Cassava Technologies, an African integrated technology corporation, said today that it has received a $50 million investment from C5 Capital (C5), 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.
C5’s investment will help to accelerate Cassava’s efforts to improve digital connectivity and inclusivity on the African continent.
Cassava will serve as the go-to-market partner in Africa for C5’s cutting-edge portfolio firms, delivering best-in-class cyber security, satellite and space technologies, and renewable energy.
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C5 and Cassava have already announced a collaboration in which Haven Cyber, a C5 portfolio business, and Cassava will scale Microsoft’s range of cybersecurity technologies across Africa to assist battle 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 operates in over 20 African countries and is at the forefront of offering new technological solutions to local businesses and individuals.
The company offers digital solutions (in fibre networks, renewable energy, cloud, cyber-security, fintech, and digital platforms) to over 1 million businesses and internet connectivity to over 500 million Africans.
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“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.
C5 and Cassava want to provide expertise in cyber security to Africa by building a network of state-of-the-art Cyber Security Operations Centres (CSOCs) across Africa through a partnership between Haven Cyber (a C5 portfolio firm) and Liquid Cloud & Cybersecurity (a Cassava business).
The CSOC network will enable the continent to receive cyber security services and operations more quickly. The first CSOC is scheduled to open 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.
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“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.”
Cassava tech Cassava tech
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh