Wiocc Group has signed an agreement to raise a total of $300 million from the African Finance Corporation and Vision International Investment from Saudi Arabia. This amount represents the largest capital raise in the company's history.
The shareholders' subscription agreement was signed on Tuesday at the Leap technology exhibition in Riyadh, which runs from August 31 to September 3. According to Wiocc, the funds received, equivalent to 4.8 billion Rands at the exchange rate at the time of publication, will be directed towards developing data centers, infrastructure consolidation, expanding the open-access terrestrial fiber optic network, and investing in new subsea cable assets.
The significance of this deal is underscored by the fact that in 2022, Wiocc raised $200 million, during which the African Capital Alliance took a stake through its Cape IV fund, and the International Finance Corporation invested $30 million for a stake later valued at approximately 10%.
In 2025, the group raised over $400 million across three separate rounds. The last of these was a sustainable development debt program worth $65 million provided by IFC, Proparco, Emerging Africa & Asia Infrastructure Fund, and Ninety One. In May of this year, IFC additionally provided a loan of up to $20.4 million along with an equity stake of up to $50 million.
Thus, a single check of $300 million exceeds the entire volume of fundraising in 2022 and accounts for about three-quarters of all funds raised by Wiocc last year.
Group CEO Chris Wood stated in his announcement: 'Africa is uniquely positioned to harness the next phase of global digital growth.' He added that this investment will enable Wiocc to execute its long-term growth strategy by accelerating the deployment and consolidation of data centers, expanding the continent's open-access terrestrial fiber optic network, and making strategic investments in new subsea assets.
South Africa Aspect
Wiocc's main presence in South Africa is realized through the company Open Access Data Centres. This company completed the acquisition of seven NTT Data sites on December 31, 2025, following approval by the Competition Commission. The deal was structured as a sale followed by a lease and added over 25 MW of capacity and facilities in Bloemfontein, Cape Town, East London, Gqeberha, Durban, and Johannesburg.
At the signing ceremony in February, Joshua Smithwood, Head of Strategy and M&A for the group, told TechCentral that the digital infrastructure market is 'entering a phase of consolidation.' The announcement made on Tuesday indicates Wiocc's intention to continue the acquisition process. The company listed 'consolidation' of data centers first among the intended uses of funds, preceding fiber and subsea infrastructure.
This places Wiocc in a market where competitors are actively spending money. Teraco, owned by Digital Realty, has nearly 190 MW of IT load and approximately $877 million in committed investments. Vantage Data Centers is building a campus in Waterfall near Midrand as part of a $1 billion project, and Cavaleros Group announced campuses with capacities of 360 MW in Cape Town and 200 MW north of Johannesburg.
The African Finance Corporation is a multilateral development finance institution established in 2007 with the participation of 48 member countries. It reports having invested over $19 billion in 36 African countries. Vision Invest is a Saudi infrastructure investment company whose portfolio focuses on power generation, water desalination, and logistics. Its first direct investment in Africa occurred in September 2025 when it acquired a stake in the developer of the Arise IIP industrial park—a deal also involving the African Finance Corporation.
The statement does not specify the valuation, equity stake, or the distribution of the $300 million between the two investors. It also does not clarify how the new funds will affect existing shareholders.