By 
Cassava Technologies, has achieved three major milestones: a $90 million equity investment, a successful refinancing of its South African Rand (ZAR) debt, and the completion of a significant legal reorganization. These developments position the company for accelerated growth, supported by a solid financial foundation.
The equity investment round, totaling $90 million, drew participation from prominent entities including the U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding is a crucial component of Cassava’s strategy to bolster its balance sheet, achieve sustainable growth, and reinforce its status as a leading global technology firm rooted in Africa.
Concurrently, Cassava has completed the reorganization of its business operations to establish an integrated digital solutions platform. This comprehensive platform spans multiple services, including broadband connectivity, data centers, cloud computing, cybersecurity, artificial intelligence (AI), and digital payment solutions. These offerings now extend across over 30 markets in Africa, the Middle East, India, and Latin America.
In a parallel financial milestone, Liquid Intelligent Technologies, one of Cassava’s flagship businesses, has successfully refinanced its South African Rand-denominated term loan. The $220 million equivalent financing was secured through multi-tenor facilities provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and the International Finance Corporation (IFC).
Cassava’s strategic growth is further supported by its diverse and influential shareholder base. Alongside DFC, Google LLC, and Finnfund, the company’s investors include Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa Export-Import Bank (Afreximbank/FEDA), and Gateway Capital.
The company’s robust portfolio includes industry-leading units such as Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech. Together, these businesses embody Cassava’s vision of a digitally connected future, ensuring no African is left behind.
Comments