Nairobi / Casablanca - Poa Internet, and Africa50 have announced the
completion of Africa50’s equity investment into Poa. This funding is part of
the $28 million financing round led by Africa50, which will be used to support
the company’s future growth plans across Kenya, as well as launch the business
into further African markets.
Also participating in the first closing is Novastar Ventures,
which is making its third investment into the company and a number of other
existing shareholders.
Since starting operations in 2016, Poa has continuously improved
its operations and market position and currently has over 12,000 home internet
customers, as well as tens of thousands of street Wi-Fi customers. This
additional funding demonstrates investors’ confidence in Poa’s ongoing strategy
and underscores the need for African Internet Service Providers (ISPs) that
focus on bridging the digital divide across the continent.
Andy Halsall, Poa Internet’s CEO, commented “Poa is all about connecting the unconnected
of Africa to create opportunities for growth, learning and economic stimulus
through digitization. We have a young, energetic, and committed team that is
working tirelessly to make our vision a reality. Now with Africa50’s
investment, we can ramp up our roll-out plans and provide value to even more
communities across Kenya.”
“We are delighted to
partner with Poa Internet on its mission to provide unlimited broadband
internet to underserved communities,” said Raza Hasnani, Managing Director and
Head of Infrastructure Investments at Africa50. “Poa has been instrumental in
bridging the needs of last-mile connectivity, and their ultra-low-cost
solutions can be used to address the significant connectivity gaps in Kenya and
across the continent as a whole. This is particularly important at a time when
societies and economic activities are increasingly becoming digitized as a
result of the COVID-19 pandemic. Increasing access to reliable and affordable
internet connectivity is strongly aligned with the key pillars of Africa50’s
strategy, and we are excited to be part of this high-impact journey and to
support Poa’s growth in Africa.”
Poa was advised in the
transaction by London-based technology lawyers Temple Bright who have supported
the company since 2016. Africa50 was advised by Linklaters.
Source: Poa! News
