Mawingu, a Kenyan-based internet service provider, has recently announced the successful closing of a $9 million Series B investment round. This funding will support the company's roll-out of infrastructure across Kenya, allowing it to increase access to affordable internet connectivity for underserved households and businesses. The investment was led by InfraCo Africa, which committed $6 million through its investment arm, and was joined by institutional investors E3 Capital and the Dutch Entrepreneurial Development Bank FMO, who each contributed $1.5 million.
Mawingu's CEO, Farouk Ramji, stated that the company's mission is to help its customers access new opportunities for work, education, entertainment, and social connections through the internet. The company is positioning itself as a provider of quality internet at affordable rates, with a focus on connecting frontier regions that have never had access to meaningful internet.
Currently, Mawingu operates in 15 counties in Kenya and has more than 7,500 active customers. With the new funding, the company plans to expand to an additional 25 counties, focusing on rural markets. Over the past year, the company has demonstrated a demand for quality internet connectivity in commercial enterprises and homes outside of urban centers. The company rebranded late last year with a refreshed look and company values reflecting its long-term impact on its end-users.
InfraCo Africa's investment represents its first in the telecoms sector, and its Chief Investment Officer, Claire Jarratt, expressed that the company is pleased to be supporting Mawingu's pioneering telecoms business in Kenya. With a total addressable market of 12 million homes, InfraCo Africa believes that this investment is made at a key stage in the growth of the sector.
Mawingu has set its expansion plans to begin in February 2023, starting with western Kenya and targeting Kisii, Migori, Bungoma, and Kakamega. The company aims to connect 250,000 Kenyans in the next five years, and its efforts have been recognized by Microsoft's Vice Chairman and President Brad Smith, who acknowledged Mawingu's contribution to the wider ambition of bringing internet access to 100 million Africans by targeting underserved markets in Kenya.
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