Cassava Technologies has secured $310 million through a combination of equity and debt.
The company, which includes Africa Data Centres, raised $90m from the US International Development Finance Corporation, Finland’s Finnfund, and Google.
Subsidiary Liquid Intelligent, an African fiber network operator, also secured $220 million in a debt refinancing deal with Standard Bank, Rand Merchant Bank, Nedbank, and the World Bank’s International Finance Corporation.
Cassava's businesses also include cloud solutions reseller Liquid C2, renewable energy business Distributed Power Africa, fintech company Sasai, and artificial intelligence arm Cassava AI.
Africa Data Centres operates a number of facilities across the continent.
The company operates data centers in Nairobi, Kenya; Lagos, Nigeria; and three facilities in South Africa (one near Cape Town, and two near Johannesburg).
Last year, the company announced plans to expand its portfolio in Kigali, Rwanda; Lome, Togo; and add a 30MW data center in Accra, Ghana. It is also building another facility in South Africa.
"The closing of this equity round, completion of our ZAR debt refinancing, and reorganization represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent," group CEO Hardy Pemhiwa said.
The company was founded by chairman Strive Masiyiwa, a London-based Zimbabwean billionaire.