South Africa: Mineworkers Investment Company backs internet provider
South Africa’s Mineworkers Investment Company (MIC) has made an investment in affordable wireless internet service provider TooMuchWifi. The strategic investment will play a major role in enabling the Cape Town-based business to achieve its ambitions of providing economic internet solutions to all South Africans.
The MIC has invested an undisclosed amount for a 24.85% stake in the network infrastructure and communications company that was established back in 2016. This funding will be used to appoint a South African CEO and expand the local leadership team to drive expansion.
Through its proprietary technology stack and network, the business offers both hotspot data bundles and a month-to-month subscription model that provides internet and 99% uptime to residential and small business customers.
MIC impact investment manager, Thato Ntseare commented: “MIC is committed to investing in businesses that will propel South Africa forward. We are an organisation that is rooted in the country we serve, and with every investment it is important for us to ensure a positive impact. We are excited with the potential that TooMuchWifi presents to significantly expand access to affordable data to communities, and the catalytic role that can play in driving economic growth.”