African integrated tech firm, Cassava Technologies, today announced that it has secured a $50-million investment from C5 Capital (C5), a specialist venture capital firm that invests in cyber security, space, and energy security. The investment is part of a broader funding round to accelerate Cassava’s growth.
The investment by C5 will contribute to the acceleration of the work that Cassava has undertaken to increase digital connectivity and inclusion on the continent.
As part of the investment plan, Cassava will be the go-to-market partner in Africa for C5’s cutting-edge portfolio companies to deliver best-in-class cyber security, satellite and space technology and clean energy.
C5 and Cassava already announced a joint venture through which Haven Cyber, a C5 portfolio company and Cassava will scale Microsoft’s suite of cybersecurity products across Africa to help combat the threat of cybercrime.
“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,” says Strive Masiyiwa, Founder and Executive Chairman of Cassava Technologies.
Cassava Technologies has operations in more than 20 African countries and has been at the forefront of bringing innovative technology solutions to local businesses and individuals.
The company provides digital solutions (in fibre networks, renewable energy, cloud, cyber-security, fintech and digital platforms) to over 1 million enterprises and access to the internet for over 500 million people in Africa.
“We are delighted to partner with Cassava Technologies, to bring the most innovative cyber security, space and energy security products and services to African markets,” said André Pienaar, Chief Executive and Founder of C5 Capital.
Through the partnership between Haven Cyber (a portfolio company of C5) and Liquid Cloud & Cybersecurity (a business of Cassava), C5 and Cassava aim to bring expertise in cyber security to Africa by launching a network of state-of-the-art Cyber Security Operations Centres (CSOCs) across Africa.
The CSOC network will enable the rapid delivery of cyber security services and operations on the continent. The first such CSOC is set for launch in South Africa later this year.
“Recent industry reports highlight that cyber security threats cost Africa close to $4.1 billion in lost GDP in 2021. This is primarily due to the massive increase in the adoption of technology in businesses and governments across Africa and increased vulnerabilities as cyber-attack technologies evolve,” said Hardy Pemhiwa, the President and CEO of Cassava.
“Today’s investment from C5 and our pan-continental partnership will enhance our ability to enable our customers to build secure and stable cloud-based digital services critical to transforming lives on the continent.”