Strive Masiyiwa’s Cassava Technologies has raised $310 million, comprising a $90 million equity investment round from the U.S. International Development Finance Corporation, Google, and Finnfund, as well as a $220 million debt refinancing for one of its subsidiaries, Liquid Intelligent Technologies.
With this $90 million equity investment, these new investors join Econet Group, British International Investment, Public Investment Corporation, Royal Bafokeng Holdings, Gateway Partners, and African Export-Import Bank (Afreximbank) as shareholders in the company.
In addition, Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has secured a $220 million equivalent ZAR debt refinancing with the support of Standard Bank Group, RMB (Rand Merchant Bank), Nedbank, and IFC (International Finance Corporation).
Commenting on the raise, Group CEO and President of Cassava, Hardy Pemhiwa, said:
“The $310 million financing, combined with our strategic reorganization, is part of our repositioning into an integrated digital solutions platform. We are focused on delivering broadband connectivity, co-location (data centers), cloud, cybersecurity, AI computing, and fintech services in our chosen markets.”
Cassava Technologies is a leading and diversified information and communications technology (ICT) platform in Africa. Founded in 2021 as a rebrand and restructuring of various digital businesses under Strive Masiyiwa’s Econet Group, it operates in over 30 countries, delivering digital infrastructure and solutions primarily to enterprise and hyperscale customers. Cassava’s core services include broadband connectivity, data center co-location, cloud services, cybersecurity, and payment solutions.
