Bloc Smart Africa Leads $1 Million Round in South African Internet Service Provider
BLOC SA led the $1 million pre-series A round, catalysing additional capital from Connectivity Capital, Atreyu Investments and a European Family Office together with existing investors who made follow-on investments.
The proceeds of the funding will go toward scaling operations to increase presence in the existing markets and expand into new communities.
TooMuchWifi is said to bridge the connectivity gap by bringing fast, uncapped and affordable fibre-backed Internet to under-serviced, densely populated areas of South Africa, like townships.
On average, people living in townships pay up to R200 per gigabyte of data depending on the data bundles they buy. By contrast, TooMuchWifi has brought down the cost per gigabyte under R4. This is up to 20 times the value of mobile network operator data.
Photo courtesy of Eric O. IBEKWEM.
Source: VentureBurn (link opens in a new window)