Venture capitalist ploughs US$50m into Cassava

Development has happened weeks after Strive Masiyiwa’s resignation his position on the board.

Zimbabwean billionaire and telecommunications tycoon hints at “key business moves” after retiring from Econet board.

Durvasula will be responsible for driving growth, innovation and strategy of Cassava Technologies’ datacentres.

A 750% surge in Econet shares boosts entrepreneur’s net worth, according to Forbes report.

The carrier-neutral data centre provider invests R4 billion in its Johannesburg data centre expansion, and outlines plans to build a fourth location in SA.

Cassava Technologies encompasses Liquid Intelligent Technologies, Africa Data Centres, Liquid Cloud, Sasai Fintech, Vaya Technologies, and Distributed Power Technologies.

IFC’s latest investment in Liquid follows its investment in the company in February 2021 through Liquid’s bond placement on Euronext Dublin, Ireland’s main stock exchange.

The race to take Africa’s payments industry online is speeding up says Aida Diarra, head of Visa in Sub Saharan Africa.

Countries including Kenya, South Africa, Zimbabwe and Zambia have been connected.

The Zimbabwean-born businessman’s wealth is reported to be £1.087 billion, which elevates him into the ranks of Britain’s super-rich.

Company confirms construction of latest datacentre is well underway.