CSquared Link Holdings (Mauritius) Limited, a leading pan-African technology company, has successfully raised $25 million in new equity investment to fuel the expansion of its carrier-neutral broadband networks. The investment, led by CPDIF (Convergence Partners), IFC – International Finance Corporation, and the International Development Association’s (IDA) Private Sector Window Blended Finance Facility, marks the first tranche of a $65 million investment program.
This capital injection will support CSquared’s mission to digitally connect Africa by enhancing its open-access broadband infrastructure. The funding will be used for network expansion across existing markets such as Uganda, Ghana, Liberia, Kenya, the Democratic Republic of Congo, and Togo.
In addition to the investment, CPDIF has acquired Google LLC’s stake in CSquared, further solidifying the company’s position as a key player in the region’s digital transformation. CSquared, originally launched as Google Project Link in 2011, aims to increase internet penetration in Sub-Saharan Africa and reduce access costs through the provision of wholesale last-mile infrastructure.
Lanre Kolade, CSquared Group CEO, expressed confidence in the company’s ability to drive digitalization across the continent. He emphasized the transformative impact of the investment on CSquared’s mission, highlighting plans for expanding the broadband infrastructure footprint in current and new markets. “ The support from our investors, both existing and new, will transform our ability to deliver on this ambition. This involves expanding the digital broadband infrastructure footprint in all our current markets – Uganda, Ghana, Liberia, Kenya, DRC & Togo, as well as expanding into new markets in the near future”.
Andile Ngcaba, Chairman and Founding Partner of Convergence Partners, emphasized the pivotal role of CSquared in African digital development. He cited the tangible benefits of world-class connectivity and the compelling combination of developmental impact and commercial returns.”As investors in the Company since 2017 we have had a front-row view of the tremendous impact of open-access networks on the development of the African ICT ecosystem. The combination of developmental impact, as well as strong commercial returns, makes this an attractive investment for CPDIF and we are delighted to be able to shape the next phase of this journey”.
Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure, Africa, underlined the critical role of broadband connectivity in Africa’s development. IFC’s investment aligns with the regional strategy to foster digital infrastructure and promote the digital economy, driving economic growth and job creation.
