With cloud spend continuing to surge, tech companies are scrambling to meet demand for the necessary infrastructure, with the growing need for AI compute only adding fuel to the fire.
Cassava announced $310 million in funding overall, though $220 million of that is in the form of a credit facility for one of its subsidiaries. The $90 million equity tranche included investments from the U.S. federal government's International Development Finance Corporation (DFC); Finnish development finance company Finnfund; and Google itself.
It's a pivotal milestone that we expect to unlock significant growth and opportunities for our customers and partners in Africa and beyond.
Google confirmed to TechCrunch that it's taking a direct equity stake in Cassava, though it didn't provide comment on the rationale behind the investment. However, it's clear that it's looking to improve infrastructure across the continent.
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