Strive Masiyiwa’s Cassava Technologies secures $50m funding to accelerate growth

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By Agencies

LONDON: Cassava Technologies, which prides itself as the first pan-African integrated technology company, said it has secured a $50 million investment from London-based venture capital firm C5 Capital.

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.

Some of the companies in the Casava group include Liquid Technologies, Vaya, Sasai as well as Distributed Power Technologies.

Commenting on the investment, the Founder and Executive Chairman of Cassava Technologies, Strive Masiyiwa, 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 realise our vision of a digitally connected future that leaves no African behind.”

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.”

The latest deal is not the first partnership between C5 Capital and Cassava Technologies. Recently, both companies announced a joint venture with the aim of scaling Microsoft’s suite of cybersecurity products across the African continent.

Cassava Technologies currently operates in over 20 African countries. Since its establishment, it has been committed to bringing innovative technology solutions to Africa that benefit local businesses and individuals.

Some of the company’s product offerings include data centres, fibre networks, renewable energy projects, cybersecurity, fintech and digital platforms.