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- Csquared
Csquared Funding, Investors & Competitors
Csquared has raised $125M across 2 funding rounds, most recently a $25M undisclosed-stage round in November 2023.
Last Csquared funding round
$25M
Undisclosed stage · Nov 2023
Cumulative funding Csquared raised
$125M
across 2 funding rounds
Key investors in Csquared
International Finance Corporation
Convergence Partners
Mitsui & Co
About Csquared
Csquared is a Nairobi-headquartered digital infrastructure company spun out from Google's Project Link in 2017 that deploys metro fiber optic networks and public Wi-Fi hotspots across East Africa. Operating in Kenya, Uganda, and Nigeria, Csquared provides wholesale bandwidth to ISPs, mobile operators like Safaricom and MTN, and enterprises via its 3,000km fiber backbone connecting data centers in Mombasa, Kampala, and Lagos. The firm enables gigabit internet access in underserved urban areas through open-access wholesale models.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Csquared Funding History
Csquared has raised a total of $125M across 2 funding rounds.
Csquared's first fundraising round was a $100M undisclosed-stage round in May 2017. The most recent completed round was a $25M undisclosed-stage round in November 2023.
Csquared funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | Convergence Partners; International Finance Corporation | $25M | CSquared is a pan-African technology company focused on digitally connecting Africa through investments in carrier-neutral, open-access broadband infrastructure, including metropolitan fibre optic networks shared with ISPs and MNOs. Originally launched in 2011 as a Google project, it operates across sub-Saharan Africa to address the continent's infrastructure deficit and promote digital transformation, job creation, and innovation. In November 2023, CSquared raised US$25 million in new equity as the first tranche of a broader US$65 million investment program, with participation from Convergence Partners Digital Infrastructure Fund (CPDIF), International Finance Corporation (IFC), and the International Development Association's (IDA) Private Sector Window Blended Finance Facility. CPDIF also acquired the stake previously held by Google LLC, streamlining ownership. Prior investments included a 2017 consortium involving Convergence Partners and others. FTI Capital Advisors DIFC Limited advised on the capital raise and stake sale. The funds are earmarked for network expansion in existing markets and entry into new ones, accelerating CSquared's growth objectives amid Africa's vast connectivity challenges. CEO Lanre Kolade emphasized the investment's role in confirming shareholder belief in the project, part of a larger $120 million target, while noting the need for tactical market expansion and regulatory engagement for open-access licenses. Shareholders like Convergence Partners, with over 20 years in African digital infrastructure and US$600 million under management, bring expertise in ICT assets. IFC and development partners support the developmental impact. |
| May 2017 | Undisclosed stage | Convergence Partners; International Finance Corporation; Mitsui & Co | $100M | - |
Who has invested in Csquared?
3 investors have backed Csquared across its funding rounds, including International Finance Corporation, Convergence Partners and Mitsui & Co.
Csquared Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | May 2017 | ||
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Start Free TrialInvestments by Csquared
Csquared has invested in 2 companies to date.
Latest investment by Csquared was on January 3rd 2020. Csquared invested in First Canvas in their $3M Series A round.
Latest Investments by Csquared
| Description | First Canvas is a Seoul-based media company addressing business marketing needs through digital advertising and content production. The firm creates video campaigns, social media strategies, and branded content for Korean enterprises in e-commerce and consumer goods. It operates studios in Gangnam with services for K-pop endorsements and influencer partnerships. | ExoCoBio is a South Korea-based biotech firm producing exosome-derived therapeutics and cosmetics from stem cells. Clinical-stage candidates target dermatology and regenerative medicine with products commercialized through partnerships in Asia and Europe. |
| HQ Country | ||
| HQ City | Seoul | Seoul |
| Deal Date | 3 Jan 2020 | 12 Sep 2018 |
| Round | Series A | Series B |
| Raised | $3M | $27M |
| Investors | Springcamp; Yuanta Investment | KDB Capital; Quantum Venture Partners; TS Investment; InterVest Co.; GU Equity Partners; K2 Investment Partners; Atinum Investment |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Csquared investments and their VC round multiples. Start Free Trial | ||
Csquared Competitors
Csquared competitors include listed companies like Nokia, Ciena, Yangtze Optical Fibre and Ericsson, and private ones like Helium and Arrcus.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $23B | $2.2B | $60B | 2.4x | ||
| Publicly listed | $4.8B | $333M | $49B | 7.9x | ||
| Publicly listed | $2.1B | $247M | $38B | 11.1x | ||
| Publicly listed | $24B | $4.9B | $33B | 1.3x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $400M | - |
Csquared Public Comps
Csquared is still privately-owned, but its public comps include Samsung, Cisco, Arista Networks, Amphenol, Foxconn Industrial Internet, Bharti Airtel, Equinix, Eoptolink, American Tower and Hewlett Packard Enterprise.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $243B | $67B | 4.4x | 2.4x | 15.8x | 4.4x | |||
| $63B | $19B | 7.1x | 6.9x | 23.4x | 17.9x | |||
| $9B | $3.9B | 26.5x | 20.5x | 60.5x | 41.7x | |||
| $23B | $6.9B | 9.0x | 6.5x | 30.0x | 19.8x | |||
| $135B | $7.7B | 1.4x | 0.9x | 23.8x | 16.6x | |||
| $22B | $12B | 6.2x | 5.7x | 11.3x | 10.1x | |||
| $9.2B | $3.9B | 13.3x | 12.3x | 31.3x | 24.2x | |||
| $3.7B | $1.7B | 23.5x | 12.4x | 52.4x | 26.2x | |||
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Common questions about Csquared
| When was Csquared founded? | Csquared was founded in 2013. |
| Where is Csquared headquartered? | Csquared is headquartered in Nairobi, Kenya. |
| Is Csquared publicly listed? | No, Csquared is a private, VC-backed company. |
| How much funding has Csquared raised? | Csquared has raised $125M across 2 funding rounds. |
| What was Csquared's last funding round? | Csquared's last funding round was a $25M undisclosed-stage round in November 2023. |
| Who are Csquared's investors? | Csquared's investors include Convergence Partners, International Finance Corporation and Mitsui & Co. |
| Which companies are comparable to Csquared? | Companies comparable to Csquared include Nokia, Ciena, Yangtze Optical Fibre, Ericsson, Helium and Arrcus. |
| How many companies has Csquared invested in? | Csquared has invested in 2 companies, including First Canvas and ExoCoBio. |
| What was Csquared's last investment? | In January 2020, Csquared invested in First Canvas' $3M Series A alongside Springcamp and Yuanta Investment. |
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