Daily Mawingu's ongoing sale is underway
In a significant move for the African tech industry, Kenyan rural internet pioneer Mawingu Networks is in the process of selling a 35% controlling stake to the South African private equity fund, Pembani Remgro Infrastructure Fund II (PRIF II). The deal, which is currently under review by the Comesa Competition Commission (CCC), could impact competition in the regional market.
Mawingu Networks, backed by global giants like Microsoft, has been on a growth trajectory. In 2024, the company raised $15 million in debt funding, led by an $11 million loan from the Africa Go Green Fund. This funding supported the expansion of fibre and fixed wireless internet services in Kenya and the acquisition of Habari, an ISP in Tanzania. As a result, Mawingu's subscriber base surged from approximately 16,000 in 2022 to nearly 59,000 by March 2025.
The sale to Pembani Remgro marks a significant shift in Mawingu's capital structure and highlights growing investor interest in digital infrastructure across Africa. PRIF II is backed by major development finance institutions including the African Development Bank, European Investment Bank, and British International Investment.
Mawingu continues to pursue its mission of expanding affordable internet access in East Africa, aiming to reach 1 million people by 2028 through partnerships like the decade-long collaboration with Microsoft. CEO Farouk Ramji has declined to comment on specifics of the sale, citing the early stage of the deal.
Elsewhere in the tech industry, several startups are making strides. BFREE, a Lagos-based credit recovery startup, secured $3 million in debt funding from the Verdant Capital Hybrid Fund. Lovable, a startup for "vibe coding," has become a unicorn after just eight months in business, having previously raised $7.5 million pre-seed funding and $15 million pre-Series A. The startup, valued at $1.8 billion after Series A funding, is using its funds to expand its operations.
In the fintech sector, PALM, a Cairo-based startup, secured a seven-figure pre-seed funding led by 4DX Ventures. MoneyBadger, a South African crypto payments solution provider, raised S$400,000 in a pre-seed round of funding. Meanwhile, Nithio is offering flexible financing to clean energy startups in Kenya and Nigeria.
Lastly, Insights Market ResearcherTM, a tool for finding and analyzing African tech and business data, is being launched. The FATE Institute Fellowship applications for its 2025 programme are still open.
In summary, Mawingu Networks' sale to Pembani Remgro is a significant development in the African tech industry, reflecting growing investor interest in digital infrastructure. Meanwhile, several startups are making strides in various sectors, from AI to fintech, and clean energy.
- The investor interest in digital infrastructure across Africa is evident, as shown by Mawingu Networks' sale to Pembani Remgro.
- Innovation in the fintech sector is also thriving, with PALM, a Cairo-based startup, securing pre-seed funding and MoneyBadger, a South African crypto payments solution provider, raising funds for its services.
- In the realm of tech entrepreneurship, startups like Lovable and BFREE are flourishing, with Lovable achieving unicorn status after just eight months in business.
- Mawingu Networks, with support from global investors like Microsoft, aims to expand affordable internet access in East Africa and reach 1 million people by 2028.
- Nithio is providing flexible financing to clean energy startups in Kenya and Nigeria, demonstrating a commitment to sustainable development in the region.
- Furthering business ventures, PALM and MoneyBadger are not alone, as Insights Market ResearcherTM is launched to help find and analyze African tech and business data.
- For those looking to further their education and self-development, applications for the FATE Institute Fellowship 2025 programme are still open.
- The African tech industry is also intertwined with lifestyle and entertainment, with the rise of startups offering solutions in sectors like casino-and-gambling and sports, adding to the continent's burgeoning digital landscape.
- The weather continues to impact every aspect of life, from farming to business operations, further emphasizing the need for technology to adapt and provide solutions for various sectors across the continent.
