Cassava Technologies, An African Information technology company has announced closing a $50 million investment from a specialist venture capital firm, C5 Capital.
The new funding was confirmed on Tuesday in a media release by Strive Masiyiwa, founder and executive chairperson of Cassava Technologies.
Cassava Technologies is Africa’s first integrated technology company of continental scale, with operations and activities in more than 15 countries.
According to Ripples Nigeria C5 and Cassava had earlier announced a joint venture to combat threats of cybercrime by scaling Microsoft’s suite of cybersecurity products across Africa.
“This investment from C5 is part of our plan to raise additional growth capital whilst diversifying our investor base.
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“We are delighted that C5 has joined us to help realize our vision of a digitally connected future that leaves no African behind,” said Masiyiwa.
Commenting on the investment, André Pienaar, chief executive and founder of C5 Capital expressed his delight to partner with Cassava Technologies.
Pienaar added, “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.”
