Finnfund closes investment in Kenyan internet service provider
Finnfund has made a $4 million debt investment in Poa Internet.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Finnfund has made a $4 million debt investment in Poa Internet, a Kenyan internet service provider. The funding is intended to help Poa extend affordable broadband to underserved communities in Kenya.
“We are excited to support Poa Internet in expanding its provision of high-speed internet to lower income areas in Kenya. At Finnfund, digital infrastructure is one of our strategic priorities. Improving digital connectivity through affordable broadband internet supports economic growth and enables inclusive access to remote work, financial services, education, healthcare, and provides possibilities for small businesses to connect with global value chains. This new investment, supported by the European Union and the European Fund for Sustainable Development Plus, underscores our commitment to fostering digital inclusion and economic growth across the continent,” says Kelvin Kiiru, investment associate at Finnfund.
The investment comes within a wider Finnish-Kenyan context, with Nokia acting as Poa Internet’s preferred fibre technology partner.
“We are delighted to be partnering with Finnfund on our mission to bring internet access to every home in Africa. Abundant broadband connectivity is a fundamental enabler for trade, education, healthcare and government services. Using Finnfund’s financing and Nokia’s fibre infrastructure we will be able to bring Poa’s highly affordable internet service to even more Kenyan communities and increase their digital inclusion,” says Andy Halsall, CEO of Poa Internet.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now