Cassava Technologies, Africa’s first integrated technology company on a continental scale, announced today that it has secured a $50 million investment from C5 Capital, a specialist venture capital firm that invests in cyber security, space security, and energy security. The investment is part of a larger funding round to help Cassava grow faster.
The funds will be used to accelerate the continent’s digital connectivity and inclusion. Cassava will be C5’s go-to-market partner in Africa for delivering best-in-class cyber security, satellite and space technology, and clean energy.
Prior to this round, C5 and Cassava had already announced a joint venture whereby Haven Cyber, a C5 portfolio company, and Cassava would scale Microsoft’s line of cyber security products throughout Africa to help combat the threat of cybercrime.
Cassava Technologies’ CEO and Founder Strive Masiyiwa said, “This investment from C5 is part of our plan to raise additional growth capital while diversifying our investor base. To help us realize our vision of a digitally connected future that leaves no African behind, we are thrilled that C5 has joined us.
What Cassava Technologies Does
The integrated tech company has been at the forefront of bringing cutting-edge technology solutions to local businesses and individuals. It currently operates in more than 20 African countries. Through its extensive offering, which includes fiber networks, data centers, renewable energy, cloud, and cyber security, as well as fintech and digital platforms, the company offers digital solutions to more than 1 million businesses and internet access to more than 500 million people in Africa.
André Pienaar, CEO and founder of C5 Capital expressed satisfaction with the partnership. “We are excited to work with Cassava Technologies to open the African market to the most cutting-edge cyber security, space security, and energy security products and services.”
By establishing a network of cutting-edge Cyber Security Operations Centers (CSOCs) throughout Africa, a partnership between Haven Cyber (a portfolio company of C5) and Liquid Cloud & Cyber security (a company of Cassava) aims to bring expertise in cyber security to the continent. The CSOC network will make it possible for cyber security operations and services to be delivered quickly across Africa. Later this year, South Africa will host the launch of the first such CSOC.
“We see tremendous growth potential for Cassava Technologies’ cyber security business to help protect African enterprises and communities following the launch of Cassava Technologies’ cutting-edge Cyber Security Operations Centre (CSOC), planned for Johannesburg later this year,” Pienaar added.
According to Pemhiwa, “Recent industry reports highlight that Africa will lose close to US$4.1 billion due to cyber security threats in lost GDP in 2021. This is mainly because businesses and governments in Africa are adopting technology at a much faster rate than ever before, which has increased vulnerabilities as cyber attack technologies advance. The investment made by C5 today and our pan-African partnership will improve our capacity to help our clients create reliable cloud-based digital services that are essential to transforming lives on the continent.”