Table of Contents
Key Points
- Cassava Technologies raised $310 million, including $90 million equity funding, to drive restructuring, debt refinancing, and global expansion rooted in Africa.
- $90 million from DFC, Google, and Finnfund backs Cassava’s transformation into an integrated digital solutions provider spanning 40 markets worldwide.
- Subsidiary refinances debt with top banks to enhance liquidity and fuel its regional and global expansion efforts.
Cassava Technologies, owned by Zimbabwean billionaire Strive Masiyiwa, has raised $310 million to support its restructuring and debt refinancing efforts. The move strengthens its financial position and accelerates its expansion across Africa and beyond.
The funding includes a $90 million equity investment from the U.S. International Development Finance Corporation, Google, and Finnfund. Cassava said the capital will help it position itself as a global technology leader rooted in Africa.
Restructuring to drive growth
The equity investment aligns with Cassava’s transformation into an integrated digital solutions provider. The company offers broadband, data centers, cloud, cybersecurity, AI, and fintech services in 40 markets across Africa, the Middle East, India, and Latin America.
Cassava’s subsidiary, Liquid Intelligent Technologies, secured $220 million in Rand-denominated loan refinancing from Standard Bank, Rand Merchant Bank, Nedbank, and the International Finance Corporation. The facility aims to enhance liquidity and drive expansion.
“These milestones validate the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication of our teams,” said Hardy Pemhiwa, president and group CEO.
Strengthened shareholder base
The latest funding adds to Cassava’s strong investor roster, including British International Investment, Public Investment Corporation, Royal Bafokeng Holdings, and Gateway Capital.
Founded by Masiyiwa, who has a net worth of $1.8 billion, Cassava aims to bridge Africa’s digital divide through technology-driven solutions. Recent initiatives include a partnership with Egypt’s eFinance to accelerate digital transformation across the continent.
The restructuring and funding mark a pivotal moment for Cassava, enabling it to scale operations, deepen its African footprint, and strengthen its role in the global digital economy.
