African technology firm, CSquared has successfully secured $25 million in new equity funding from Convergence Partners Digital Infrastructure Fund (CPDIF), the International Finance Corporation (IFC), and the International Development Association (IDA).
This is the first installment of a $65 million investment program to fund CSquared’s expansion and growth. CPDIF as well has also bought Google LLC’s share in CSquared.
In 2011, Google established CSquared as a carrier-neutral operator of shared infrastructure. The company’s goal is to establish optic networks in Sub-Saharan Africa.
The company’s long-term objective is to expand internet adoption and lower internet connection costs in Sub-Saharan Africa. However, it aims to invest in the infrastructure required to promote digital transformation in the region.
CSquared has a track record of developing and commercializing carrier-neutral, open-access networks throughout Africa.
“CSquared has a track record of developing and commercializing carrier-neutral, open-access networks throughout Africa,” Lanre Kolade, Chief Executive Officer of CSquared Group stated.
African Telco CSquared also aims to increase digital broadband infrastructure footprint in all of its current markets. Likewise, It’s market include Uganda, Ghana, Liberia, Kenya, the Democratic Republic of the Congo, and Togo.
Likewise, Andile Ngcaba, Chairman and Founding Partner of Convergence Partners, also underscored CSquared development.
“The opportunity to increase our investment in CSquared through our recently raised fund comes at a critical juncture in African digital development.”
At the same time, Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure, Africa, is of the view that broadband access is crucial for Africa’s development.
“Our investment in CSquared is aligned with our regional strategy to develop digital infrastructure and promote the digital economy which can help leapfrog development for many African countries, support economic growth, and stimulate job creation,” he went on to say.
African Telco CSquared was launched as a project within Google in 2011 with the ambition of building metropolitan fibre optic.
Moreso, this was to be a network in Sub-Saharan Africa as a carrier-neutral operator of shared infrastructure.
Likewise, it describes itself as a technology company committed to a digitally connected Africa. It enhances this by making impactful investments into open-access broadband enabling infrastructure throughout Africa.
At the same time, the company says It is bringing high-quality broadband access across Africa. The company is currently investing in open-access broadband infrastructure and making it available to local Internet Service Providers (ISPs) and mobile network operators (MNOs).
The long-term vision for the Company is to increase Internet penetration in Sub-Saharan Africa. Moreover, it plans to reduce Internet access costs. At the same time, it wants to Improve the infrastructure necessary to drive digital transformation in the region.