Liquid Telecom raises US$307 million in funding to expand Africa data centre business

Liquid Telecom, the African technology company founded by Zimbabwean entrepreneur Strive Masiyiwa in 1997, has just raised $307 million in funding to expand its data centre business.

The latest investment comes from shareholders and an additional US$40 million equity investment from long-term backer, CDC Group, the UK’s development finance institution, which has been investing in Liquid Telecom since 2013.

CDC’s additional equity investment into Liquid Telecom represents another crucial step in connecting businesses in Africa, with Liquid Telecom at the forefront of the continent’s eruption in technology adoption,” said Nic Rudnick, CEO of Liquid Telecom.

“Africa has significant untapped economic potential that is being unlocked by improving connectivity, data storage and the use of cloud-based applications. This investment will bring significant economic benefits to developing markets across the continent.”

Tony Morgan, CDC’s Managing Director for Direct Equity, said: “Our aggregate investment to Liquid Telecom now stands at US$220 million, this will play an important role in addressing the increasing demand for digital services and help close the digital divide between Africa and other regions. Investing in Africa’s digital infrastructure is vital for building resilience within African economies and accelerating their growth.”

Liquid Telecom Liquid Telecom, which is majority-owned by Econet Global Ltd., has built Africa’s largest single fibre network, currently stretching over 70,000km across Uganda, Kenya, Rwanda, Zambia, Zimbabwe, Botswana, DRC, Lesotho and South Africa.

The award-winning Pan-African fibre network is planning to expand its data centre unit in five of the continent’s fastest-growing countries including Egypt and Nigeria to accelerate the growth of Africa’s tech start-up ecosystems whilst also supporting the needs of established enterprises across the continent.

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