Strive Masiyiwa’s Cassava raises $150m for AI Expansion

Cassava Technologies, a leading pan-African technology company owned by Zimbabwe’s richest man, Strive Masiyiwa, has unveiled a series of deals that will inject more than $150 million in new equity into its Liquid unit as part of a wider effort to cut debt and support expansion.

The company confirmed it has received an equity investment from NVIDIA, the U.S. chipmaker whose processors underpin much of today’s AI computing. NVIDIA is now the second major Silicon Valley firm to back Cassava after Google’s investment in December 2024. 

Cassava’s shareholder base also includes the Econet Group, South Africa’s Public Investment Corporation, British International Investment, Gateway Capital, Royal Bafokeng Holdings, the International Finance Corporation, Afreximbank’s Fund for Export Development in Africa, the U.S. International Development Finance Corporation, FinnFund, and Google.

New stake sold in Africa Data Centres 

Cassava also signed a definitive agreement with STANLIB Infrastructure Investments, which will take a minority stake in Africa Data Centres, one of the group’s subsidiaries. The funding tied to the transaction will flow to Liquid and will be directed toward reducing its debt load. 

In addition, Cassava launched a rights offer to raise more equity from shareholders, reinforcing the company’s broader refinancing plan. “These transactions, coming after our capital raise in December 2024, form part of our program to strengthen the Liquid balance sheet while continuing to invest across the group,” said Hardy Pemhiwa, Cassava’s chief executive.

Masiyiwa’s push into AI infrastructure

Masiyiwa, whose net worth is estimated at $1.3 billion, has long argued that African markets need to build their own digital capacity instead of relying solely on imported systems. Cassava operates across Africa, the Middle East and Latin America through units such as Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai and Sasai Fintech.

Earlier this year, the company said it would build Africa’s first AI factory using NVIDIA’s computing technology. Cassava recently introduced the region’s first multi-model AI platform, designed to give developers and businesses easier access to advanced AI tools. Masiyiwa is now preparing to take that effort further. Cassava plans to set up five AI factories across Africa within the next year, with facilities proposed for South Africa, Nigeria, Kenya, Egypt and Morocco.