Cassava Technologies receives USD 90 million equity investment for expanding digital infrastructure across Africa 

The U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation Ltd (Finnfund), and Google LLC today announced an ​​initial ​equity investment of $90 million into Cassava Technologies Limited (“Cassava” or the “Company”).

Cassava is a market-leading and diversified information and communications technology (ICT) platform in Africa. Operating in over 30 countries, Cassava provides digital infrastructure and digital solutions to mostly enterprise and hyperscale customers across Africa with its primary operations in broadband connectivity, co-location (data centers), cloud, cybersecurity and payment solutions.

Sub-Saharan Africa is one of the world’s fastest growing markets for internet demand, yet the region’s digital infrastructure regularly suffers from underinvestment. Cassava’s vital digital infrastructure is serving this market demand through its network of interconnected data centers and over 110,000 kilometers of fiber network. The equity investment round will support Cassava’s effort to expand its digital infrastructure and enhance connectivity across the continent, connecting millions of individuals and businesses to the internet.

“DFC is committed to expanding digital infrastructure in the markets where we work to connect local communities to the world and unlock economic potential. Our investment in Cassava Technologies is a premier example of this effort. We are proud to be partnering with Cassava and with our counterparts at Google and Finnfund to help bridge the digital divide through reliable internet access, creating new opportunities for prosperity in Africa,” said Scott Nathan, DFC CEO.

“Finnfund has a longstanding commitment towards supporting private sector development in Sub-Saharan Africa with a special focus on digital sector growth. We are glad to support Cassava Technologies’ platform rollout in Sub-Saharan Africa amid the digital revolution. The flagship investment will have high development impacts across Cassava’s business verticals,” said Jaakko Kangasniemi, Finnfund CEO and Managing Director.

“Improved and more reliable access to the internet, enabled by Cassava’s platform, will contribute, for example, to the digital and financial inclusion of micro, small, and medium-sized enterprises. I also wish to highlight that this investment is made with support from the European Union and the European Fund for Sustainable Development Plus, one of the financing tools of Global Gateway,” said Kangasniemi.

“The investment by DFC, Google and Finnfund will further support the roll-out of our digital infrastructure and digital services across Africa. This, together with support from our existing shareholders is a validation of our vision of becoming the leading digital solutions provider in our chosen markets and cements our position as the largest technology company in Africa,” said Hardy Pemhiwa, President and Group CEO of Cassava Technologies.

The continent requires substantial digital infrastructure investment to drive economic growth. With Cassava operating across several countries, markets and industries, the investment by DFC, Google and Finnfund will enable broad-based economic growth across the African continent within key industries.

More information
Niklas Simola, Investment Manager, niklas.simola@finnfund.fi, tel. +358 400 504 360
Kuutti Kilpeläinen, Senior Investment Manager, Head of Digital Infrastructure and Solutions portfolio, kuutti.kilpelainen@finnfund.fi, tel. +358 44 013 1291
Kirsi Pere, Communications Manager, kirsi.pere@finnfund.fi, tel. +358 40 620 9767 (media contacts)

About DFC
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. 

About Cassava Technologies
Cassava Technologies is a global technology leader of African heritage providing a vertically integrated ecosystem of digital services and infrastructure enabling digital transformation. Headquartered in the UK, Cassava has a presence across Africa, the Middle East, Latin America, and the United States. Through its business units, namely, Cassava AI, Liquid Intelligent Technologies, Liquid C2, Africa Data Centres, and Sasai Fintech, the company provides its customers products and services in 94 countries. These solutions drive the company’s ambition of establishing itself as a leading global technology company of African heritage. For more information, please visit cassavatechnologies.com.  

About Finnfund
Finnfund is a Finnish development financier and impact investor. Finnfund builds a sustainable future and generates lasting impact by investing in businesses that solve global development challenges. They invest €200 million–€250 million in 20–30 companies in developing countries each year. Finnfund’s focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today, Finnfund’s investments, commitments, and investment decisions total about €1.22 billion, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi.

This investment is made with support from the European Union and the European Fund for Sustainable Development Plus (EFSD+), one of the financing tools of Global Gateway, promoting sustainable investments in the EU’s partner countries. Finnfund has utilized an EFSD+ guarantee under the Africa Connected program, which supports investments into rural connectivity solutions, access to data, and digital solutions in sub-Saharan Africa. For more information, please visit finnfund.fi.