Cassava Technologies, founded by Zimbabwean billionaire Dr Strive Masiyiwa, has set the stage for accelerated expansion through strategic infusion of capital and leadership overhaul.
The company, a global technology firm, recently secured US$310 million in funding from high-profile investors, including Google, US International Development Finance Corporation (DFC), and the Finnish Fund for Industrial Cooperation (Finnfund).
This capital boost, coupled with a successful debt refinancing and legal reorganisation, signals a new phase of growth for Cassava.
The funding round, which raised US$90 million in equity, forms part of Cassava’s broader strategy to fortify its balance sheet and drive sustainable, profitable growth.
“The closing of this equity round, completion of our rand debt refinancing and reorganisation represent more than just capital, it is 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,” said Hardy Pemhiwa, president and group chief executive officer of Cassava Technologies.
The firm’s financial restructuring also includes a US$220 million refinancing of its South African rand-denominated debt.
This initiative, backed by Standard Bank of South Africa, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC), strengthens Cassava’s financial foundation and underscores investor confidence in its long-term vision.
Cassava has restructured its business to form an integrated digital solutions platform, offering Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services.
Operating in more than 30 markets across Africa, the Middle East, India and Latin America, the company is positioning itself as a dominant force in digital transformation across these regions.
Alongside its financial and structural reorganisation, Cassava has announced key leadership appointments designed to bolster its capabilities and enhance its competitive edge.
Effective March 1, 2025, the executive shake-up introduces experienced leaders to spearhead the company’s next phase of growth.
Ahmed El Beheiry has been appointed as Chief Operating Officer and Chief AI Officer, tasked with overseeing commercial strategy, business processes, IT, and supply chain management. Deon Geyser steps in as CEO of Liquid Networks, managing Cassava’s connectivity business across Africa. Meanwhile, Ziaad Suleman takes the helm as CEO of Cassava’s South African operations, focusing on driving innovation and market expansion.
The company has also named Adil El Youssefi as chief executive officer of its co-location business, Wellington Makamure as chief executive officer of Rest of Africa and International, and Finhai Munzara as Chief Corporate Development Officer, responsible for mergers, acquisitions, and strategic partnerships.
Further appointments include Bronwen Zehmke as Group General Counsel, Leonard Bore as Chief Risk and Compliance Officer, Sharon Marufu as Chief Supply Chain Officer, and Lorreta Songola as Managing Director of Cassava’s Zimbabwe operations.
“These leadership changes reflect our commitment to assembling a dynamic, diverse, and talented team to drive our company’s growth and success,” said Mr Pemhiwa.
“Together, we will drive our ‘One Cassava’ strategy, which brings forward the full capability of the Cassava ecosystem in our chosen markets. This strategy enables us to serve our customers better, achieve faster growth, and cement our competitive position.”
Cassava Technologies, founded in 2021, has grown into a powerhouse of digital infrastructure and services.
With an impressive roster of shareholders including Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa Export-Import Bank (Afreximbank/FEDA), and Gateway Capital, the company continues to expand its footprint in high-growth markets.
Through securing substantial funding, reinforcing its balance sheet, and appointing a leadership team poised for innovation, Cassava Technologies is positioning itself as a transformative force in the global digital economy.
These strategic moves not only strengthen its operational framework but also set the company on a trajectory for sustained success in an increasingly competitive landscape.
