Cassava Technologies, Africa’s digital infrastructure and services provider, has announced a $90 million equity investment round, with participation from the US International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (FinnFund), and Google.
In a statement, the company said that the funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth and cement its position as a global tech company of African heritage.
This new funding complements a broader $310 million package that includes the successful completion of Cassava’s ZAR debt financing and the finalisation of its legal reorganisation to create an integrated digital solutions platform.
This platform provides broadband connectivity, co-location (data centres), cloud, cybersecurity, computer (AI), and payment services across more than 30 markets in Africa, Middle East, India and Latin America.
Cassava Technologies has also built a strong portfolio of business units comprising Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, all of which are leaders in their respective sectors.
Additionally, the company noted that Liquid Intelligent Technologies has successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis.
The new facilities, equivalent to USD 220 million in South African Rands, are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).
Cassava Group CEO and President Hardy Pemhiwa said the closing of the equity round, and completion of their ZAR debt financing and reorganisation represents more than just capital.
This, he said, is a pivotal milestone in which they expect to unlock immense value and catalyse the further expansion of Cassava’s digital infrastructure and services to bridge the digital divide in the continent.
“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group,” he said.
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