Infrastructure investment platform Africa50 led a $28 million funding round to support internet service provider Poa Internet’s expansion in Kenya. The equity investment will also facilitate a broadening of operations into other African territories.
Poa Internet beat out 673 other proposals for internet connectivity solutions in Africa, which got it into the Africa50 investment pipeline.
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Poa internet was founded in 2016 and has grown to a home customer base of over 12 000 and tens of thousands of customers in the wider street WiFi market.
“Poa is all about connecting the unconnected of Africa to create opportunities for growth, learning and economic stimulus through digitisation,” says Andy Halsall, Poa Internet CEO.
“We have a young, energetic and committed team, which are 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.”
Novastar Ventures is another notable participant in this funding round – a third investment for the firm – that demonstrates investor confidence in the company’s strategy. These investments are backed by the Africa Development Bank and highlight the need for ISPs that are focused on bridging the digital divide in Africa.
“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 digitised because 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.”
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Featured image supplied by Poa Internet