Cassava Technologies, a leading African information and communications technology (ICT) platform, has successfully raised $310 million to accelerate its mission of transforming digital infrastructure across the continent. This funding includes a $90 million equity investment from notable investors such as the U.S. International Development Finance Corporation, Google, and Finnfund, alongside a $220 million debt refinancing for its subsidiary, Liquid Intelligent Technologies.
Equity Investment Welcomes New Shareholders
The $90 million equity investment marks a significant milestone for Cassava Technologies, as it attracts new shareholders who share the company’s vision for advancing Africa’s digital future. These new investors join an already impressive roster, which includes Econet Group, British International Investment, Public Investment Corporation, Royal Bafokeng Holdings, Gateway Partners, and the African Export-Import Bank (Afreximbank). This strategic injection of equity capital underscores the growing confidence in Cassava’s integrated digital solutions platform.
Liquid Intelligent Technologies Secures $220 Million Debt Refinancing
In a parallel development, Liquid Intelligent Technologies, a key subsidiary of Cassava Technologies, has successfully closed a $220 million equivalent ZAR debt refinancing. This refinancing initiative was made possible through partnerships with prominent financial institutions, including Standard Bank Group, Rand Merchant Bank (RMB), Nedbank, and the International Finance Corporation (IFC).
The funds will enable Liquid Intelligent Technologies to enhance its offerings in broadband connectivity, data center co-location, and cloud services while reinforcing its position as a market leader in digital infrastructure solutions across Africa.
Driving an Integrated Digital Solutions Platform
Hardy Pemhiwa, Group CEO and President of Cassava Technologies, emphasized the importance of the funding round, stating: “The $310 million financing, combined with our strategic reorganization, is part of our repositioning into an integrated digital solutions platform. We are focused on delivering broadband connectivity, co-location (data centers), cloud, cybersecurity, AI computing, and fintech services in our chosen markets.”
This strategic direction aligns with Cassava’s mission to bridge the digital divide and empower African enterprises and communities with cutting-edge technologies.
A Pioneering ICT Platform for Africa
Founded in 2021 as a rebrand and restructuring of various digital businesses under Strive Masiyiwa’s Econet Group, Cassava Technologies has rapidly established itself as a cornerstone of Africa’s digital economy. Operating in over 30 countries, the company provides a wide range of services, including broadband connectivity, data center co-location, cloud solutions, cybersecurity, and payment systems.
By integrating these offerings, Cassava Technologies is not only addressing the continent’s critical infrastructure gaps but also creating opportunities for innovation, economic growth, and social development.
A Vision for Africa’s Digital Future
With its latest funding milestone, Cassava Technologies is poised to accelerate the deployment of transformative digital solutions across Africa. By leveraging partnerships with global investors and local financial institutions, the company is strengthening its capacity to deliver world-class ICT services to enterprise and hyperscale customers.
As Africa’s digital landscape continues to evolve, Cassava Technologies stands at the forefront, championing innovation and inclusion in the digital age.
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