Wananchi Group has a growing portfolio of DTH and digital terrestrial TV platforms throughout East Africa. It says it is seeking up to $100 million in fresh cash to fund expansion on its Zuku-TV platforms. CEO Richard Bell says the cash – and a minimum of $50m is being sought – will be further invested in its 15 markets to boost content and services.
BBC Monitoring reports a statement from Mr Bell which says that since Wananchi Group was founded in 2008 it has already raised just over $300m from investors including Liberty Global and Altice Group, and that the new funds will allow it to further grow its TV operations. In 2011 Wananchi raised $57.5 million in growth capital from investors including Liberty Global, Oppenheimer Funds, Canada-based emerging markets fund manager Sarona Asset Management, and African private equity firm East Africa Capital Partners.
“We’re looking to grow the footprint of the business, both for the satellite TV and the cable business and so whilst the existing business plans are fully funded, we would anticipate raising additional rounds of finance in the future to fund expansion into the new markets,” said Bell.