Transaction Summary
Cygnum Capital, through the Africa Go Green Fund (AGG), alongside Infraco Africa and the Dutch Development Bank FMO, have provided $15 million in debt and equity financing to Mawingu Networks Limited (Mawingu), Kenya’s largest rural-focused Internet Service Provider (ISP). This financing, comprising $11 million in long-term senior debt from the AGG and $4 million in equity from InfraCo Africa and FMO, will support Mawingu’s acquisition of Habari Node Limited (Habari), a 25-year-old Tanzanian rural-focused ISP. Originally launched as Indigo Telecom Ltd. in collaboration with Microsoft and the Kenyan Ministry of Information and Communications in 2013, Mawingu has evolved into a pioneer in delivering affordable internet using climate-smart infrastructure, such as solar-powered and battery-backed towers. The Habari acquisition is part of Mawingu’s “buy-and-build” strategy to acquire successful rural ISPs across East Africa. FMO and InfraCo Africa are repeat investors, having participated in Mawingu’s $9 million Series B round in 2023, which
