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Cassava Technologies Secures $50M Funding To Increase Digital Inclusion In Africa

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July 18, 2022, 2:05 p.m.

Cassava Technologies (Cassava), Africa's first integrated tech company of continental scale, announces today that it has secured a US$50 million investment from C5 Capital (C5), a specialist venture capital firm that invests in cyber security, space, and energy security. The investment is part of a broader funding round to accelerate Cassava's growth.

The investment by C5 will contribute to the acceleration of Cassava's work to increase digital connectivity and inclusion on the continent. Cassava will be the go-to-market partner in Africa for C5's cutting-edge portfolio companies to deliver best-in-class cyber security, satellite and space technology, and clean energy.

C5 and Cassava already announced a joint venture through which Haven Cyber, a C5 portfolio company, and Cassava will scale Microsoft's suite of cybersecurity products across Africa to help combat the threat of cybercrime.

According to Strive Masiyiwa, Founder and Executive Chairman of Cassava Technologies, "This investment from C5 is part of our plan to raise additional growth capital while diversifying our investor base. We are delighted that C5 has joined us to help realize our vision of a digitally connected future that leaves no African behind".

Cassava Technologies has operations in more than 20 African countries and has been at the forefront of bringing innovative technology solutions to local businesses and individuals. Through its extensive offering that includes fiber networks, data centers, renewable energy, cloud and cyber security, and fintech and digital platforms, the company provides digital solutions to over 1 million enterprises and access to the internet for over 500 million people in Africa.

"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.

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Through the partnership between Haven Cyber (a portfolio company of C5) and Liquid Cloud & Cybersecurity (a business of Cassava), C5 and Cassava aim to bring expertise in cyber security to Africa by launching a network of state-of-the-art Cyber Security Operations Centres (CSOCs) across Africa. The CSOC network will rapidly deliver cyber security services and operations on the continent. The first such CSOC is set for launch in South Africa later this year.

Pienaar continued, “Following the launch of Cassava Technologies’ cutting-edge Cyber Security Operations Centre (CSOC) planned for Johannesburg later this year, we see tremendous growth potential for Cassava Technologies’ cyber security business to help protect African enterprises and communities.”

Hardy Pemhiwa, the President and CEO of Cassava, added, “Recent industry reports highlight that cyber security threats cost Africa close to US$4.1 billion in lost GDP in 2021. This is primarily due to the massive increase in technology adoption in businesses and governments across Africa and increased vulnerabilities as cyber-attack technologies evolve. 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.”

About Cassava Technologies

Cassava Technologies is a pan-African technology leader providing a vertically integrated ecosystem of digital services and digital infrastructure that is enabling digital transformation across the African continent. The Cassava Technologies portfolio of technology product brands includes Liquid Intelligent Technologies, Africa Data Centres, Distributed Power Africa, Liquid Cloud & Cyber Security, Sasai Fintech, and Vaya Technologies. These solutions drive the Company’s vision of a digitally connected future that leaves no African behind. For more information, visit www.cassavatechnologies.com

About C5 Capital

C5 Capital (C5) is a specialist venture capital firm that invests in cybersecurity, space, and energy security. C5’s investment strategy is focused on building long-term relationships with innovative and resilient founders that share in its mission to build a secure future. C5 Capital is headquartered in Washington, DC, with locations in London, Luxembourg, and Vienna. For more information, visit: www.c5capital.com.

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