Cassava secures $50 million to accelerate digital connectivity and inclusion in Africa

Techloy -

Cassava Technologies, a pan-African technology company has secured a $50 million investment from US-based C5 Capital, as part of a broader funding round expected to reach $500 million to accelerate Cassava’s digital infrastructure and services businesses in the African continent.

  • The tech company offers solutions including fibre networks, data centres, renewable energy, cloud, cyber security, and fintech to millions of businesses.
  • The funding will enable Cassava to increase digital connectivity and inclusion in Africa, while it becomes the go-to-market partner in Africa for C5’s companies to deliver cyber security, satellite and space technology and clean energy solutions.
  • Cassava Technologies has operations in more than 20 African countries and has been at the forefront of bringing innovative technology solutions to local businesses and individuals.
  • Previously, C5 and Cassava announced a joint venture deal through Haven Cyber, a C5 portfolio company and Cassava to scale Microsoft’s suite of cybersecurity products across Africa to help combat the threat of cybercrime.
  • The company was founded by Zimbabwean billionnaire, Strive Masiyiwa whose networth is estimated at $2.7 billion according to Forbes, and generates around $1 billion in revenue per year, according to CEO Hardy Pemhiwa in a Bloomberg interview.