HARARE – Cassava Technologies, a pioneering technology company of African heritage, has successfully raised $310 million in capital to solidify its position as a global leader in digital solutions.
The funding includes a $90 million equity investment from esteemed partners such as the U.S. International Development Finance Corporation, Google, and Finnfund. These new investors join a robust shareholder base, which already includes the Econet Group, British International Investment, Public Investment Corporation, Royal Bafokeng Holdings, Gateway Partners, and the Fund for Export Development in Africa (FEDA).
Additionally, Liquid Intelligent Technologies, one of Cassava Technologies’ key businesses, has secured a $220 million debt refinancing package. This arrangement was supported by Standard Bank Group, Rand Merchant Bank (RMB), Nedbank, and the International Finance Corporation (IFC), further strengthening the company’s financial stability.
The $310 million injection aligns with Cassava Technologies’ strategic reorganisation into an integrated digital solutions platform. The company aims to deliver innovative services, including broadband connectivity, data centre co-location, cloud services, cybersecurity, AI computing, and fintech solutions, across its target markets.
“This funding is more than just numbers,” said Hardy Pemhiwa, President and CEO of Cassava Technologies. “It reflects the trust of global investors, the dedication of our teams, the loyalty of our customers, and the unwavering support of our shareholders and partners. Together, we are advancing our vision of a digitally connected future that leaves no African behind.”
Cassava Technologies continues to play a transformative role in the digital landscape, ensuring Africa’s integration into the global digital economy while fostering inclusive growth and development. This latest milestone underscores the company’s commitment to innovation and its position as a trailblazer in the technology sector.
