Q1 2023 - (released May 2023)
SA's quarterly Private Equity & Venture Capital magazine
Local and International News
Planet42, a startup that aims to tackle transportation inequality by providing cars to individuals who don't have access to traditional bank credit, has raised $100m in a combination of equity and debt funding. The equity round, which raised $15m, was co-led by Jasper's and ARS Holdings, with contributions from both existing and new shareholders, including Rivonia Road Capital. Planet42 also secured a $75m credit facility from Rivonia Road Capital, and an additional $10m in debt financing from private investors. The funds will be used to expand its business rapidly and achieve its goal of providing one million cars globally.
Aventro, a women-led company, has received investment from Third Way Investment Partners, Mahlako Energy Fund and Mergence Investment Managers to boost its shares in the Redstone Concentrated Solar Power Project. The project is expected to generate clean energy to electrify about 200,000 South African homes and is projected to have the lowest electrical tariffs. The deal marks a victory for South Africa’s stuttering just transition plans, as well as for women-run
business in South Africa, and is reflective of Third Way, Mahlako and Mergence's ethos to facilitate socio-economic development and invest in innovative power generation capacity.
Private equity firms are investing in a variety of businesses across Africa, with a particular focus on
Kenya, Nigeria and Egypt. In Egypt, grocery retailer Kazyon has attracted a $165m investment from Development Partners International and other co-investors, while in Kenya, The Rohatyn Group has invested in Kensta, a large paper merchandiser. Nigerian bus-sharing service Shuttlers has received $4m in funding, Victory Farms in East Africa has secured $35m in a Series B funding round to expand its aquaculture operations, and UK-based AgDevCo has supported Agris and Israeli avocado producer Granot in establishing a 390-hectare avocado plantation in Naivasha, Kenya. The demand for avocados in Europe is driving this investment, as Naivasha offers favourable conditions and convenient sea links to international markets. These investments demonstrate private equity
firms’ increasing interest in Africa’s growing economies and untapped markets.
London-based LeapFrog Investments, a company that invests in businesses with a profit and purpose approach, has recently added new members to its Climate Investment Strategy Team, aiming to support sustainable growth opportunities for low income consumers and producers in emerging markets. The team welcomes Saurabh Bajaj as Director of Investments - South East Asia, Climate; Katherine Owens as Associate Director of Impact Measurement and Management, Climate; Nimish Desai as Associate Director, Climate; and Akshi Sharma as Investment Analyst, Climate. This team joins Nakul Zaveri, LeapFrog's recently appointed Partner, to advance the company's Climate Investment Strategy.