Google Backs Cassava Technologies in $90M Funding Round to Strengthen Africa’s Digital Ecosystem
As global cloud spending continues to surge—driven in part by the explosive demand for AI computing—tech giants are racing to expand digital infrastructure. Google is doubling down on its commitment to Africa by joining a $90 million equity investment in Cassava Technologies, a key player in the continent’s connectivity landscape.
Why This Investment Matters
Google’s participation in this funding round underscores its strategic focus on bolstering Africa’s digital backbone. The move aligns with broader industry trends:
- Microsoft and BlackRock launched a $30 billion fund for AI-driven data centers.
- Meta is investing $10 billion in a global subsea cable project.
- Google recently unveiled Umoja, the first subsea fiber-optic cable linking Africa and Australia.
With Africa facing recurring internet outages due to undersea cable failures, this investment aims to enhance reliability and accessibility for businesses and consumers relying on Google’s services.
Cassava Technologies: A Key Player in Africa’s Digital Growth
Cassava, spun out of Econet Group in 2021, operates across:
- Data centers
- Fiber broadband networks
- Renewable energy solutions
- Cloud and cybersecurity services
The company also has a presence in the Middle East, India, and Latin America, positioning itself as a global tech leader with African roots.
Funding Breakdown and Strategic Goals
The $90 million equity tranche includes contributions from:
- U.S. International Development Finance Corporation (DFC)
- Finnish development financier Finnfund
An additional $220 million credit facility brings Cassava’s total funding to $310 million, earmarked for:
- Strengthening its balance sheet
- Driving sustainable growth
- Expanding digital infrastructure to bridge Africa’s digital divide
“This milestone unlocks immense value and accelerates our mission to connect Africa,” said Hardy Pemhiwa, Cassava’s CEO and President.
Google’s Expanding Footprint in Africa
Google’s investment follows several high-profile initiatives:
- Umoja subsea cable project, where Cassava’s subsidiary Liquid Intelligent Technologies handled terrestrial routing.
- Liquid C2’s partnership with Google Cloud and Anthropic to deploy AI, cloud, and cybersecurity solutions.
- A $1 billion commitment to Africa’s digital economy, announced in 2022.
“Generative AI is transforming African businesses by improving efficiency and customer experiences,” noted Google Cloud CEO Thomas Kurian.
The Road Ahead
This investment signals a long-term commitment to Africa’s digital transformation, addressing critical infrastructure gaps while fostering innovation in AI and cloud computing. As demand for connectivity grows, collaborations like these will play a pivotal role in shaping the continent’s tech future.
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