Cassava Technologies, a global tech company of African heritage, has achieved three major milestones to fuel its growth: a $90M equity investment, successful debt refinancing in South Africa, and a legal reorganization to streamline its operations.
Driving the news
- Equity injection: Cassava raised $90M from key investors, including the U.S. International Development Finance Corporation (DFC), Google LLC, and the Finnish Fund for Industrial Cooperation (Finnfund).
- The funds will strengthen Cassava’s balance sheet and support its vision of sustainable, profitable growth.
- Debt refinancing: Cassava’s Liquid Intelligent Technologies secured new financing facilities equivalent to $220M in South African Rands from Standard Bank, Rand Merchant Bank, Nedbank, and IFC.
- This move provides financial flexibility and positions the company for long-term expansion.
- Reorganization: Cassava finalized the integration of its business units into a unified digital solutions platform, offering services such as broadband connectivity, cloud computing, cybersecurity, and fintech across 30+ markets in Africa, the Middle East, India, and Latin America.
What they’re saying
“These milestones are more than financial achievements; they unlock immense value and catalyze the expansion of our digital infrastructure to bridge the digital divide on the continent,” said Hardy Pemhiwa, Group CEO of Cassava Technologies.
The investors
Cassava’s shareholder base now includes tech heavyweights like Google alongside longstanding partners such as Econet Group, British International Investment, Africa Export-Import Bank, and others.
