CSquared looks to bridge Africa’s digital divide with $25m raise
CSquared, a pan-African technology company focused on digitally connecting the continent, recently secured $25 million in new equity through investments from Convergence Partners Digital Infrastructure Fund (CPDIF), the International Finance Corporation (IFC), and the International Development Association (IDA).
This marks the initial phase of a larger $65 million investment initiative designed to support CSquared's expansion and overall growth. Concurrently, CPDIF has acquired Google LLC's stake in CSquared. At present, CSquared has a presence in six markets spanning the continent, namely Uganda, Ghana, Liberia, Kenya, the Democratic Republic of Congo, and Togo.
Originally conceived as a Google project in 2011, CSquared emerged with the goal of constructing metropolitan fiber optic networks in sub-Saharan Africa, functioning as a carrier-neutral operator of shared infrastructure. The company's overarching mission is to enhance Internet accessibility in Sub-Saharan Africa and lower Internet costs by strategically investing in the essential infrastructure required to propel digital transformation across the region.
Points clés à retenir
Internet broadband penetration in sub-Saharan Africa has grown exponentially over the past two decades, mainly as a result of investments in enabling infrastructure. Still, there is more work to be done to close an existing digital divide on the continent—only 28% of the sub-Saharan African population was connected to the internet as of 2020—and ensure that Africa is able to reap the benefits from the current and subsequent iteration of the technologies. Data from the Africa Development Bank reveals that the continent needs an estimated annual investment of $135 billion for infrastructural development. This underscores the fact that until this financial target is met, Africa will grapple with an infrastructure gap, impeding the pace of its digital development growth.
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