What is Towerco of Africa?
Towerco of Africa (TOA) is a rapidly expanding tower infrastructure company operating across Madagascar, Uganda, the Democratic Republic of Congo, and Tanzania. Established in Madagascar in 2011, TOA has spent the last decade building passive infrastructure to address the escalating demand for enhanced connectivity throughout Africa. The company's strategic build-to-suit model focuses on developing essential telecommunications infrastructure, facilitating broader digital access and economic development.
How much funding has Towerco of Africa raised?
Towerco of Africa has raised a total of $40M across 1 funding round:
Other Financing Round
$40M
Other Financing Round (2024): $40M with participation from European Investment Bank and Oesterreichische Entwicklungsbank
Key Investors in Towerco of Africa
European Investment Bank
The European Investment Bank, established in 1958 and headquartered in Luxembourg, is the European Union's nonprofit long-term lending and finance institution, likely providing significant debt financing for infrastructure development.
Oesterreichische Entwicklungsbank
OeEB is an Austrian development bank that finances and supports projects in developing and emerging countries, focusing on economically viable and developmentally meaningful initiatives, suggesting a strategic interest in TOA's impact on African connectivity.
What's next for Towerco of Africa?
With this substantial infusion of capital, Towerco of Africa is poised for accelerated expansion and operational enhancement. The major strategic investment suggests a focus on scaling existing operations, potentially entering new markets, and further solidifying its network across its current territories. This financing will likely enable TOA to meet the increasing demand for robust mobile and data infrastructure, supporting the digital transformation initiatives across the African continent.
See full Towerco of Africa company page
