Bamboo Capital Partners managed the BLOC Smart Africa Fund, which was launched by Smart Africa Alliance. It has made an investment in TooMuchWifi of $585,000 a South African internet service provider.
BLOC SA was the lead in the $1 million preseries A round. This capital came from Connectivity Capital, Atreyu Investments, and a European Family Office, as well as existing investors who made follow on investments.
The funds will be used for scaling operations to expand in existing markets as well as new communities.
TooMuchWifi is closing the connectivity gap. They bring fast, uncapped, affordable, fibre-backed Internet to under-served areas like townships in South Africa. Depending on which data bundles they choose, township residents can pay as much as ZAR 200 per gigabyte.
TooMuchWifi, on the other hand, has reduced the cost per gigabyte to ZAR 4. This is 20 times more valuable than data from mobile network operators.
TooMuchWifi CEO, Ian Thomson, says, “To date, TooMuchWifi has saved Capetonians living in townships over ZAR 700 million ($50 million) in data costs. We have trained and employed more than 245 previously-unemployed young people from the township communities we serve. We believe that ensuring that everyone has access to the internet for education, work, and entertainment is one of the best steps towards a more equitable future.
“TooMuchWifi has proved to be a real challenger among the internet service providers in Africa. Smart Africa’s vision is to empower underserved communities with affordable internet, lower costs of data, and train young people. We are pleased to contribute to the growth of TooMuchWifi through the Bloc Smart Africa fund,” commented Mr. Lacina Koné, CEO/Director General at Smart Africa Secretariat.”
“TooMuchWifi is one of the most capital-efficient internet service providers we have seen in Africa. It is one the few South African internet service providers that can scale and operate in rural areas. The company’s unique leadership culture and ERP software have enabled it to combine its expertise with a strong client base.
“We are pleased to support the growth of TooMuchWifi and their mission to increase connectivity across South Africa,” commented Jean-Philippe de Schrevel, Founder and Managing Partner, Bamboo Capital Partners.