Cassava Technologies, Africa’s first integrated tech company of continental scale, has secured a $50 million investment from C5 Capital (C5), a specialist venture capital firm that invests in cyber security, space, and energy security. The investment is part of a broader funding round to accelerate Cassava’s growth.
Cassava said the new investment will enable it to accelerate digital connectivity and inclusion on the continent.
“Cassava will be the go-to-market partner in Africa for C5’s cutting edge portfolio companies to deliver best-in-class cyber security, satellite and space technology and clean energy,” it said in a press release.
C5 and Cassava already announced a joint venture through which Haven Cyber, a C5 portfolio company and Cassava will scale Microsoft’s suite of cybersecurity products across Africa to help combat the threat of cybercrime.
According to Strive Masiyiwa, Founder and Executive Chairman of Cassava Technologies, “This investment from C5 is part of our plan to raise additional growth capital whilst diversifying our investor base. We are delighted that C5 has joined us to help realise our vision of a digitally connected future that leaves no African behind”.
“We are delighted to partner with Cassava Technologies, to bring the most innovative cyber security, space and energy security products and services to African markets,” said André Pienaar, Chief Executive and Founder of C5 Capital.
Cassava Technologies has operations in more than 20 African countries. Through its extensive offering that includes fibre networks, data centres, renewable energy, cloud, and cyber security, and fintech and digital platforms, the company provides digital solutions to over 1 million enterprises and access to the internet for over 500 million people in Africa.