- According to a press statement released by Cassava, the $50 million is part of a broader funding round and will go a long way in facilitating Cassava Technologies’ efforts to accelerate digital connectivity inclusion across Africa.
Cassava Technologies has secured a USD 50 Mn investment from C5 Capital, a specialist venture capital firm that invests in cyber security, space, and energy security. The investment by C5 will help it accelerate the work it has undertaken to increase digital connectivity and inclusion on the continent.
Through its extensive offering that includes fiber networks, data centers, renewable energy, cloud, cyber security, and fintech and digital platforms, the company provides digital solutions to over 1 million enterprises and access to the internet for over 500 million people in Africa.
Some of the companies in the Casava group include Liquid Technologies, Vaya, Sasai as well as Distributed Power Technologies.
“This investment from C5 is part of our plan to raise additional growth capital whilst diversifying our investor base. We are delighted that C5 has joined us to help realise our vision of a digitally connected future that leaves no African behind.”Founder and Executive Chairman of Cassava Technologies, Strive Masiyiwa
In his own remarks, the CEO of C5 Capital, André Pienaar, said “We are delighted to partner with Cassava Technologies, to bring the most innovative cybersecurity, space and energy security products and services to African markets.
“Following the launch of Cassava Technologies’ cutting- edge cybersecurity Security Operations Centre (SOC) planned for Johannesburg later this year, we see tremendous growth potential for Cassava Technologies’ cybersecurity business to help protect African enterprises and communities.”