African Tech Group Cassava Technologies Secures $310 Million

By Semafor Africa Photos: Cassava Technologies Cassava Technologies, a group that operates data center and cloud services businesses in Africa, received a $90 million equity investment from the US International Development Finance Corporation, Finland’s Finnfund, and Google. Companies under the Cassava group, controlled by Zimbabwean billionaire Strive Masiyiwa, include Africa Data Centres, a digital financial services company called Sasai, and fiber cables provider Liquid Intelligent. The latter also signed a $220 million debt refinancing deal with Standard Bank, Rand Merchant Bank, Nedbank, and the World Bank’s International Finance Corporation. A gap exists in the availability of data centers in Africa and construction has ramped up in recent years. But data centers are just one piece of the continent’s broad digital infrastructure needs. Hardy Pemhiwa, Cassava Tech’s CEO, said the new funding marks the company’s “strategic reorganization” to be an integrated solution center for Africa’s digital infrastructure. — Alexander The post African Tech Group Cassava Technologies Secures $310 Million appeared first on Black Star News.