UK player in African cyber security deal

A UK-based specialist investor has signed to inject $50 million into an into an Africa-focused technology company which offers cyber security services.

C5 Capital has injected capital into Cassava Technologies.

The investor is a venture capital firm that was set up in 2014 to back technology deals globally. C5 backs deals across cyber security, space, and energy security sectors.

Cassava will use the new capital for geographical expansion, with the company looking to grow its footprint across Africa. The company currently operates across 20 countries in Africa.

Part of the new capital will be used for capacity expansion, with the company looking to expand its product offering. As part of the deal, Cassava will distribute Microsoft branded cybersecurity products across Africa through Haven Cyber – a C5 portfolio company. C5 first backed Haven Cyber in 2020.

Capital will also be used to Cassava is working on plans to launch Cyber Security Operations Centre (CSOC) in South Africa by 2022 year-end.

The CSOC network will enable the rapid delivery of cyber security services and operations on the continent.

Cassava will be partnering with C5’s portfolio companies to deliver cyber security, satellite and space technology and clean energy services in Africa.

Cassava is being backed based on track record, with the company having operations in more than 20 African countries. The company also provides services to over 1 million corporates and internet to over 500 million people in Africa, according to the investor.

The company is also being backed based on growth prospects, with Cassava having a significant growth potential according to the investor. Cyber security threats cost Africa close to $4.1 billion in lost gross domestic product (GDP) in 2021, according to Cassava.

“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, founder and chief executive C5 Capital. “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.”

Headquartered in London, UK, Cassava is a technology company offering cyber security services to corporate clients across Africa.

The company provides cross-border fiber optic network platform intended to deliver connectivity and digital alternatives across the Africa.

The company also provides vertically integrated ecosystem of digital services and digital infrastructure to corporate clients.

Cassava was created in 2021 by Econet Group, a South Africa based telecommunication company.

The company’s platforms include Liquid Intelligent Technologies, Africa Data Centres and Distributed Power Africa.

Other include Liquid Cloud & Cyber Security, Sasai Fintech and Vaya Technologies.

Strive Masiyiwa, telecoms and technology entrepreneur is founder and executive chairman of Cassava.

Created in 2021, the company is headed by chief executive officer Hardy Pemhiwa and employs approximately 16 people as of 2022.

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