Kenyan Internet Provider Mawingu Raises USD 9 M Series B Round
Mawingu, a Kenyan-based Internet service provider has successfully closed USD 9 M Series B investment to support its roll-out infrastructure across Kenya that will increase access to affordable internet connectivity to underserved households and businesses. The investment led InfraCo Africa, part of the Private Infrastructure Development Group (PIDG). InfraCo Africa gave USD 6 M and was joined by Mawingu’s institutional investors E3 Capital and Dutch Entrepreneurial Development Bank FMO, contributing USD 1.5 M each as part of this fundraiser.
Mawingu uses high-performance low-cost wireless technology and solar power to build fast internet networks in rural areas. Customers use Wi-Fi to connect. Mawingu’s unique application of open technologies enables a scalable network, with open and secure roaming in a highly challenging geographical environment.
According to the company, it operates in 15 counties and has more than 7,500 active customers. The new round of funding will enable the company to expand to an additional 25 counties in Kenya, focusing on rural markets. Mawingu will begin its expansion plans in February 2023 and has set its eyes on western Kenya targeting Kisii, Migori, Bungoma, and Kakamega