Cassava Technologies Secures $50-Million Investment for Africa’s Cybersecurity

Cassava Technologies, an African integrated tech company, said today that C5 Capital (C5), a specialized venture capital firm that invests in cyber security, space security, and energy security, has made a $50 million investment in the company.

The investment is a part of a larger funding round intended to hasten Cassava’s expansion.

The money provided by C5 will help Cassava’s efforts to improve digital inclusion and connectivity across Africa to move along more quickly.

Cassava will work with C5’s innovative portfolio firms to deliver best-in-class cyber security, satellite and space technologies, and sustainable energy across Africa as part of the investment strategy.

In order to help address the issue of cybercrime, C5 and Cassava have previously established a collaborative venture through which Haven Cyber, a C5 portfolio business, and Cassava will scale Microsoft’s suite of cybersecurity products across Africa.

“This C5 investment is a part of our strategy to increase growth capital while broadening our investor base. Strive Masiyiwa, founder and executive chairman of Cassava Technologies, states, “We are pleased that C5 has joined us to help realize our vision of a digitally connected future that leaves no African behind.

With operations in more than 20 African nations, Cassava Technologies has been in the forefront of providing cutting-edge technological solutions to local companies and individuals.

More than 1 million businesses receive digital solutions from the organization, and more than 500 million individuals in Africa have access to the internet. These solutions cover fibre networks, renewable energy, cloud, cyber security, finance, and digital platforms.

André Pienaar, Chief Executive and Founder of C5 Capital, said: “We are happy to work with Cassava Technologies to provide the most cutting-edge cyber security, space, and energy security products and services to African markets.

By establishing a network of cutting-edge Cyber Security Operations Centres (CSOCs) throughout Africa, a cooperation between Haven Cyber (a portfolio company of C5) and Liquid Cloud & Cybersecurity (a firm of Cassava) aims to provide expertise in cyber security to the continent.

The CSOC network will make it possible for cyber security operations and services to be delivered quickly across Africa. Later this year, South Africa will host the introduction of the first such CSOC.

According to recent industry forecasts, Africa will lose close to $4.1 billion in GDP due to cyber security concerns in 2021. According to Hardy Pemhiwa, president and chief executive officer of Cassava, this is primarily due to the tremendous increase in the usage of technology in businesses and governments across Africa as well as greater vulnerabilities as cyber-attack methods advance.

The investment from C5 made today and our pan-continental alliance will improve our capacity to help our clients create reliable cloud-based digital services that are essential to altering life on the continent.

African Public Sector Organizations Are More At Risk of Cyberattack

Cybercriminals frequently target PSOs in Africa, which is part of the public sector. An extensive ransomware attack that targeted South Africa’s Transnet port authority in 2021 resulted in the suspension of all sea imports and exports for more than a week. The nation’s Department of Justice was also targeted in that same year, greatly delaying legal proceedings.

The fact is that these attacks can be stopped if public institutions have the knowledge to defend themselves.

The Public Sector Security Summit 2022 (#PubliSec2022), which will be held on the 2nd and 3rd of August 2022, is an event you cannot afford to miss if your public organization is digitally linked, as all successful modern organizations should be.

Register now for #PubliSec2022 and learn from top local and international cybersecurity experts to prepare your public organisation before the attack comes. Because once your systems are compromised, it will already be too late.

To learn more, click here.