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

Csquared Overview

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

KenyaNairobi

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

Csquared funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2023Undisclosed stageConvergence Partners; International Finance Corporation$25MCSquared 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 2017Undisclosed stageConvergence 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

Investors in Csquared by funding rounds participated
InvestorHQRoundsRoleFirst check
Convergence PartnersSouth AfricaJohannesburg2ParticipantMay 2017

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Investments 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

First Canvas
ExoCoBio
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 CountrySouth KoreaSouth Korea
HQ City
Seoul
Seoul
Deal Date3 Jan 202012 Sep 2018
RoundSeries ASeries B
Raised$3M$27M
InvestorsSpringcamp; Yuanta InvestmentKDB Capital; Quantum Venture Partners; TS Investment; InterVest Co.; GU Equity Partners; K2 Investment Partners; Atinum Investment
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Csquared Competitors

Csquared competitors include listed companies like Nokia, Ciena, Yangtze Optical Fibre and Ericsson, and private ones like Helium and Arrcus.

Public and private companies comparable to Csquared
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NokiaFinlandFinlandPublicly listed$23B$2.2B$60B2.4x
CienaUnited StatesUnited StatesPublicly listed$4.8B$333M$49B7.9x
Yangtze Optical FibreChinaChinaPublicly listed$2.1B$247M$38B11.1x
EricssonSwedenSwedenPublicly listed$24B$4.9B$33B1.3x
HeliumUnited StatesSan Francisco, CAPrivate--$1.2B-
ArrcusUnited StatesSan Jose, CAPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Samsung$243B$67B4.4x2.4x15.8x4.4x
Cisco$63B$19B7.1x6.9x23.4x17.9x
Arista Networks$9B$3.9B26.5x20.5x60.5x41.7x
Amphenol$23B$6.9B9.0x6.5x30.0x19.8x
Foxconn Industrial Internet$135B$7.7B1.4x0.9x23.8x16.6x
Bharti Airtel$22B$12B6.2x5.7x11.3x10.1x
Equinix$9.2B$3.9B13.3x12.3x31.3x24.2x
Eoptolink$3.7B$1.7B23.5x12.4x52.4x26.2x

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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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