A technology leader of African heritage, Cassava Technologies (Cassava) has secured $310million funding even as it completed its business reorganisation.
To this end, it recently recorded three significant milestones, which are; a substantial equity injection, the successful completion of its South African Rand (ZAR) debt refinancing, and the finalisation of its legal reorganisation.
These strategic initiatives, according to the firm, position Cassava for robust growth underpinned by a strong balance sheet.
Cassava has closed an equity investment round of $90 million with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding is a key 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.
The firm said, the conclusion of this equity round coincides with the successful reorganisation of Cassava’s business to create an integrated digital solutions platform while this platform 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.
Additionally, Liquid Intelligent Technologies, a business of Cassava Technologies, has successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis. The new facilities, equivalent to $220 million in South African Rands, are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).
“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 President and Group CEO of Cassava, Hardy Pemhiwa.
“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 catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent,” he stressed.
With the addition of DFC, Google LLC, and Finnfund, Cassava’s impressive roster of shareholders includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital.
Cassava Technologies has built a strong portfolio of business units comprising Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, all of which are leaders in their respective sectors. This integrated platform of business units enables the Group to fulfill its vision of a digitally connected future that leaves no African behind.
