WIOCC Group, an African internet connectivity provider, has successfully raised over $50 million from a consortium of global investors to propel its growth initiatives in key African markets, including Nigeria, South Africa, and the Democratic Republic of Congo (DRC). This strategic funding is aimed at narrowing the digital divide and enhancing internet access across the continent.
The investment round includes contributions from several development finance institutions, namely the International Finance Corporation (IFC), Proparco, and RMB Corvest.
The IFC, part of the World Bank Group, is investing $10 million alongside an additional ZAR 200 million (around $11.07 million). Proparco, affiliated with the French Development Agency Group, is injecting $20 million into the venture. Furthermore, WIOCC is in the process of finalizing a $10 million loan with RMB Corvest to support its expansion in Nigeria.
Notably, the funding is arranged as sustainability-linked debt, with loan conditions attached to WIOCC’s pledge to enhance energy efficiency and secure EDGE green building certification for its data centers. EDGE certification, an initiative by the IFC, ensures that data centers are built to be resource-efficient and operate with minimal carbon emissions.
The influx of capital will enable WIOCC to broaden its core and edge data center offerings in the selected African countries, responding to the increasing demand for such services. A portion of the investment will also be allocated to extending their fiber optic network infrastructure, which is essential for providing wider digital access to individuals and businesses, thereby stimulating economic advancement across Africa.
Chris Wood, CEO of WIOCC Group, expressed enthusiasm about completing this funding stage, marking a significant milestone for the company. Since its inception in 2007, WIOCC has been dedicated to investing in and shaping the digital landscape of Africa.
