enterprise
Internet company Mawingu wins 1.1 billion shillings for expansion drives
Thursday, February 02, 2023
A shop in Nanyuki town connected to wifi from the Mawingu network. File Photo | Joseph Kanyi | NMG
Mawingu Networks, a rural and peri-urban Internet service provider, has raised $9 million (Sh1.1 billion) in funding from three equity investors to drive its expansion.
The latest funding saw the entry of a new investor, InfraCo Africa, alongside existing institutional investors E3 Capital and Dutch development bank FMO.
InfraCo invested $6 million (Sh739.5 million) and the other two companies each contributed $1.5 million (Sh185 million).
“InfraCo Africa’s $6 million commitment, delivered through a dedicated investment arm, will help Mawingu deploy infrastructure across Kenya, providing affordable internet connectivity to underserved households and businesses. access to,” the infrastructure investment firm said in a statement.
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InfraCo is supported by the UK, Dutch and Swiss governments.
Founded in 2012, Mawingu has an original mission to provide internet services to the communities at the foot of Mount Kenya in Nanyuki, using wireless technology to build internet networks in rural and peri-urban areas. doing.
In its sector statistics report for the three months to September last year, the Kenya Communications Authority (CA) showed that Mawingu had 14,370 Internet subscriptions, or 1.5% of the total market share.
Compared to rivals, market leader Safaricom (35.6%), Wananchi Group (25.5%) traded as Zuk, Jammy Telecommunications (22.1%), Poa Internet (10.8%) and Liquid Telecommunications Kenya Limited (1.7%). %) was 6th. percent).
Last January, Poa Internet raised 3.1 billion shillings from Africa50, a financing vehicle backed by the African Development Bank, to expand its services across low-income communities and borders in Kenya.
Currently operating in 15 counties in Kenya, Mawingu said the new round of funding will allow it to expand to 25 more counties with a focus on the rural market.
“Mawingu will launch its expansion plans in February 2023, with an eye on western Kenya, targeting Kisii, Migori, Bungoma and Kakamega. So we set the pace for this year,” the company said.
Also read: Kenya Power Starts Selling Fixed Internet
Demand for fixed internet has surged in recent years as people lean toward working from home and schools adopt e-learning after the outbreak of the 2020 Covid-19 pandemic.
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