Infrastructure investment platform Africa50 has completed an equity investment in Poa, a Kenyan ISP primarily serving lower-income urban communities. The investment is part of a USD28 million financing round led by Africa50, which will be used to support Poa’s future growth plans across Kenya, as well as launch the business into further African markets. Also participating in the first closing is Novastar Ventures, which is making its third investment into Poa and a number of other existing shareholders. Since starting operations in 2016, Poa has continuously improved its operations and market position and currently has over 12,000 home broadband subscriptions, as well as tens of thousands of street Wi-Fi subscriptions. Africa50 currently has 31 shareholders, comprised of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO) and Bank Al-Maghrib.
Poa Internet’s CEO Andy Halsall commented: ‘Poa is all about connecting the unconnected of Africa to create opportunities for growth, learning and economic stimulus through digitisation. We have a young, energetic and committed team, that are working tirelessly to make our vision a reality. Now with Africa50’s investment, we can ramp up our rollout plans and provide value to even more communities across Kenya.’