Poa Internet and Africa50 have announced that Africa50’s equity investment in Poa has been completed. This cash is part of a $28 million financing round led by Africa50, and will be used to support the company’s future growth objectives in Kenya, as well as expand the company’s reach into new African countries. Novastar Ventures, which is making its third investment in the company, and a number of other existing shareholders are also present during the first close.

“Poa is all about connecting the unconnected of Africa to create opportunities for growth, learning and economic stimulus through digitisation. We have a young, energetic and committed team, that are working tirelessly to make our vision a reality. Now with Africa50’s investment, we can ramp up our roll-out plans and provide value to even more communities across Kenya,” Andy Halsall, Poa Internet’s CEO, said. 

Why The Investors Invested

Poa has steadily strengthened its operations and market position since its inception in 2016, and now has over 12,000 home internet customers and tens of thousands of street Wi-Fi users. This extra funding reflects investors’ faith in Poa’s long-term plan and emphasizes the necessity for African Internet Service Providers (ISPs) to focus on closing the continent’s digital divide.

“We are delighted to partner with Poa Internet on its mission to provide unlimited broadband internet to underserved communities,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50. “Poa has been instrumental in bridging the needs of last-mile connectivity, and their ultra-low-cost solutions can be used to address the significant connectivity gaps in Kenya and across the continent as a whole. This is particularly important at a time when societies and economic activities are increasingly becoming digitized as a result of the COVID-19 pandemic. Increasing access to reliable and affordable internet connectivity is strongly aligned with the key pillars of Africa50’s strategy, and we are excited to be part of this high-impact journey and to support Poa’s growth in Africa.”

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Africa50 is an infrastructure investment platform that helps Africa expand by designing and investing in bankable projects, catalyzing public sector resources, and mobilizing private sector finance, all while delivering distinct financial returns and impact. The African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib are among Africa50’s 31 shareholders, which include 28 African countries, the African Development Bank, and Bank Al-Maghrib.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer