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Cassava Technologies raises $50 million to facilitate digital inclusion in Africa

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Strive Masiyiwa’s Cassava technologies has secured a $50 million funding as part of its broader funding round.

Cassava technologies, which is one of the brainchild of Masiyiwa, prides itself as the first Pan-African integrated technologies company. The company, which has Masiyiwa as its Executive Chairman, said it secured the funding from the London-based venture capital firm, C5 Capital.

Cassava technologies, and C5 Capital have been in business together a few times before now, with one of their recent business being the joint venture both companies had. The venture was made with the aim of scaling Microsoft’s suite of cybersecurity products across the African continent.

According to Cassava technologies, the funds will be used to facilitate the company’s efforts to accelerate digital connectivity inclusion across the continent.

Commenting on the fundraise, Cassava technologies Founder and Executive Chairman, Strive Masiyiwa, 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, CEO of C5 Capital, also commented on the partnership between Cassava technologies and C5 Capital, he said:

“We are delighted to partner with Cassava Technologies, to bring the most innovative cybersecurity, space and energy security products and services to African markets. Following the launch of Cassava Technologies’ cutting- edge cybersecurity Security Operations Centre (SOC) planned for Johannesburg later this year, we see tremendous growth potential for Cassava Technologies’ cybersecurity business to help protect African enterprises and communities.”

Read also: Bloom – a Sudanese fintech startup – raises $6.5m in its seed round

Cassava technologies provides services that surrounds data centres, fibre networks, renewable energy projects, cybersecurity, fintech and digital platforms. The company currently operates in 20 African countries.

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