CSquared Secures $25 Million with Google Exits Shareholding

In a significant development for Africa’s digital infrastructure landscape, CSquared, a pan-African technology company, has secured $25 million in equity funding to fuel its expansion across the continent. This funding marks the first tranche of a larger $65 million investment program and will be instrumental in driving CSquared’s mission of bridging the digital divide and providing affordable and accessible internet connectivity to underserved communities across Africa.

The investment round was led by the Convergence Partners Digital Infrastructure Fund (CPDIF), along with participation from the International Finance Corporation (IFC) and the International Development Association’s (IDA) Private Sector Window Blended Finance Facility. This diverse group of investors reflects the strong support for CSquared’s vision and the potential it holds for transforming Africa’s digital landscape.

Alongside this funding announcement, CSquared also revealed that Google has exited its shareholding in the company. Google’s initial investment in CSquared back in 2011 played a crucial role in the company’s early growth and development. However, with this divestment, Google has signaled its intention to focus on other strategic priorities while remaining supportive of CSquared’s continued success.

Commenting on the funding and Google’s exit, CSquared Group Chief Executive Officer, Lanre Kolade, expressed his optimism about the company’s future and its role in addressing Africa’s digital challenges. “We are incredibly grateful for the support from our new investors, and we are excited to continue working with them to achieve our shared vision of a digitally connected Africa,” Kolade stated. “We also appreciate Google’s contributions to our journey, and we wish them continued success in their endeavors.”

READ ALSO Top 10 Platforms for Crowdfunding in Crypto

CSquared’s expansion plans will focus on building and deploying carrier-neutral, open-access broadband infrastructure in underserved markets across Africa. This approach will enable multiple internet service providers (ISPs) to utilize CSquared’s infrastructure, leading to increased competition, lower prices, and ultimately, improved access to high-speed internet connectivity for African citizens.

The company’s expansion efforts will also focus on fostering partnerships with local stakeholders, including governments, regulators, and telecoms operators. These partnerships will be crucial in navigating the complex regulatory landscape and ensuring that CSquared’s infrastructure is aligned with the specific needs of each market.

READ ALSO 10 AFRICAN TECH STARTUPS MAKING WAVES IN 2023

With a proven track record of success in Uganda, Ghana, Liberia, Kenya, the Democratic Republic of Congo, and Togo, CSquared is well-positioned to continue its expansion across Africa. The company’s commitment to open-access infrastructure, its focus on underserved markets, and its emphasis on partnerships make it a key player in Africa’s digital transformation journey. As CSquared expands its reach and impact, it will undoubtedly play a pivotal role in bridging the digital divide and unlocking the continent’s full economic and social potential.