Sylvia Duruson
Cassava Technologies has attracted $90 million in equity investment from prominent global institutions, marking a significant development in Africa’s digital infrastructure sector. The investment consortium includes the US International Development Finance Corporation, FinnFund, and Google, demonstrating international confidence in African digital development.
The funding represents part of a broader $310 million financial package that encompasses successful South African Rand debt financing and organizational restructuring. These financial arrangements strengthen Cassava’s position as an integrated digital solutions provider across multiple continents, serving markets in Africa, the Middle East, India, and Latin America.
The company’s service portfolio spans essential digital infrastructure elements, including broadband connectivity, data centre operations, cloud computing, cybersecurity, artificial intelligence, and payment services. Through its business units – Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech – the company maintains leadership positions across various technology sectors.
Liquid Intelligent Technologies, a key subsidiary, has secured additional multi-tenor facilities totaling $220 million in South African Rands. The financing consortium includes Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and the International Finance Corporation, reinforcing the company’s financial foundation.
Hardy Pemhiwa, Cassava Group CEO and President, emphasized the strategic importance of these financial developments. The combined equity investment, debt financing, and organizational restructuring position Cassava Technologies to accelerate its mission of bridging digital divides across the African continent.
These financial arrangements enable Cassava to enhance its technological infrastructure and expand service delivery across its operational territories. The company’s integrated approach to digital solutions addresses crucial aspects of modern technological infrastructure, supporting broader digital transformation efforts across multiple regions.
The investment package strengthens Cassava’s capacity to develop and deploy digital solutions that address specific regional needs. Through its various business units, the company continues to expand its technological footprint, contributing to digital advancement across its operational markets.
