Strive Masiyiwa’s Cassava Technologies Raises $310M to Expand Digital Infrastructure Across Africa 

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James Musoba
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Strive Masiyiwa, founder and chairman of Econet Wireless Global Ltd., speaks during the annual Milken Institute Global Conference in Beverly Hills , California, U.S., on Monday, May 2, 2016. The conference gathers attendees to explore solutions to today's most pressing challenges in financial markets, industry sectors, health, government and education. Photographer: Patrick T. Fallon/Bloomberg via Getty Images

Strive Masiyiwa’s Cassava Technologies (Cassava), has raised $310 million in equity and debt financing to drive digital infrastructure across Africa.

The $90 million equity injection was from DFC, Finnfund, and Google while the debt financing was from local South African financiers. Cassava’s impressive roster of shareholders includes including Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital also participated in the round.

Liquid Intelligent Technologies, a business of Cassava Technologies, has signed new facilities equivalent to $220 million in South African Rands, provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).

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This funding is part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage.

Cassava provides Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services across more than 30 markets in Africa, the Middle East, India, and Latin America.

“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group,” said Hardy Pemhiwa, President and Group CEO of Cassava. “The closing of this equity round, completion of our ZAR debt refinancing, and reorganisation represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyse the further expansion of our digital infrastructure and services to bridge the digital divide on the continent”.

Cassava Technologies runs Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech.

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