Cassava Technologies, a major player in Africa’s digital services sector, has landed a $90 million equity investment.
The round saw contributions from the US International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (FinnFund), and Google.
Why it matters
The funding is part of a $310 million package aimed at strengthening Cassava’s balance sheet and driving sustainable growth.
This includes a South African Rand (ZAR) debt financing and a legal reorganisation to create an integrated digital solutions platform.
The big picture
Cassava operates in over 30 markets across Africa, the Middle East, India, and Latin America. Its digital platform offers a suite of services, including:
- Broadband connectivity
- Data centre co-location
- Cloud solutions
- Cybersecurity
- Artificial intelligence (AI)
- Payment services
Zoom out
The company’s business units—Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech—are leaders in their respective markets.
Zoom in
Liquid Intelligent Technologies also secured $220 million in ZAR-denominated facilities to refinance its term loan. Backers include Standard Bank, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC).
What they’re saying
Hardy Pemhiwa, Cassava Group CEO and President, called these developments “transformative,” adding:
“This is a pivotal milestone…to unlock immense value and catalyse the further expansion of Cassava’s digital infrastructure and services to bridge the digital divide in the continent.”
Cassava’s vision, underpinned by its founder and Group Chairman Strive Masiyiwa, is to bridge Africa’s digital divide with robust infrastructure and innovative services.
Source: CIO Africa
