Most people on mobile internet would agree the value of connectivity is unmatched by any other technological advance. Yet there are nearly 4.8 to 4.9 billion people in the world today without mobile internet connectivity. Many of these are low-income individuals living in rural regions of Asia and sub-Saharan Africa. Often this is the population that needs access to health information, education resources, banking and other basic digital infrastructure the most. The World Bank estimates that mobile internet has a higher positive economic impact than fixed-line broadband, particularly in developing countries. Even just a 10 percent increase in mobile broadband penetration could drive a 1.4 percent increase in GDP for low-to-middle income countries.
Because of these reasons and more, at LotusFlare we are working hard to make mobile internet accessible. We’ve created solutions in partnership with mobile operators and app developers to make it easier to engage with mobile content, anytime or anywhere. Our products empower users to control their data usage, help users do more with their mobile data and create a better overall mobile experience. Simultaneously, we are also working with partners to address the issues of coverage in rural areas and shortage of capacity in highly populated locations. We are developing technology that makes deploying and operating the different access technologies simple for all operators on the ground. And we are just getting started.
That’s why today we are excited to announce an important new chapter in LotusFlare’s story, the closing of our $6 Million Series A investment round led by Social Capital. For our seed round, Social Capital was joined by Google Ventures, Metamorphic Ventures, and others. In connection with Social Capital’s investment, Chamath Palihapitiya, the founding partner at Social Capital, will join our board as chairman. We’re thrilled to partner with our investors who are committed in our vision to help connect the next 2 billion people to mobile internet.
We are passionate about developing products and technology that make it easier for users to access and engage with mobile content, and this new round of funding will help us continue to build key partnerships and create better access to mobile internet at scale. With about two-thirds of the world’s population unable to access this mobile data connectivity, we know there is a lot of work to do, but we’re thrilled to partner with our investors to turn mobile internet accessibility and affordability into reality. If you’d like to join us on this journey, we’re hiring. Please reach out to firstname.lastname@example.org to learn more about joining our team!