French development finance institution Proparco is investing $20 million in South Africa’s Frogfoot, Vox and Hypa as part of a broader consortium managed by private equity firm Metier.
Frogfoot operates fibre networks across South Africa, while Vox and Hypa provide internet and connectivity services to households and businesses. Frogfoot and Vox are separate privately held South African companies, but they have the same shareholders. Vox wholly owns Hypa, operating it as a subsidiary and dedicated prepaid internet service brand.
The Metier-led consortium brings together European DFIs British International Investment, BIO and DEG alongside South African commercial investors including Ke Nako Capital, Nedbank and Standard Bank. Proparco, Metier and their co-investors are investing alongside the companies’ management team and private capital to support their next phase of growth.
A key focus of the companies’ growth strategy is the expansion of fibre networks into lower-income and township communities. These markets remain significantly underpenetrated, despite strong demand for reliable and affordable broadband services.
“Through its investment in Frogfoot, Vox and Hypa, Proparco is supporting digital inclusion in South Africa through the expansion of infrastructure solutions that are increasingly essential to economic and social participation,” said Tibor Asboth, head of private equity for Africa and the Middle East at Proparco.
“We are pleased to continue our longstanding partnership with Metier and to invest alongside a strong group of private and institutional investors in the next phase of Frogfoot and Vox/Hypa’s development. By extending affordable high-speed connectivity to local communities, this investment will improve access to education, employment opportunities and essential digital services. Better connectivity can also open up new economic and social opportunities, helping communities participate more fully in South Africa’s economy and society, while contributing to narrowing the digital divide,” he added.
“We are delighted to welcome Proparco and our broader group of co-investors as we renew our longstanding support for Frogfoot, Vox and Hypa through their next phase of growth. The combination of long-term capital, strong management and experienced investment partners provides a solid foundation to expand fibre connectivity into new communities and create greater access to the digital economy,” said Grant Howarth, principal at Metier.
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