Cassava gets US$90 million to expand Africa’s digital infrastructure  – New Era

The United States of America’s International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation Ltd (Finnfund) and Google LLC on Monday announced an initial equity investment of US$90 million into Cassava Technologies Limited. 

Cassava is a market-leading and diversified information and communications technology (ICT) platform in Africa. Operating in over 30 countries, Cassava provides digital infrastructure and digital solutions to mostly enterprise and hyperscale customers across Africa, with its primary operations in broadband connectivity, co-location (data centres), cloud, cybersecurity and payment solutions. 

Sub-Saharan Africa is one of the world’s fastest-growing markets for internet demand, yet the region’s digital infrastructure regularly suffers from under-investment. Cassava’s vital digital infrastructure is serving this market demand through its network of interconnected data centres, and more than 110 000 kilometres of fibre network. The equity investment round is aimed at supporting Cassava’s effort to expand its digital infrastructure and enhance connectivity across the continent, connecting millions of individuals and businesses to the internet. 

“DFC is committed to expanding digital infrastructure in the markets where we work to connect local communities to the world, and unlock economic potential. Our investment in Cassava Technologies is a premier example of this effort. We are proud to be partnering Cassava and our counterparts at Google and Finnfund to help bridge the digital divide through reliable internet access, creating new opportunities for prosperity in Africa,” said Scott Nathan, DFC CEO. “Finnfund has a longstanding commitment towards supporting private sector development in Sub-Saharan Africa, with a special focus on digital sector growth. We are glad to support Cassava Technologies’ platform rollout in Sub-Saharan Africa, amid the digital revolution. The flagship investment will have high development impacts across Cassava’s business verticals,” said Jaakko Kangasniemi, Finnfund CEO and managing director. 

“Improved and more reliable access to the internet, enabled by Cassava’s platform, will contribute, for example, to the digital and financial inclusion of micro, small and medium-sized enterprises. I also wish to highlight that this investment is made with support from the European Union and the European Fund for Sustainable Development Plus, one of the financing tools of Global Gateway,” said Kangasniemi. 

“The investment by DFC, Google and Finnfund will further support the roll-out of our digital infrastructure and digital services across Africa. This, together with support from our existing shareholders, is a validation of our vision of becoming the leading digital solutions’ provider in our chosen markets, and cements our position as the largest technology company in Africa,” said Hardy Pemhiwa, president and group CEO of Cassava Technologies. 

Africa requires substantial digital infrastructure investment to drive economic growth. With Cassava operating across several countries, markets and industries, the investment by DFC, Google and Finnfund is expected to enable broad-based economic growth across Africa within key industries. 

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}