💰 Cassava Technologies raises $310 million |📱Meta Fined €251 Million

Today’s Menu ☕️

💰Strive Masiyiwa’s Cassava Technologies raises $310 million to grow Africa’s digital infrastructure
📱Meta Fined €251 Million for 2018 Facebook Data Breach
⛏️ Congo Files Lawsuits Against Apple Over ‘Blood Minerals’ in Products
🏙️ Host Africa Strengthens Nigerian Market Presence with GO54 Acquisition

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💵 FUNDING

Strive Masiyiwa’s Cassava Technologies raises $310 million to grow Africa’s digital infrastructure

Strive Masiyiwa’s Cassava Technologies has raised $310 million, comprising a $90 million equity investment round from the U.S. International Development Finance Corporation, Google, and Finnfund, as well as a $220 million debt refinancing for one of its subsidiaries, Liquid Intelligent Technologies.

With this $90 million equity investment, these new investors join Econet Group, British International Investment, Public Investment Corporation, Royal Bafokeng Holdings, Gateway Partners, and African Export-Import Bank (Afreximbank) as shareholders in the company.

In addition, Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has secured a $220 million equivalent ZAR debt refinancing with the support of Standard Bank Group, RMB (Rand Merchant Bank), Nedbank, and IFC (International Finance Corporation)....……continue reading

📱SOCIAL MEDIA

Meta Fined €251 Million for 2018 Facebook Data Breach

Meta, the parent company of Facebook, has been hit with a €251 million fine by Ireland’s Data Protection Commission (DPC) in response to a 2018 security breach that affected millions of users worldwide. The breach, disclosed in September 2018, was the result of a vulnerability that allowed unauthorized access to Facebook accounts and sensitive user data, including names, contact information, location, and even children’s personal data.

The breach occurred between September 14 and 28, 2018, impacting approximately 29 million Facebook users globally, with around 3 million of those users based in the European Union. A bug in the design of Facebook’s video upload feature, combined with the “Happy Birthday Composer” tool, allowed malicious actors to exploit the system and gain unauthorized access to user tokens. These tokens granted attackers full access to users’ profiles, which they could then use to compromise additional accounts. The breach not only affected personal data like users’ email addresses, phone numbers, and religious beliefs, but also exposed sensitive details, raising significant concerns about user privacy.

This fine is among several penalties Meta has faced under the European Union’s General Data Protection Regulation (GDPR), although it is not the largest one to date. In September, 2024, the social media giant was fined €91 million for GDPR Violations in User Password Breach...……continue reading

⛏️ MINING

Congo Files Lawsuits Against Apple Over ‘Blood Minerals’ in Products

The Democratic Republic of Congo has filed lawsuits against Apple Inc. in both France and Belgium, accusing the tech giant of utilizing minerals looted from the African nation in its products. The legal action, initiated by Congo’s legal team, targets Apple’s subsidiaries in these European countries over the alleged contamination of the company’s supply chain with “blood minerals” sourced from conflict zones.

The lawsuit, filed on Tuesday, claims that Apple’s use of minerals extracted from Eastern Congo—rich in tin, tungsten, and tantalum, which are critical components in electronic devices like iPhones—has contributed to ongoing violence in the region. For decades, Eastern Congo has been embroiled in conflict, with armed groups and government forces fighting for control, fueling instability. The Congo government accuses Rwanda of supporting militia groups and facilitating the smuggling of these minerals out of the country, a claim Rwanda has consistently denied..……continue reading

🦄 UNICORN ACTIVITY IN AFRICA

🏙️ DIGITAL INFRASTRUCTURE

Host Africa Strengthens Nigerian Market Presence with GO54 Acquisition

South Africa’s digital infrastructure provider, Host Africa, has announced its acquisition of Nigerian web hosting company GO54, formerly known as WhoGoHost. This strategic move underscores Host Africa’s ambitions to expand its footprint across Africa and position itself as a key player in the continent’s growing digital services sector.

The deal, finalised through a Sale of Asset Agreement, involves the transfer of GO54’s intellectual property, goodwill, contracts, equipment, domains, and other operational assets to Host Africa Nigeria Limited, a subsidiary registered in October 2024. This acquisition enables Host Africa to offer web hosting, cloud services, and domain registration solutions tailored to the Nigerian market.

Host Africa’s decision to acquire GO54 was motivated by the latter’s steady revenue growth, diverse customer base, and robust portfolio of over 13,000 hosting accounts and 25,000 active domains. These attributes promise predictable cash flows and sustainable growth potential for the South African company..……continue reading

OTHER STORIES

• Honda and Nissan are in talks to deepen ties including a possible merger.……read more

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