The BLOC Smart Africa fund, managed by Bamboo Capital Partners and launched by the Smart Africa Alliance, has announced a $585,000 investment in TooMuchWifi, a South African internet service provider.
Connectivity Capital, Atreyu Investments, and a European Family Office joined existing investors who made follow-on investments in the $1 million pre-series A round, which was led by BLOC SA.
TooMuchWifi is addressing the connectivity gap by providing underserved, heavily inhabited areas of South Africa with fast, unlimited, and inexpensive fiber-backed Internet.
“To date, TooMuchWifi has saved Capetonians living in townships approximately ZAR 700 million ($50 million) in data costs,” says Ian Thomson, CEO of TooMuchWifi. More than 245 previously unemployed young people from the township communities we serve have been trained and hired. We believe that ensuring that all South Africans have access to fast Internet for school, work, and pleasure is one of the steps we can take toward a more fair future.
Bamboo Capital Partners’ Founder and Managing Partner, Jean-Philippe de Schrevel, said, “We are thrilled to support the growth of TooMuchWifi and their objective to improve connectivity across South Africa.”
The funds will be used to scale operations in order to increase presence in existing markets and extend into new communities.