Poa Internet has raised US$28-million from Africa50 and Novastar. Poa Internet is a Kenya based innovative community enterprise that provides fast, affordable, unlimited internet to low-income and rural communities in Kenya. The company uses Wi-Fi technology to ensure various communities are able to access the internet at an affordable price. The equity investment will be used to expand operations in Kenya as well as other countries in the East African region. The stake acquired by Africa50 and Novastar Ventures was not disclosed.
Africa50 was established in 2012 by the African Development Bank and African states to help bridge Africa’s infrastructure funding gap by facilitating project development, mobilizing public and private sector finance and investing in infrastructure on the continent. Africa50 focuses on medium-to-large-scale projects that have development impact and offer an appropriate risk-adjusted return to investors. Africa50’s investor base is currently comprised of 28 African countries, two African central banks and the African Development Bank with committed capital of over US$878-million.
Novastar Ventures is venture capital investor designed to provide flexible support, tailored to the company’s stage of development with its committed funds of over US$260-million. The firm is able to invest up to $250,000 in an unproven business model with high potential. Novastar Ventures has invested in Solar Now, Moko Furniture, mPharma, Penda Health, iProcure and Soko amongst many more.