Csquared raises $25M to expand footprint in Africa

Economic governance
Thursday, 23 November 2023 03:24
Csquared raises $25M to expand footprint in Africa

(Togo First) - Pan-African technology firm CSquared raised $25 million this month to reinforce and expand its footprint in Africa where it operates. The firm announced it raised the funds from new and old shareholders. These include Convergence Partners Digital Infrastructure Fund (CPDIF), the International Finance Corporation (IFC), and the International Development Association Private Sector Window (IDA PSW). 

Broadband connectivity is critical 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”, said Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure, Africa. 

This fundraising is the first step in a larger investment program, worth $65 million, to support CSquared's expansion and growth.

Csquared is active in Togo, through Csquared Woezon, a joint venture with the State. The JV exploits the capacity provided by Google's Equiano submarine cable, operational in the West African country since last August. Csquared Woezon also aims to extend Togo’s fiber optic network, covering more cities from the south to the north.

Based in Kenya, Csquared was founded in 2011. The firm operates in the fiber optic sector. Besides Togo and Kenya, it is present in Uganda, Ghana, Liberia, and the Democratic Republic of Congo (DRC).

Ayi Renaud Dossavi

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