Former Rocket Internet executive and venture builder aims to scale operations across Africa and the globe – to close the digital divide .
Wireless Internet service provider, TooMuchWifi – which launched in the Western Cape, South Africa, in 2016 with a view to provide affordable fibre-backed internet connection to all South Africans – has appointed a new CEO. Originally from Manenberg – a community in Cape Town – Tauriq Brown takes over the reins from co-founder Ian Thomson as of 7th March 2023.
Brown is a venture builder who has previously scaled startups in record times, having started and successfully sold ventures for Rocket Internet, the global internet and tech incubator with a market cap of $3.7 billion, including an exit to Alibaba.com, the Chinese online retail giant.
Brown’s appointment coincides with a significant inflow of local and international investment to help accelerate TooMuchWifi's growth across Africa, and later globally.
The 7-year-old operation recently attracted a blend of debt and equity funding from the Mineworkers Investment Company (MIC) in 2022, which has a 24,85% stake in the business, as well as global impact investors Bamboo Capital Partners and others, to scale operations and bolster its executive team. TooMuchWifi currently has a presence in over 40 under-resourced communities, and over 400 000 customers, growing at a consistent monthly rate of 10%.
“What started out as an idea to help my co-founder provide internet for his domestic worker has evolved to become a purpose-led business that seeks to improve the lives of our staff, customers and their communities. This lies at the very heart of what we do,” says Thomson.
“Accessing the internet should be a human right as it opens a myriad of doors in the education, business, development and ecommerce space, to name a few. The internet is the critical portal into the rest of the world; we are opening it up for everyone at prices that they can afford,” comments Brown.
With Brown at the helm, he and his highly skilled team, aim to aggressively grow TooMuchWifi’s footprint, first nationally by building a presence in South Africa’s other provinces, and thereafter across Africa and the globe. “The aim is to work towards reaching the status of digital tech unicorn,” he says. “We want to build a global business with a strong digital foundation that will allow us to scale quickly. We will do so with a customer-first mindset, focusing on a seamless user experience and excellent customer service – from the initial contact, to the buying decision and to aftersales.”
With his international background – Brown worked in Italy, Thailand, Vietnam, Nigeria, Canada and other countries over the last 12 years – coupled with his extensive experience in leading high growth and venture capital companies, Brown saw the TooMuchWifi CEOship opportunity as a means to return home while doing good for those who need it most.
“What Ian and the team have done to date has set us up to continue our strong growth trajectory, together with our investors. Yet millions more need access to the internet to do business, learn and engage. This is my personal mission,” says Brown.
The cost of data is extremely high in South Africa compared to other countries and it is estimated that consumers spend between 18% and 24% of their incomes on staying connected. This compares to the middle-class who pay on average 0.15%. Further, lower-income South Africans are often limited to mobile data, paying as much as R200 per gigabyte, where they pay R2 per gigabyte with TooMuchWifi.
“This puts access to effective internet use out of reach of most, especially given the financially challenging environment that currently exists: Consumers are battling with extraordinarily high fuel and electricity costs, while interest rates and inflation have risen and the price to put food on the table is becoming increasingly challenging,” says Brown.
Against this background, in November 2022 TooMuchWifi made the business decision to slash prices by a noteworthy 43% in an effort to assist everyday consumers and small businesses to remain connected. This price reduction will remain in place, and it has been the driver of recent hypergrowth, tripling monthly sales. The new fees can save customers R300+ a month. Current prices start from R295 per month for Uncapped Lines and R5 for Hotspot top-ups.
“It is both an opportunity and an honour to join the TooMuchWifi team as CEO. I believe in our purpose and in our people; providing access to the online universe is critical if we are going to take our people into and beyond the Fourth Industrial Revolution and provide them with essential skills and tools. The digital divide that exists in South Africa is significant, we have to find innovative ways to bring solutions to communities to ensure their sustainability and survival,” concludes Brown.