Cassava Technologies (Cassava) (www.CassavaTechnologies.com), Africa’s first integrated technology company of continental scale, declared today that C5 Capital (C5), a specialised venture capital firm that invests in cyber security, space security, and energy security, has invested US$50 million in the company. The contribution is a part of a larger funding round intended to hasten Cassava’s growth.
The investment provided by C5 will help Cassava’s efforts to improve digital inclusion and connectivity across Africa to move along more quickly. For C5’s cutting-edge portfolio firms to supply best-in-class cyber security, satellite and space technologies, and renewable energy, Cassava will be the go-to market partner in Africa.
In order to help address the issue of cybercrime, C5 and Cassava have previously established a collaborative venture through which Haven Cyber, a C5 portfolio company, and Cassava will scale Microsoft’s suite of cybersecurity products across Africa.
According to Strive Masiyiwa, Founder and Executive Chairman of Cassava Technologies, “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”.
With operations in more than 20 African nations, Cassava Technologies has been in the forefront of providing cutting-edge technological solutions to local companies and individuals. The company offers digital solutions to over 1 million businesses and internet access to over 500 million people in Africa through its wide offering, which also includes fibre networks, data centres, renewable energy, cloud, and cyber security.
“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.
By establishing a network of cutting-edge Cyber Security Operations Centres (CSOCs) throughout Africa, a partnership between Haven Cyber (a portfolio company of C5) and Liquid Cloud & Cybersecurity (a company of Cassava) aims to provide 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 introduction of the first of such CSOC.
Pienaar continued, “Following the launch of Cassava Technologies’ cutting-edge Cyber Security Operations Centre (CSOC) planned for Johannesburg later this year, we see tremendous growth potential for Cassava Technologies’ cyber security business to help protect African enterprises and communities.”
Hardy Pemhiwa, the President and CEO of Cassava, added, “Recent industry reports highlight that cyber security threats cost Africa close to US$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. Today’s investment from C5 and our pan-continental partnership will enhance our ability to enable our customers build secure and stable cloud based digital services critical to transforming lives on the continent.”
Media Contacts:
Cassava Technologies
Angela Chandyangela.chandy@liquid.tech