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Frogfoot and Vox

Equity : August 2026

BIO has invested USD 15M in equity in Frogfoot and Vox, a fiber telecom group based in South Africa.

Amount

$ 15,000,000.00

Type of investment

Equity

Development impacts

  • Local economic growth
  • Private sector consolidation/innovation
  • Access to basic services & goods

Beneficiary locations

Africa: South Africa

Investment field

Infrastructure

Activity

Digital Infrastructure (Fiber)

Organisation

Frogfoot and Vox

Domicile

South Africa

The company's growth strategy is built around several opportunities, including the large-scale expansion of fibre-to-the-home (FTTH) networks in lower-income communities, targeted acquisitions, and continued growth in its established residential and business fibre services. To make internet access more affordable, the Group has developed dedicated products for low-income households, including prepaid and flexible options that allow customers to manage costs more easily. By offering high-speed connectivity with generous data volumes in underserved townships, the company provides a cost-effective alternative to mobile data and helps expand access to digital services for communities that have traditionally been excluded. 

This investment thus supports the emergence of a national champion in South Africa's telecommunications sector, contributing to the consolidation of a still-fragmented market. It backs an innovative business model that provides affordable, tailored connectivity solutions to low-income households, while helping bridge the country's digital divide through a unique outreach strategy focused on underserved and previously excluded communities.  

Development impacts

  • Local economic growth

    By expanding access to reliable, high-speed broadband, this investment will help drive economic modernisation, innovation, and productivity across South Africa. Improved connectivity will enable a growing number of micro, small and medium-sized enterprises (MSMEs) to adopt digital tools and participate more fully in the digital economy, increasing the company's MSME customer base from approximately 17,000 today to 23,600 by 2028, with the potential to reach 38,000 by 2035. Enhanced digital access will also create opportunities for individuals, particularly in underserved and township communities, to engage in remote work, access digital services, and benefit from broader economic opportunities. Beyond its direct impact, the investment is expected to generate significant indirect employment and value creation throughout the digital ecosystem. 

    The investment will support approximately 2,100 existing permanent jobs, with the workforce expected to grow to around 2,400 employees by 2028, representing a 15% increase over the next three years. In addition, the rollout of fibre networks in township areas relies heavily on local labour for network construction, operations, maintenance, customer acquisition, and support services. This locally anchored approach contributes to meaningful direct and indirect employment opportunities, while fostering skills development and economic participation within underserved communities. 

  • Private sector consolidation/innovation

    This investment supports the development of resilient, future-proof digital infrastructure through Frogfoot's open-access fibre network model. By enabling multiple internet service providers (ISPs) to operate on shared infrastructure, the model encourages competition, increases consumer choice, and helps reduce connectivity costs. At the same time, the Group leverages its vertically integrated businesses, including Vox and Hypa, to deliver connectivity and tailored digital services directly to households, SMEs, and enterprises. This approach maximises network utilisation, improves efficiency, and reduces the need for duplicative infrastructure investments. The investment will support the consolidation and growth of South Africa's fourth-largest fibre network operator while accelerating expansion into underserved and lower-income communities. The company plans to extend its presence in township areas from six locations today to 25, broadening access to affordable, high-quality internet services. Through dedicated product design, flexible pricing models, and targeted outreach strategies for lower-income consumers, the Group is helping to bridge the digital divide and reduce inequalities in access to digital services. This inclusive growth strategy aligns with national development priorities and broader efforts to achieve universal broadband access. 

  • Access to basic services & goods

    This investment will significantly expand access to affordable and reliable fibre connectivity, increasing the number of people reached from approximately 400,000 today to an estimated 1.2 million by 2030, of whom around 572,000 are expected to be actively connected to the network. By extending high-speed internet infrastructure to more households, the project will help more individuals participate in the digital economy, access online services, pursue educational opportunities, and benefit from improved connectivity in their daily lives. 

    A key priority of the expansion strategy is to increase access in township areas and lower-income communities (LSM 1-7), where connectivity gaps remain most pronounced. The company is expected to reach around 180,000 people in these segments by 2028, while increasing their share of the customer base from 10% to 42%. This growth will be driven by a scaleable fibre-to-the-home rollout and innovative, affordable products, including pay-as-you-go solutions designed to meet the needs of lower-income households. By addressing affordability barriers and improving access to digital services, the investment will help narrow the digital divide and promote more inclusive participation in South Africa's digital economy. 

E&S classification B 

E&S plan  

The E&S action plan aims to support the strengthening of the Group's environmental and social risk management practices through the finalisation of a Group-wide Environmental and Social Management System (ESMS) covering Frogfoot, Vox and Hypa, the development of a retrenchment policy and procedure, the integration of labour and working condition requirements into contractor onboarding processes, regular reviews of community health and safety controls in rollout areas, and the formalisation of a Group-wide Physical Climate Risk Assessment Framework.

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