Cassava Technologies (Cassava), a global technology company, has closed a $90 million equity investment round with participation from the US International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC.

Cassava today announced three major milestones: a significant equity investment, the successful completion of its South African Rand debt restructuring, and the completion of its reorganisation.

According to the company, these strategic measures position Cassava for substantial growth, which is supported by a solid balance sheet.

Cassava notes the completion of this financing round corresponds with the successful reorganisation of the company's operations to build an integrated digital solutions platform.

According to Cassava, the platform offers broadband connectivity, co-location (data centres), cloud, cybersecurity, compute (AI), and payment services in over 30 markets in Africa, the Middle East, India, and Latin America.

Furthermore, Liquid Intelligent Technologies, a Cassava company, has successfully signed new facilities to refinance its South African Rand term loan over a multi-tenor period.

The fresh facilities, totalling $220 million in South African Rands, are being granted by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and the International Finance Corporation.

Hardy Pemhiwa, President and Group CEO of Cassava, comments: “The closing of this equity round, completion of our ZAR debt refinancing, and reorganisation represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent."

Cassava's shareholder, in addition to DFC, Google LLC, and Finnfund, are Econet Group, British International Investment, Public Investment Corporation, Royal Bafokeng Holdings , Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital.

Cassava has a robust portfolio of business entities, including Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech.

According to Cassava, this integrated platform of business units allows the Group to achieve its vision of a digitally connected future in which no African is left behind.