Cassava Technologies secures $50m funding to accelerate digital transformation in Africa

BY Onome Amuge.

Cassava Technologies, a pan-African integrated digital solutions company, said it has secured a $50 million investment fund from London-based specialist venture capital firm, C5 Capital (C5), renowned for its investments in cyber security, space, and energy security.

In a press statement sent to Business A.M, Cassava noted that the multimillion-dollar investment is part of a broader funding round to accelerate the company’s growth, thus contributing to the acceleration of the work that Cassava has undertaken to increase 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,” the statement explained.

Prior to the new development, C5 and Cassava had announced a joint venture through which Haven Cyber, a C5 portfolio company, and Cassava are expected to scale Microsoft’s suite of cybersecurity products across Africa to help combat the threat of cybercrime.

Commenting on the investment, Strive Masiyiwa, founder and executive chairman of Cassava Technologies, said, “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.”

André Pienaar, chief executive and founder of C5 Capital, expressed delight in partnering with Cassava Technologies to bring the most innovative cyber security, space and energy security products and services to African markets.

“Following the launch of Cassava Technologies’ cutting-edge Cyber Security Operations Centre (CSOC) planned for Johannesburg later this year, we see tremendous growth potential for Cassava Technologies’ cyber security business to help protect African enterprises and communities,” Pienaar added.

On his part, Hardy Pemhiwa, president and CEO of Cassava, observed that the recent industry reports highlight that cyber security threats cost Africa close to $4.1 billion in lost GDP in 2021.

This, he explained, is primarily due to the massive increase in the adoption of technology in businesses and governments across Africa and increased vulnerabilities as cyber-attack technologies evolve.

“Today’s investment from C5 and our pan-continental partnership will enhance our ability to enable our customers to build secure and stable cloud-based digital services critical to transforming lives on the continent,” Pemhiwa added.

Cassava Technologies currently has operations in over 20 African countries and has been at the forefront of bringing innovative technology solutions to local businesses and individuals.

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 one million enterprises and access to the internet for over 500 million people in Africa.

Cassava said it aims to bring expertise in cyber security to Africa by launching a network of state-of-the-art Cyber Security Operations Centres (CSOCs) across Africa, bolstered by the collaboration between Haven Cyber and Liquid Cloud & Cybersecurity, a Cassava portfolio company, and C5 Capital.

The CSOC network, Cassava siad, will enable the rapid delivery of cyber security services and operations on the continent.