Times are rough! Worldwide economic recession, energy shortages, and high inflation are among indicators of the times, foretelling significant hardship post the global pandemic.
The IT sector has also taken a financial hit. In the fiscal year 2022, Afrikan technology enterprises shed over approximately 60 000 jobs.
As a result, Convergence Partners' announcement of a $296 million fund raising to invest in digital infrastructure on the African continent was a surprise and thrilling injection into the Afrikan tech industry.
In this episode of iAfrikan BYTES, we speak with Andile Ngcaba, executive chairman and founding partner of Convergence Partners, about why investors engaged in this fundraising round despite a challenging economic backdrop, where most private Equity companies are holding onto dry powder.