Johannesburg – Toomuchwifi secures major FDI/DFI investments to promote affordable high-speed internet in South Africa.
Three new investors, UK International Investment (BII), Infra Impact Investment Managers and IDF Capital, show strong trust in the high-tech sector in South Africa by supporting high-growth internet provider Toomuchwifi.
This important investment accelerates the expansion into underserved communities of startups and enables widespread digital inclusion through affordable and reliable internet access.
The move coincides with the revival of foreign direct investment (FDI) in South Africa.
Earlier this year, the country reached 7th place in Kearney's FDI Confidence Index from 17th in 2023, telling the growth of the global investor trust.
Toomuchwifi is a network operator, ISP and Air Fiber Leader, dedicated to closing connectivity gaps with 99.3% uptime, community-based teams and ultra-low-cost internet.
Since 2016, we have prioritized unserved markets while reinvesting 30% of our revenue into our local communities, and now serves 1M+ customers nationwide.
Bridging digital disparities
Tauriq Brown CEO Toomuchwifi
“As a telecom company with rapidly scaling social impacts, we exist to unlock human possibilities,” said Tauriq Brown, CEO of Toomuchwifi.
“By connecting underserved communities and local small businesses to a fast, affordable internet, it opens the door to education, entrepreneurship and economic empowerment.
“Together with new investors, we are accelerating our mission. We are making sure no one is left behind in the digital revolution.”
Brown has highlighted the company's 30% revenue reinvestment to its community initiative, tackling challenges such as education, employment and safety in areas such as Khayelitsha, Delft, Langa and Dunoon.
A fundamentally affordable internet
Since its launch in 2016, Toomuchwifi has served over 1 million customers in over 75 communities and offers unlimited 24 hours of internet on the R5. This is in stark contrast to rising prices from major telecom businesses.
“Internet access is a lifeline as the unemployment rate is 32.9%,” Brown says.
“High data is a lockout for low-income citizens, rejecting important services like digital payments and online learning. We're changing that.”
Expanding talent and technology
This investment will also encourage top-tech talent acquisition, including:
Diren Naidoo (Director of Network Design and Optimization) – 14 years of global network expertise. Abduraghiem (Ghiem) Moses (Network Operations Director) – Founder of Township Network Specialist and Cyberbolt Telecoms.
“Toomuchwifi is more than just a telecom company, it's the power of change,” Brown said.
“This investment will expand our footprint, connect more people and drive digital transformation in South Africa.”
*This article was first published in sister publication techfinancials.co.za
