Cassava Technologies, a pan-African integrated digital solutions company, said it has secured a $50 million investment fund from London-based specialist venture capital firm, C5 Capital (C5), renowned for its investments in cyber security, space, and energy security.
In a press statement, the company noted that the multimillion-dollar investment is part of a broader funding round to accelerate the company’s growth, thus contributing to the acceleration of the work that Cassava has undertaken to increase digital connectivity and inclusion on the continent.
“Cassava will be the go-to market partner in Africa for C5’s cutting-edge portfolio companies to deliver best-in-class cyber security, satellite and space technology and clean energy,” the statement explained.
Prior to the new development, C5 and Cassava had announced a joint venture through which Haven Cyber, a C5 portfolio company, and Cassava are expected to scale Microsoft’s suite of cybersecurity products across Africa to help combat the threat of cybercrime.
Commenting on the investment, Strive Masiyiwa, founder and executive chairman of Cassava Technologies, said, “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 realize our vision of a digitally connected future that leaves no African behind.”
Cassava Technologies currently has operations in over 20 African countries and has been at the forefront of bringing innovative technology solutions to local businesses and individuals.
Through its extensive offering that includes fibre networks, data centres, renewable energy, cloud, and cyber security, and fintech and digital platforms, the company provides digital solutions to over one million enterprises and access to the internet for over 500 million people in Africa.
Cassava aims to bring expertise in cyber security to Africa by launching a network of state-of-the-art Cyber Security Operations Centres (CSOCs) across Africa, bolstered by the collaboration between Haven Cyber and Liquid Cloud & Cybersecurity, a Cassava portfolio company, and C5 Capital.