Proparco invests US$20 million to expand fibre connectivity in South Africa

Proparco, the French development finance institution and part of the Agence Française de Développement (AFD) Group, is investing US$20 million in Frogfoot, Vox and Hypa, three South African fibre and connectivity businesses, according to a press release published on October 5, 2026. The investment is being made alongside Metier, an independent African private equity fund manager, together with other development finance institutions (DFIs) and private investors. The funding will support the companies’ next phase of growth and their strategy to extend affordable high-speed connectivity to underserved communities. Frogfoot operates as one of South Africa’s leading fibre network operators. Vox and Hypa provide connectivity and internet services to households and businesses across the country.

The Metier-led consortium brings together European DFIs including British International Investment, BIO and DEG. It also includes South African commercial investors Ke Nako Capital, Nedbank and Standard Bank. Proparco, Metier and the co-investors are investing alongside the companies’ management team and private capital. Metier has been closely involved with the businesses and their management team for the last twenty years. The firm is managing the co-investments by Proparco, the other DFIs and the South African commercial investors.

A core objective of the companies’ growth strategy is the expansion of fibre networks into lower-income and township communities. These markets remain significantly underpenetrated despite strong demand for reliable and affordable broadband services. Proparco will contribute new capital to support the rollout of fibre networks and the development of connectivity solutions adapted to these communities. The companies expect the expansion to bring fibre connectivity to up to 360,000 additional homes per year. The programme is also expected to support the creation of approximately 5,000 direct jobs through network deployment and related activities.

For Proparco, the transaction represents a second co-investment alongside Metier, after an earlier investment in Africa Mobile Networks (AMN).

“Through its investment in Frogfoot, Vox and Hypa, Proparco is supporting digital inclusion in South Africa through the expansion of infrastructure solutions that are increasingly essential to economic and social participation,” said Tibor Asboth, Head of Private Equity Africa and Middle East.

He added that extending affordable high-speed connectivity would improve access to education, employment opportunities and essential digital services. Grant Howarth, Principal at Metier, said the partners were “delighted to welcome Proparco and our broader group of co-investors” to support the companies’ next phase of growth.

The transaction highlights the catalytic role DFIs can play in mobilising private investment into essential infrastructure. A substantial share of the capital is coming from private investors, combining commercial and development-oriented funding. This approach is particularly relevant to digital infrastructure, where further investment is needed to extend networks and improve affordability. The deal builds on Proparco’s longstanding presence in South Africa and its broader focus on inclusive digital infrastructure across emerging markets. It reinforces the institution’s continued commitment to supporting private-sector development in the country.