Kenyan Start-up Receives Ksh1.1 Billion From 3 Investors

Mawingu CEO Farouk Ramji
Mawingu CEO Farouk Ramji.
Mawingu

Kenyan start-up, Mawingu, on Wednesday, February 2, received a capital injection of Ksh1.1 billion from three investors.

Mawingu Chief Executive Officer (CEO) Farouk Ramji confirmed the lion's share of the investment came from new investor InfraCo Africa.

The new partner pumped in Ksh747 million while its two other sponsors E3 Capital and Dutch Entrepreneurial Development Bank FMO contributed Ksh186 million each.

An image showing an internet connection cable
An image showing an internet connection cable.
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Kenya Pics

'“InfraCo Africa’s USD6 million to roll out infrastructure across Kenya that will increase access to affordable Internet connectivity to underserved households and businesses,”  InfacCo noted.

On his part, Ramji confirmed that the funds would be used to implement Mawingu's operational objectives across the country.

"Mawingu wants to go beyond fitting internet cables and enable our clients to access new opportunities for work, education, entertainment, and social connections through the power of the internet,” the CEO stated.

Originally setting up access points in the Mount Kenya region, Mawingu, an internet service provider, unveiled plans of expanding its network to Kisii, Migori, Bungoma, and Kakamega counties.

The expansion will start on February 1 and will enable subscribers in the region to get access to affordable internet.

Founded in 2012, Mawingu was fully commercialised in 2016 and has a local client base of up to 250,000 and set up shop in 18 countries in Africa.

The expansion is in line with President William Ruto's plan to improve internet connectivity in the country. On January 31, the Cabinet resolved to install cable to all wards in the country.

"The seminal project will feature the laying of over 100,000 kilometres of fibre optic cables across Kenya, the creation of 25,000 public Wi-Fi hotspots in 1,450 wards," a cabinet despatch read in part.

Ruto's administration will also establish Digital Village Smart Hubs and Studios in each ward.

President William Ruto chairing a cabinet meeting at State House on January 31, 2023.
President William Ruto chairing a cabinet meeting at State House on January 31, 2023.
William Ruto