G applications, edge infrastructure
Investment range: $500K-$10M
Notable investments: 5G software companies
Contact: cloudcitycapital.com
20. Cellnex Telecom
Strategic investor and infrastructure operator.
Investment focus: Tower acquisitions, infrastructure
Investment range: €50M-€1B
Notable investments: European tower portfolios
Contact: cellnextelecom.com
Corporate Venture Arms
- Verizon Ventures - 5G applications, network edge
- AT&T Ventures - Network technology, IoT
- Deutsche Telekom Capital Partners - European telecom tech
- Orange Ventures - Digital transformation, 5G
- Telefonica Ventures - Latin American telecom tech
- China Mobile Capital - Asian 5G ecosystem
Growth Equity Firms
- General Atlantic - Telecom software platforms
- Warburg Pincus - Communications infrastructure
- Silver Lake - Telecom technology companies
- Vista Equity - Telecom software consolidation
What telecom investors actually fund
Network infrastructure with predictable revenue
Towers, fiber routes, data centers. But only with 10+ year contracts from creditworthy tenants.
They want 90% recurring revenue. Annual escalators. Multiple tenants per asset.
Example: Tower with Verizon, AT&T, and T-Mobile as tenants. Each paying $3,000/month. 3% annual increases. That's fundable.
Single tenant on month-to-month lease? Pass.
Software eating network operations
AI reducing network OpEx by 30%. Automation replacing manual processes. Predictive analytics preventing outages.
But you need proven results. Live deployments. Real carrier customers. Measurable ROI.
"Our AI will revolutionize networks" doesn't work. "Sprint reduced costs 32% using our platform" does.
Edge computing infrastructure
5G enables computing at the cell tower. Low latency applications need it.
Investors fund edge data centers. Distributed computing platforms. Infrastructure enabling autonomous vehicles and AR/VR.
Not funded: Consumer apps hoping to use edge. Build the infrastructure, not the applications.
What kills deals instantly
B2C telecom services. Consumer broadband, mobile plans, streaming. Massive CAC. Brutal competition. Terrible margins.
Hardware without recurring revenue. Selling equipment once isn't a business model. Hardware-as-a-Service with monthly fees works.
Competing with incumbents. "Better than Verizon" isn't a strategy. Partner with carriers, don't compete.
No carrier relationships. If you can't get meetings with carrier executives, investors won't fund you.
Geographic concentration. All revenue from one market means one competitor can kill you.
Focus on B2B. Recurring revenue. Partner with carriers. Diversify geographically.
How Ellty helps telecom founders raise capital
Know which investors to pursue
Send your deck to 20 funds. Ellty shows you who's genuinely interested.
See that TPG spent 10 minutes on your financial model. Notice Qualcomm Ventures downloaded your technical architecture. Track when KKR shares with their infrastructure team.
Stop guessing. Focus on investors showing real engagement.
Protect sensitive technical data
Telecom innovations are valuable IP. PDFs get forwarded to competitors.
Ellty lets you control access. Set expiration dates. Revoke permissions instantly. See everyone who's viewed your confidential information.
Learn from investor behavior
Your 5G use cases slide averages 30 seconds. Your revenue model gets 5 minutes.
Message clear: investors understand 5G. They want to see how you make money.
Adjust your deck based on data, not assumptions.
Save months of wasted effort
Following up with investors who aren't interested wastes precious time.
Ellty identifies engaged investors immediately. Pursue the right funds. Skip the rest.
FAQs
What's the minimum revenue for telecom investors?
VCs: $1M ARR for seed, $5M+ for Series A
PE firms: $20M+ EBITDA
Infrastructure funds: $10M+ EBITDA with long-term contracts
How long do telecom deals take?
Strategic rounds: 6-9 months
Infrastructure PE: 9-12 months
VC rounds: 3-6 months
What multiples are realistic?
Tower companies: 20-25x EBITDA
Fiber networks: 15-20x EBITDA
Telecom software: 5-10x revenue
Services businesses: 8-12x EBITDA
Do I need carrier relationships?
For infrastructure: Yes, essential
For software: Strong advantage
For services: Depends on model
What kills most telecom deals?
No recurring revenue (30%)
B2C business model (25%)
Geographic concentration (20%)
Competing with carriers (25%)
Should I raise from strategics or financial investors?
Strategics: Slower, more complex, but better partnerships
Financial: Faster, simpler terms, less operational help
What about government funding?
BEAD program: $42B for broadband infrastructure
State grants: Vary by location
Research grants: SBIR/STTR for R&D
Best time to raise?
After signing major carrier contract
Post-deployment with proven metrics
When you have 18+ months runway
What technical diligence should I expect?
Network architecture review
Spectrum analysis
Scalability testing
Security audits
Can I raise without profits?
Growth equity: No
Infrastructure funds: No
VCs: Yes, if growing fast with clear path to profitability
