Wednesday, July 24, 2024
HomeAfricaMawingu Raises Usd9m to Expand to 25 More Counties in Kenya

Mawingu Raises Usd9m to Expand to 25 More Counties in Kenya

Kenyan ISP Mawingu has announced that it has raised a total of USD9 million through a Series B funding round, bringing on board new investor InfraCo Africa, part of the Private Infrastructure Development Group (PIDG). InfraCo Africa’s USD6 million commitment, delivered through its dedicated investment arm, will support Mawingu to roll out infrastructure across 25 additional counties in Kenya that will increase access to affordable internet connectivity to underserved households and businesses. InfraCo Africa was joined by Mawingu’s institutional investors E3 Capital and Dutch Entrepreneurial Development Bank (FMO), contributing USD1.5 million each as part of this fundraise.

Mawingu currently operates in around 15 counties and the firm is aiming to connect 250,000 Kenyans over the next five years. It will begin its expansion plans this month in western Kenya, targeting Kisii, Migori, Bungoma and Kakamega, followed by other locations later in the year.

Source: commsupdate



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