Cassava Technologies, a pan-African tech company, secured a $90 million equity investment to bolster its balance sheet and fuel growth across emerging markets, five months after launching a dedicated AI unit.
The funding round, led by DFC, Finnfund and Google, comes as Cassava reorganises into an integrated digital solutions platform offering broadband, data centres, cloud, cybersecurity, AI and payments across over 30 markets.
“These achievements strengthen our financial position and endorse our founder’s vision,” said Cassava CEO Hardy Pemhiwa in a statement. “This is a pivotal milestone to expand our digital infrastructure and bridge the continent’s digital divide.”
The investment adds DFC, Google and Finnfund to Cassava’s existing shareholder base which includes Econet Group, BII, PIC, RBH, Afreximbank and Gateway Capital.
In addition, Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has 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).
Cassava’s business units, including Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai and Sasai Fintech, are leaders in their respective sectors, the statement claimed. The integrated platform positions Cassava to deliver its vision of a digitally connected Africa.
