7 December 2023
British International Investment, FMO, Proparco and Frontier Energy have announced a co-investment of over US$52 million in Planet Solar, an independent solar power producer. The 50MW greenfield solar power project in Sierra Leone is being developed by Frontier Energy and Planet One. The project is expected to increase the country’s power supply by approximately 30%.
Kenya’s SunCulture, a company that provides solar-powered irrigation systems to smallholder farmers, has received a US$2,6 million investment from British International Investments ($2,1 million) and Shell Foundation ($0,5 million). The funding will assist more than 9,000 smallholder farmers to increase productivity in a sustainable way.
Electronic bus solutions company, BasiGo, has secured a US$5 million debt facility from British International Investment to support the delivery of 100 electric buses. The Kenyan e-mobility startup announced a $6,6 million seed funding round in early November.
Fortis Green Renewables has announced a US$1,5 million investment in Camco’s financing platform, Spark Energy Services. This completes a $10 million equity round for the Kenyan platform which was developed to support energy efficiency and captive solar generation initiatives in dub-Saharan Africa’s commercial and industrial sector.
Lychee Egypt has announced a Series A round led by Beltone Venture Capital, along with Index Sports Fund and Twenty Eight Capital. The value of the round was not disclosed, but the food and beverage company will use the funding to expand into the Saudi Arabian market.
Egyptian online auto parts marketplace, Mtor announced a US$2,8 million pre-seed round led by Algebra Ventures. Other investors include Dutch Founders Fund, Aditum Ventures, LoftyInc Capital Management and a number of angel investors.
Kenya’s climate-tech startup, Amini has raised a US$4 million seed round led by Salesforce Ventures and the Female Founders Fund. The round was also supported by Satgana, Pale Blue Dot and Superorganism.
Franco-Tunisian SaaS startup, Cynoia, has announced a €850,000 funding round which will be used to expand into UEMOA markets, with a strategic emphasis on Senegal and Ivory Coast. Investors in the round included United Gulf Financial Services, 216 Capital Ventures and Bpifrance.
The Emerging Africa Infrastructure Fund (EAIF) has committed c.US$19 million to a new 20MW solar PV project in North-West Uganda. Ituka West Nile Uganda has a 20-year Power purchase Agreement with the Uganda Electricity Transmission Company. This is EAIF’s third PV project in Uganda having previous financed the 10MW Tororo Solar PV plant and the 10MW Soroti solar plant.
ASX-listed Desert Metals has entered into an agreement to acquire 100% of Côte d’Ivoire gold and lithium explorer CDI Resources. CDI has interests in seven gold and lithium projects including the Tengrela South gold project, the Adzope gold project and the Agboville lithium project. Desert Metals will issue a total of 75,000,000 fully paid ordinary shares to the existing CDI shareholders in exchange for the 100% stake.
Energean has announced a farm in agreement into Chariot’s offshore acreage Morocco. The agreement includes the acquisition of 45% of the Lixus licence, with the option to increase its stake to 55% following drilling results and 37.5% of the Rissana licence. Energean will assume operatorship of both licences. Terms of the farm in include a US$10 million cash payment on closing; the carrying of Chariot’s share of the pre-FID costs plus $15 million in cash (contingent on FID being taken on the Anchois development).
30 November 2023
Affirma Capital (formerly Standard Chartered Private Equity) has sold its 37.5% stake in Nigeria-headquartered, the GZI Group to Oppenheimer Partners. Affirma first invested in GZI back in 2012. In 2018, the private equity fund led a capital raise to fund the company’s expansion into South Africa. It was during this funding round, that Oppenheimer Partners joined Affirma as a strategic shareholder.
Netis has announced that a consortium comprising Amethis, AfricInvest, International Finance Corporation and Proparco, have taken a majority stake in the pan-African telecommunications infrastructure service provider. The value of the deal was undisclosed. Headquartered in Morocco, Netis operates in more than 15 countries including Côte d’Ivoire, Burkina Faso, Ghana, Benin, Togo, Niger, Nigeria, Gabon, DRC, Rwanda, Tanzania, Uganda, Kenya, Ethiopia and Mauritius.
Tunisia’s B2B software-as-a-services (SaaS) startup, Winshot, has raised an undisclosed six-figure investment round led by 216 Capital. The funding will allow the company to expand its marketing and sales teams and thereby enhance and expand its presence in Tunisia and France.
BluePeak Private Capital has announced a US$20 million hybrid loan to East and Central Africa logistics group, Prime Logistics. This is BluePeak’s first ESG-linked investment and will be used to advance the company’s expansion plans across Africa.
Development Partners International and Verod Capital have acquired Enko Capital’s majority stake in Nigeria’s Pan African Towers. Financial terms were not disclosed. As at August 2022, Pan African Towers had a nationwide presence of c.760 sites across Nigeria, primarily in the Southwest. Enko Capital Managers first invested in Netis in 2018.
Newtown Partners (DP World), Saviu Ventures, AAIC Investment, Axian Ventures and Health54 have invested US$2,5 million in the Cameroon health startup Waspito. This seed extension round follows on from the US$2,7 million raised last year. The company expanded to the Ivory Coast earlier this year and is now looking to access the Senegal and Gabon markets.
24 November 2023
Nigerian Breweries has issued a circular to shareholders to approve the acquisition of an 80% stake in Distell Wines and Spirits Nigeria and 100% of Heineken Beverages (Holdings) import business in Nigeria for ₦7,01 billion. The deal follows the successful acquisition by Heineken of South Africa’s Distell Group.
Oriole Resources and Ghana-based BCM International have entered into two heads of terms (HoT) agreements to fast-track the development of the Bibemi and Mbe gold projects in Cameroon. The HoT for Bibemi is an earn-in of up to 50% by BCM for a US$500,000 cash payment and $4 million exploration expenditure, whilst the Mbe HoT is an earn-in of 50% for a cash payment of $1 million and $4 million exploration expenditure.
Ed Partners Africa, a Kenyan non-banking financial institution, has received commitment for a US$10 million loan guarantee facility from the United States’ Development Finance Corporation (DFC).
Nigerian online grocery store, Pricepally, has raised US$1,3 million in seed funding from Samurai Incubate, SOSV, ELEA, Hi2 Global, Chui Ventures and David Mureithi to expand within Nigeria.
Aquarech, a Kenyan fish farming startup founded in 2019, has raised US$1,7 million in equity funding to support small-scale farmers through its mobile app platform. Aqua-Spark led the investment and was joined by Acumen, Katapult and Mercy Corps ventures.
Nigerian fintech, FrontEdge, has raised US$10 million in a debt and equity round led by TLG Capital, which also included Flexport. FrontEdge provides SME exporters and importers with the working capital and software tools needed to facilitate their cross-border and international transactions.
Morocco’s B2B e-commerce and fintech startup Chari, has announced an undisclosed investment from Mohammed IV Polytechnic University’s investment fund, UM6P. This is the fourth investment announcement this year. In February, Orange Ventures invested US$1 million. In May, Plug and Play made an undisclosed follow-on investment and in June, Verod-Kepple Africa Ventures invested $1,5 million.
MMG Africa Ventures (Hong-Kong listed MMG Limited) has reached agreement with Cupric Canyon Capital, The Ferreira Family Trust, Resources Capital Fund VII and the Missouri Local Government Employees’ Retirement System to acquires all their shares in the target company that indirectly wholly owns the Khoemacau copper and silver mine in Botswana, for US$1,9 billion.
Egyptian sports equipment and apparel marketplace, WayUp Sports has raised an undisclosed seed round led by Beltone Venture Capital and Index Sports Fund. Other strategic angel investors also participated.
Africa Healthcare Network has raised US$20 million in debt and equity funding from Africa50, AfricInvest and Ohara Pharmaceuticals Co to accelerate its growth.
16 November 2023
Nigerian B2B marketplace for auto dealers, Shekel Mobility, has raised over US$7 million in a debt and equity seed round. Ventures Platform, MaC Venture Capital, Y Combinator, Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab, Phoenix Investment Club, Heirloom VC, Pioneer Ventures and other angel investors provided the US$3,2 million equity funding with the remaining US$4 million in debt financed by Zedvance, VFD Microfinance Bank, Zenith Bank, Fluna and others. This is the second time the mobility fintech has raised funds this year – in January the team announced a US$1,95 million oversubscribed pre-seed round led by Ventures Platform. Other investors included Y Combinator, Voltron Capital, Zedcrest and some angel investors.
RMB has provided N$500 million in new debt funding and has refinanced a N$100 million loan for Oryx Properties to help fund the acquisition of Dunes Mall in Walvis Bay, Namibia. The property fund announced the acquisition in May and undertook a ‘rights offer’ to part fund the N$620 million purchase price among other things. The rights offer was 82.4% taken-up, raising N$312,9 million.
The Namibia Infrastructure Development and Investment Fund (NIDIF), managed by Eos Capital, has acquired a minority stake in the Namibian business of Lightstruck, a fibre infrastructure company specialising in open access last-mile fibre networks. Financial details were undisclosed.
Lapaire, an African eyecare business headquartered in Abidjan, Côte d’Ivoire and operating 54 optical shops across seven African countries, has raised an undisclosed sum from Beyond Capital Ventures. The investment forms part of Lapaire’s Series B investment round. The Series B funding will aid the company’s plans to launch in five new markets including the DRC, Ghana, Guinea, Nigeria and Tanzania.
Pan-African tech company, CSquared Link Holdings (Mauritius), announced an equity capital raise from both new and existing investors. The US$25 million in funding came from Convergence Partners Digital Infrastructure Fund (CPDIF), the International Finance Corporation (IFC) and the International Development Association’s (IDA) Private Sector Window Blended Finance Facility. It was also announced that CPDIF had acquired Google LLC’s stake in CSquared.
PZ Cussons Nigeria has notified shareholders that the offer by majority shareholder PZ Cussons (Holdings) to acquire the remaining 26.73% held by minorities for ₦21 per share announced in September, has been increased to ₦23 per share.
Union Bank of Nigeria plc disclosed that the offer price to minorities had been increased from ₦7 per unit to ₦7.70 per unit. Titan Trust Bank acquired a majority stake in December 2021 and offered to buy out the remaining 6.59% stake from minorities through a mandatory offer in October 2022. The Bank is currently finalising the process of obtaining approval to delist from the NGX.
African Export and Import Bank (AFREXIM) has signed a debt funding package with Oando plc comprising a US$500 million senior secured reserved based lending facility and a US$300 million receivables backed term loan facility. The deal was signed at the Intra-Africa Trade Fair in Cairo, Egypt.
UAE-based Sky One has acquired a substantial stake in Libyan airliner Fly Oya. Financial terms were not disclosed.
ASX-listed 88 Energy has, through a newly formed subsidiary Eighty Eight Energy (Namibia), signed a three stage farm-in agreement with Monitor Oil and Gas Exploration (Namibia), a wholly-owned subsidiary of Monitor Exploration, to earn up to a 45% non-operated working interest in onshore Petroleum Exploration Licence 93 (PEL 93) located in Namibia’s Owambo Basin. The farm-in agreement schedule consists of three stages. Stage one: [20% working interest] the payment of US$3,7 million in consideration for past costs and the first US$3 million of the 2024 work programme. Stage two: [17.5% working interest] payment of US$7,5 million of the first well gross cost. Stage 3: [7.5% working interest] option to fund the first US$7,5million of the second well gross cost.
Holcim has announced the sale of its businesses in Uganda and Tanzania. In Uganda, Hima Cement has been sold to Sarrai Group for an enterprise value of US$120 million. In Tanzania, the 65% stake in Mbeya Cement Company has been sold to Amsons Group for an undisclosed sum.
Moroccan transport and logistics startup, CloudFret, has raised €2 million (US$2,1 million) from AfriMobility and Azur Innovation Fund. Operational in Morocco since 2021, the company expanded to Marseille and now looks to expand further with the introduction of an innovative solution geared towards optimising empty truck returns, with a focus on the intra-European market.
Akhdar has announced a six-figure investment from Value Maker Studios (VMS). The Egyptian edtech is an Arabic language platform that provides audiobook summaries. The funding will be used to expand its existing presence in Saudi Arabia.
SPE Capital and Proparco have sold Amanys Pharma to Laprophan for an undisclosed amount. The pair acquired the company in 2020 (known at the time as Saham Pharma) and this sale marks the second exit for SPE AIF.
9 November 2023
Royal Exchange has received approval from Nigeria’s Securities and Exchange Commission (SEC) to conduct the signing ceremony for its proposed Rights Issue of 4,116,296,059 ordinary shares at 50 kobo per share (on the basis of four new ordinary shares for every five ordinary shares held).
NGX-listed Japaul Gold & Ventures Plc has applied to the SEC to raise capital of ₦20,000,000,000 through the issue of 8,000,000,000 ordinary shares at N2,5k each via special placements. The capital would be used primarily to fund the acquisition of a 50% equity stake in H&H Mines, 100% of Covenant Gems & Gold Minerals and the establishment of a gold refinery to maximise value.
Pharmaceutical manufacturing company, Me Cure Industries Plc, listed 4,000,000,000 ordinary shares of 50 kobo each at a price of ₦2.96 per share on the Growth Board of the Nigerian Exchange this week, adding ₦11,84 billion to the market cap of the West African bourse.
Francophone Africa super app, Gozem has acquired a majority stake in Beninese fintech, Moneex. Financial terms were not disclosed, but co-founders Florent Ogoutchoro and Henry Ukoha will retain an equity stake.
Zambian social enterprise, Good Nature Agro has closed a US$8,5 million Series B round from new investor OikoCredit International and existing shareholders Goodwell Investments and Global Partnerships.
Kenya’s I&M Group has received notice that British International Investment Plc had agreed to sells its 10.13% stake in the company to East Africa Growth Holding, an investment vehicle set up by AfricInvest Fund IV, AfricInvest IV Netherlands and AfricInvest Financial Inclusion Vehicle. Financial terms of the deal were not disclosed.
2 November 2023
AT Ghana (formerly AirtelTigo Ghana) has sign a joint venture agreement with UK private equity firm, Hannam Investments. Financial terms were not disclosed, but under the agreement, Hannam will, among other things, invest in state-of-the-art technology and infrastructure upgrades to create a leading 4G mobile telecommunications network.
Africa Finance Corporation (AFC) has sold its 35% stake in Atlantic Terminal Services (ATS) to Yilport Holdings. ATS is the concessionaire for the expansion of Ghana’s Takoradi Port. The transaction results in AFC exiting its equity investment, however it will remain a lender to the project. Financial terms of the exit were not disclosed.
Hollard International has acquired a significant interest in Apollo Investments, the holding company of Kenya’s APA Insurance. Financial terms were not disclosed. Hollard’s existing footprint in Africa covers South Africa, Namibia, Mozambique, Zambia, Lesotho, Botswana and Ghana.
ASX-listed Belararox has signed a non-binding term sheet with Chemopharm Limited to acquire the Solwezi East and Chantente exploration licences in the Zambian Copperbelt. The tenements consist of over 17,800 hectares in the Central African Copper belt. The purchase price consists of cash, shares and unlisted options. Upon completion of the deal, Chemopharm would hold a 7.49% stake in Belararox.
Ghanaian fintech, Zeepay Ghana, has secured a US$2 million equity investment from Injaro Investment Advisors. The inaugural investment by the Injaro Ghana Venture Capital Fund (IGVCF) forms part of Zeepay’s current Series A.5 funding round.
Chapel Hill Denham’s Nigeria Infrastructure Debt Fund has agreed to provide solar-based internet service provider, Tizeti Network, with an undisclosed long-term senior debt facility. Tizeti currently serves over three million subscribers in Nigeria. The debt funding will be utilised to build new internet infrastructure and purchase additional equipment to expand its services.
British International Investment has committed US$26,5 million to AFEX, a leading commodities platform. AFEX currently operates over 200 warehouses in Nigeria, Kenya and Uganda and serves over 450,000 farmers. The investment will be used to build 20 additional modern warehouses in the three countries.
African Development Bank has approved a US$196,43 million loan to Namibia to implement the second phase of its Transport Infrastructure Improvement Project. The loan will cover 51.8% of the total project cost, with the Namibian government covering the remaining 48.2%. The project consists of, among other things, 207 kms of new rail track using concrete railway sleepers and new rails, the construction of 16 bridges and renovations to two existing stations.
Global Ventures, the Bridge Fund (Proparco and Digital Africa), Wrightwood Investments (UK) and other international funds have invested in Egyptian healthtech, Almouneer. The seed funding, totalling US$3,6 million, will primarily support the development and expansion of DRU-MEA’s first patient-centric, digitally-enabled lifestyle and diabetes management platform.
My Easy Transfer, a Tunisian fintech, has raised €400,000 from 216 Capital. The fintech was started in 2022 and aims to evolve its platform to meet all the payment needs of the diaspora in a single mobile app.
26 October 2023
Nigeria’s Emzor Pharmaceutical Industries has signed a finance deal with the European Investment Bank for €13,85 million, to support the local manufacture of Active Pharmaceutical Ingredients (API). By the first quarter of 2024 Emzor’s Sagamu factory is set to start production of up to 400 metric tonnes of APIs per year.
UM6P Ventures has invested in Moroccan fintech, PayLik. The value of the investment was not disclosed. The PayLik platform provides employees with the ability to access their earned wages immediately, rather than waiting for the traditional 30 day pay cycle. To date, the wellness platform has c.3,000 employees registered on its platform.
Raxio Data Centres has secured an additional US$46 million in equity funding from existing shareholders Roha and Meridiam. Raxio is a carrier-neutral Tier III data centre operator established in 2018. Its first facility was launched in Uganda and it now also operates in Angola, DRC, Ethiopia, Côte d’Ivoire, Mozambique and Tanzania.
The Agri-Business Capital Fund has invested €800,000 into Ugandan coffee trader, JKCC General Supplies. JKCC started operations in 2017, sourcing high-quality coffee beans directly from more than 3,700 smallholder farmers across Uganda. In 2020, the company secured its coffee export license and commenced coffee processing.
19 October 2023
Afreximbank’s impact investment subsidiary, The Fund for Export Development in Africa (FEDA) has invested in the Cabinda Oil Refinery in Angola. Financial terms were not disclosed. The 60,000 barrel per day refinery is an integrated modular oil refining platform being developed by joint venture partners Gemcorp and Sonangol.
Verod Capital and AfricInvest have acquired a majority stake in ICT solutions provider, iSON Xperiences. The companies did not disclose the value or size of the stake, but this is a follow-on investment for AfricInvest who first invested back in 2018. iSON operates in 19 countries, 16 of which are in Africa and serves more than 500 million end-users across multiple sectors.
Oasis Capital Ghana has announced its first complete exit from the Oasis Africa Fund 1, through the successful exit of its holdings in Legacy Girls College in Ghana.
Orosur Mining, a minerals explorer and developer operating in Columbia, Argentina and Brazil, has expanded into Africa with the announcement of a joint venture with Nigeria’s Jurassic Mines. The 70%:30% joint venture partners have agreed to explore a number of exploration licences across Nigeria, considered to be highly prospective for lithium mineralisation. The 70% stake is structured as a two-phase earn-in of US$3 million expenditure for a 51% stake and $2 million for the remaining 19%.
Shell and Saudi Aramco have partnered up to join the bidding for Wataniya Petroleum, a subsidiary of the Egyptian military-owned, National Service Products Organization. Other contenders include ADNOC, North Petroleum International Company, Emirates National Oil Company and TAQA Arabia.
Crafty Workshop, an Egyptian edtech founded in 2019, has raised US$400,00 in seed funding from EdVentures. This is a follow-on investment for the edtech investor who first invested in 2019. The e-learning platform specialises in the creative industries and also serves as a vocational training provider.
Nigerian insurtech startup Haba has announced a US$75,000 pre-seed funding raise from undisclosed investors. The funding will be used to enhance the company’s service capabilities, strengthen its technical team and increase its marketing reach to grow its individual customer base.
Access Afya, a Kenyan healthcare operating system, has raised a significant investment from the Philips Foundation and the UBS Optimus Foundation. The exact size of the funding was not disclosed.
12 October 2023
Mediterrania Capital IV Fund , the International Finance Corporation, and FMO are investing €57m in Morocco’s Cash Plus. The equity investment will enable Cash Plus to expand its fintech-driven branch network within Morocco as well as enhance its product offering, with a focus on developing its M-Wallet application. Mediterrania Capital IV Fund is investing €30m, IFC is providing €10m and FMO is supplying the remaining €17m.
ARM-Harith Infrastructure Fund is investing US$18,7m into Elektron Power Infracom (EPI). The financing is made up of equity, shareholder loans and loan notes. EPI is a Mauritius incorporated decentralised energy platform dedicated to the delivery of hybrid energy solutions across West Africa, with existing assets in Nigeria.
Tlou Energy, listed on the Australian Securities Exchange, the UK’s AIM and the Botswana Stock Exchange, has raised A$678,977 through the placing of 19,399,332 new shares with Australian and UK investors. The funds will be used to developing the Lesedi project in Botswana.
Egyptian insurtech Amenli has raised US$1m in equity funding from Alter Global and Digital Venture Partners. This is Alter Global’s second investment in Egypt. The funding will allow the startup to introduce new products for existing and new customers.
5 October 2023
Egyptian deep tech company, Intella has raised US$3,4 million in pre-Series A funding to drive their expansion plans in the Saudi market. The decision has been taken to re-locate the firm’s headquarters from Egypt to Saudi Arabia. The funding round was led by HALA Ventures and Wa’ad Ventures, with participation from Sanabil500, INSEAD’s alumni angel network and other investors.
Tom Preston-Werner, co-founder of GitHub, has invested in Egyptian fintech MoneyHash. The funding forms part of an undisclosed seed round. MoneyHash was founded in 2020 and allows companies to build a payment stack that suits their individual needs.
Renew Capital Angels has invested an undisclosed sum in micro insurance platform, Jamii.one, to drive the expansion of financial inclusion across Ethiopia. Jamii.one’s growth comes from its partnership with self-organised Ethiopian community groups called “Iddirs” that bring together about 50 people who make monthly contributions for informal cooperative-style insurance for funerals and other such events. With more than 30% of Ethiopians participating in Iddir groups, Jamii.one provides an app-based solution for data tracking, registration and management.
Hybrid solar solutions company, WATT Renewable Corporation has raised US$13 million in funding from Empower New Energy to enhance its renewable energy portfolio in Nigeria. This will be achieved through the addition of 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers. This is Empower New Energy’s largest investment to date.
PetroNor E&P ASA has reach agreement to acquire New Age (African Global Energy)’s 32% stake in the OML 113 Joint Operation Agreement in Nigeria. PetroNor will pay US$6 million in cash plus a deferred future gas production payment of up to a maximum of $20 million to acquire the OML stake – OML 113 contains the Aje Field.
Mali’s SAMA Money Group has acquired Première Agence de MicroFinance (PAMF) Mali for an undisclosed sum. The fintech announced the deal just weeks after it received approval as an Electronic Money Establishment from the Central Bank of West African States.
The Kenya government this week, rescinded the deal struck at the end of President Uhuru Kenyatta’s administration last year which saw the government acquire the remaining 60% stake in Telkom Kenya from PE investor Helios for Ksh6 billion. It has now been announced that the 60% stake will be acquired by the UAE’s Infrastructure Corporation of Africa. This means that Helios will have to refund the Kenyan Government and sell its stake directly to the UAE firm, thus avoiding the technicalities of the Government having to sell the Telkom stake as a parastatal.
Acasia Ventures has led an undisclosed Pre-Seed funding round in Senegal’s AI-driven FMCG intelligence platform Lengo-AI. Co-led by Ventures Platform, other investors included P1 Ventures, Launch Africa, Voltron Capital and a number of angel investors.
28 September 2023
AgDevCo, a specialist investor in African agriculture, has invested in East African Magical Farms. The value of the investment was not disclosed but the funding will be used to expand into two additional farms in the Naivasha area in Kenya.
Nigerian fintech startup Risevest has acquired digital trading startup Chaka. Financial terms of the deal were not disclosed. The companies confirmed that both Risevest and Chaka will continue to trade as separate products.
All On announced a US$200,00 investment in Enerplaz PayGo Solutions. Launched in 2021, the clean energy company provides Energy-as-a-Service solutions to MSMEs and residences in the Niger Delta Region.
TotalEnergies EP Angola Block 20 has completed the sale of a 40% stake in Block 20 to Petronas Angola E&P for US$400 million. TotalEnergies will retain a 40% stake alongside Sonangol Pesquisa e Produção S.A. with a 20% stake.
The Emerging Africa Infrastructure Fund has committed €46 million to the upgrade and extension of the Autoroute de L’Avenir. The A1 motorway links Senegal’s capital Dakar, to the Blaise Diagne International Airport and was the first toll motorway in West Africa built under a public-private partnership scheme. The Government of Senegal and Eiffage SA (majority shareholder) own the toll road.
21 September 2023
Turaco has acquired MicroEnsure Ghana (to be rebranded as Turaco Ghana) from MIC Global. Financial terms were not disclosed. The deal sees the tech-enabled insurance company expand its footprint in Africa and will now operate in four countries – Kenya, Uganda, Nigeria and Ghana.
Incofin’s Rural Impulse Fund has sold its 28% equity stake in Rwanda’s Unguka Bank to LOC Holdings. Financial terms were not disclosed. Incofin first invested in the microbank over a decade ago and has help the company increase its total assets from US$14 million to $29 million.
Kuwait’s Foreign Petroleum Exploration Company (KUFPEC) has acquired a 40% stake in Egypt’s Nile Delta offshore Block 3 from Shell’s BG International. No financial terms were disclosed.
Lupiya, a Zambian neobank, has announced a US$8,25 million Series A funding round. The round was led by Alitheia IDF Fund and included INOKS Capital SA and the German Investment Bank KfW DEG.
Nigerian auto-tech firm Fixit45 has raised US$1,9 million to drive growth in its existing business and expand into Kenya and Uganda. The pre-seed round was led by Launch Africa Ventures with participation from Soumobroto Ganguly, David DeLucia and a number of angel investors.
Ghanian agritech Complete Farmers has raised US$10,4 million in equity and debt in a pre-Series A. The $7 million in equity was raised from The Acumen Resilient Agriculture Fund, Alitheia Capital via its Munthu II Fund, Proparco, Newton Partners and VestedWorld Rising Star Fund. Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund and Global Social Impact Investments provided the $3,4 million debt funding.
Automotive technology platform Mech Autotech has secured a US$2,4 million pre-Series A funding round. The Nigerian company raised the funds from Global Brain Corporation, Ventures Platform and Uncovered Fund.
Côte d’Ivoire SaaS e-commerce platform ANKA has raised a US$5 million pre-Series A extension round of debt and equity led by the IFC with participation from Proparco and the French Public Investment Bank. The $3,4 million equity investment from the IFC marks its first investment into the African creative sector.
14 September 2023
Adiwale Fund I has acquired a minority stake in Senegalese consumer goods distribution company, Global Action. Financial terms were not disclosed.
The Minerals Income Investment Fund of Ghana (MIIF) acquired a 6% stake in the Ewoyaa Lithium Project for US$27,9 million plus 6% of the ongoing exploration and development costs. The agreement also saw MIIF take an c.3% stake in Atlantic Lithium for $5 million. Piedmont Lithium and Atlantic Lithium are partners in the project.
Tana Africa Capital has exited its investment in International Education Group (IEG) to Globeducate. No financial terms were disclosed. IEG was established in 2015 and is now a network of four schools – three in Morocco and one in the Netherlands.
Egypt’s National Service Projects Organization (NSPO) has acquired up to 24% in three Bashay Steel subsidiaries for EGP10 billion. The stakes in Egyptian Sponge Iron and Steel Company, Egyptian American Steel Rolling Company and International Steel Rolling Mills were acquired on the over-the-counter market of the Egyptian Stock Exchange.
Oryx Energies S.A. has strengthened its footprint in Senegal, where it has been present since 1989, by acquiring a majority stake in Puma Energy Senegal S.A. for an undisclosed sum. Puma Energy Senegal will be renamed Oryx Gaz Sénégal S.A.
WhoGoHost, a Nigerian web hosting company, has acquired cloud communications startup, SendChamp. The value of the deal was undisclosed but was settled by way of cash and equity.
Uganda’s agri-loan startup, Emata, has secured a US$2,4 million seed round made up of US$800,000 in equity and $1,6 million in on-lending capital. Investors in the round include Norrsken, Zephyr Acorn, African Renaissance Partners and Draper Richards Kaplan Foundation.
Kenyan fintech Lipa Later has closed a KES500 million private debt placement with undisclosed lenders. The company announced that it was looking to raise an additional KES2 billion in equity and debt to help with its growth plans.
7 September 2023
Beltone Venture Capital has acquired a 20% stake in Egypt’s digital home and décor brand, ariika. The Series A investment will accelerate the brand’s expansion to Saudi Arabia.
BIO and EDFI AgriFI are co-investing €6 million in gebana Faso to enhance integrated and sustainable food supply chains in the region. gebana Faso is a subsidiary of the gebana Group and specialises in processing and exporting Fair Trade and Organic cashew nuts and dried mangoes from Burkina Faso.
PZ Cussons Nigeria has announced that PZ Cussons Holdings wants to buy out the other existing shareholders at ₦21 per share via a Scheme of Arrangement. The deal is subject to board, shareholder and regulatory approval. PZ Cussons has been present in Nigeria since 1899 and the move is aimed at strengthening and simplifying the Nigerian operations.
Btrust has acquired Nigeria’s Qala, which has been rebranded as Btrust Builders Programme.
Galileo Resources has entered into a joint venture agreement with Cooperlemon Consultancy in respect of the exploration for copper at large scale exploration license 28001-HQ-LEL situated in Northwest Zambia. A series of earn-in and exploration expenditure will see Galileo take a 65% stake in the joint venture.
Global Investments Holding Ltd has acquired a 30% stake in Eastern Company, a tobacco producer in Egypt. The sale will reduce the Holding Company for Chemical Industries’ stake from 50.9% to 20.9% and is part of the Egyptian government’s ongoing programme of privatising state-owned assets. The deal was valued at US$625 million.
Uganda’s Asaak has entered the Latin American market through the acquisition of FlexClub Mexico. The fintech did not disclose the value of the deal.
Nigeria’s Itana has raised US$2 million to push forward its plans to establish a digital free zone. The funding was provided by LocalGlobe, Amplo, Pronomos Capital and Future Africa.
AfricInvest has invested US$40 million in The British University in Egypt. This is one of the largest foreign direct investments in the education sector in the North African country. The funds will go towards the university’s expansion and transformation plans.
Renew Capital Angels has invested an undisclosed amount in Kenyan fintech FlexPay.
Kenyan crypto payments startup, Kotani Pay has closed a US$2 million pre-seed round led by P1 Ventures. Other investors include DCG/Luno and Flori Ventures.
Lagos-based fintech, Anchor, has secured US$2,4 million in a seed round led by Goat Capital. Other investors include FoundersX, Rebel Fund, Pioneer Fund, Y Combinator, Byld Ventures and Future Africa. Since launching in August 2022, the embedded finance fintech has processed more than $550 million in annualised total transaction volumes and achieved a 30% month-on-month growth in revenue.
Sehatech, an Egyptian health insurtech, has raised US$850,000 from A15 and Beltone Venture Capital. The funds will be used to grow the staff contingent and to invest in product development.
Moroccan edtech Smartprof has raised an undisclosed amount of funding from Digital Africa’s Fuze. Part of the funding will be used to help the company accelerate its expansion into West Africa.
To strengthen its ESG agenda, Safaricom, has announced a new multi-billion Sustainability Linked Loan with four banks – Standard Chartered Bank, Stanbic Bank, ABSA Bank and KCB. This is the largest ESG linked loan facility in East Africa and the first Kenya Shilling denominated sustainability linked loan in the market. The loan is valued at KES15 billion, which can be increased to KES20 billion by accordion.
31 August 2023
Nigeria’s Dangote Sugar Refinery (DSR) has announced the terms of the proposed merger with NASCON Allied Industries and Dangote Rice. The internal restructuring will be executed through a Scheme of Merger. The offer will be 11 ordinary shares in DSR for every 12 NASCON shares and 14 DSR shares for every 1 Dangote Rice share.
Namibian investment holding company, Stimulus has announced that its subsidiary, Desert Trade Investments, has disposed of its 79.95% stake in Namibia Media and an 80% stake in Newsprint Namibia to its co-shareholder, Emeraldsand Properties, the shareholders of which are various members of the Namibia Media and Newsprint Namibia management teams. Financial terms were not disclosed.
Morocco’s fintech, Cash Plus, has acquired a strategic stake in Moroccan B2B marketplace, SLE3TI, through its cash Plus VC investment vehicle, for an undisclosed sum.
Record Resources has signed a non-binding agreement with African Minerals Exploration & Development Fund III Sicar (AMED Fund II) and Red Sea Gold and Nurtureex to acquire preferred shares in a gold exploration property in Djibouti. AMED, Red Sea and Nurtueex collectively control 69% of Thani Stratex Djibouti. Pursuant to the execution of a definitive agreement, Record Resources will acquire half of the AMED shares in return for investing US$7,5 million.
SDX Energy has entered into a non-binding Heads of Terms for the sale of all of its Egyptian assets to a large multinational operator. Additional information will follow in due course.
Tunisian startup, SeekMake has raised US$539,000 from European PE firm Lafayette Group. The company connects clients with manufacturers across 40 countries and will use the funding to accelerate its global expansion plans, predominantly into Germany and France.
HEDG, an Egyptian fintech that provides pension plans for the private sector, has raised a six-figure pre-seed funding round from local Egyptian and Sudi Arabian investors.
FMO, the Dutch entrepreneurial development bank and British International Investment have each committed US$20m to Ethiopian private sector bank, Dashen Bank. The loan will provide much needed capital for the expansion of the country’s agricultural sector.
Osino Resources Corp, the Canadian owner of the Twin Hills Gold Project, has taken a secondary listing on the Development Capital Board of the Nambian Stock Exchange, effective 29 August 2023. The company’s primary listing is on the TSX Venture Exchange.
17 August 2023
Africa Finance Corporation has announced a US$95,25 million investment in oil and gas downstream company Mahathi Infra Uganda. The funding will finance, amongst other things, the construction of two self-propelled barges for operation on Lake Victoria. The new barges are expected to have a significant impact with a single barge trip replacing 200 truck journeys on East Africa’s busiest transport route between Kisumu in Kenya to Kampala in Uganda.
Starcore International Mines has acquired EU Gold Mining in a share swap transaction. The deal will give Starcore a stake in the Kimoukro Gold Project in Côte d’Ivoire through a Mineral Property Option Agreement that EU Gold has with K Mining SARL.
Carlyle has announced the sale of Assala Energy in Gabon to Etablissements Maurel & Prom SA, the oil and gas exploration and production company listed on Euronext. Financial terms were not disclosed. Carlyle first invested in Assala back in 2017.
d.light has secured an additional US$125 million in funding through a securitisation facility to scale up its services in Tanzania. The Eastern and Southern African Trade and Development Bank has provided a US$30 million securitisation facility with the capability for d.light to purchase up to $125 million of receivable assets.
Ghanaian agritech company, Oyster Agribusiness, has secured US$310,000 in funding. Root Capital has provided $300,000 in debt and the firm has received grants totalling $10,000 to expand its existing operations.
Ed Partners Africa, the Kenyan non-banking financial institute that provides loans to educational institutions, has raised US$1,5 million in debt funding from Oikocredit.
Firering Strategic Minerals has signed an option deed to acquire up to 28.33% in Limeco Resources – owner of the limestone project 22km west of Lusaka in Zambia. The option is exercisable in two tranches at a total cost of US$5,1 million.
10 August 2023
Egypt’s B2B digital pharmacy marketplace, Grinta, has announced the acquisition of Auto-Cure. Financial details of the deal were not disclosed. Since launching in 2021, Grinta has made two acquisitions (PH Store and EME) and has raised US$8 million in seed funding (November 2022).
AI recruitment company, Talents Arena, has raised US$750,000 in pre-seed funding from UI Investments and several angel investors. The Egypt-based firm is a Flat6Labs portfolio company and an alumnus of the Plug and Play startup accelerator programme. The funds will be used to accelerate the AI hiring engine and expand its footprint in the Saudi market, which already makes up 25% of its client base.
Moove, the mobility fintech founded in Nigeria, has announced that it has raised additional funding to help with its global expansion plans. The US$76 million raised comprises $28 million in equity from new and existing investors, $10 million in debt and $38 million raised in the last year (not previously disclosed).
A15 has led a seed funding round with participation from group of angel investors, in Egypt’s Buguard. The US$500,000 investment will help the cybersecurity startup grow its team – this is the company’s first external fundraise.
Rwanda’s SOUK Farms has received an undisclosed investment from Goodwell Investments’ uMunthu II fund. The funding will provide SOUK, a grower and exporter of fresh horticultural produce from Rwanda, the capital it needs to scale up its operations.
Airtel Africa announced that its wholly owned subsidiary, Airtel Uganda intends to list on the Main Investment Market Segment of the Uganda Securities Exchange. The initial public offer will consist of 8,000,000,000 ordinary shares, representing 20% of the company.
3 August 2023
Prembly, a Nigerian compliance and security infrastructure company, has acquired Tunnel, a data infrastructure and analytics company. The deal enhances Prembly’s suite of security solutions and expands its financial services capabilities in emerging markets, providing reliable identity verification through the integration of comprehensive financial data. Financial details were undisclosed.
Wilmar International, an agribusiness head-quartered in Singapore, has entered into an agreement with several Moroccan investors to dispose of its entire 30.5% equity stake in Cosumar S.A. Cosumar’s principal business is the production of sugar through the processing of sugar cane and sugar beet in Morocco. The cash consideration for the sale is c.US$605 million. In the same agreement, Wilmar will acquire from Cosumar, its 45% equity stake in Wilmaco for c.$8,7 million. Wilmaco produces, develops, processes, imports, exports and markets vegetable fats and their by-products.
888Africa, a joint venture between 888Holdings and a digital leadership group, has acquired Nairobi-based BetLion. The gaming operator which holds licences in Kenya, Zambia and the DRC was acquired for an undisclosed sum.
E-health startup, Nigerian Remedial Health, has secured US$12 million in equity and debt funding. The $8 million equity funding was raised from venture capital firms QED Investors and Ventures Platform. The $4 million debt funding was led by a consortium of local and international financial institutions. Remedial Health, which develops tech-enabled solutions to make Africa’s pharmaceutical sector more efficient, will use the funding to deepen the reach of its services across Nigeria and further develop solutions to drive greater efficiency across the pharmaceutical value chain.
Nigerian fintech Traction has raised US$6 million in a seed round from investors Multiply Partners, Ventures Platform, P1 Ventures and others. The funds will be used to accelerate its growth in Nigeria, strengthen the team and drive its expansion outside Nigeria.
27 July 2023
Meridiam has acquired 100% of Rift Valley Energy Tanzania for an undisclosed sum. This is the company’s first acquisition in Tanzania. Rift Valley Energy owns a portfolio of 30MW of renewable energy generation assets in operation, construction and development stages.
Acumen Resilient Agriculture Fund has led a US$4,1 million pre-Series A funding round in Kenya’s FarmWorks. Other investors include Livelihood Impact Fund, Vested World, a number of family offices and some angel investors. The funding will be used to strengthen its data analytics capabilities and brings the total raised by the company since it started in 2020, to $5,6 million.
Nigerian data and marketing technology company, Terragon announced a US$9 million Series B round. Orange Ventures led the round with participation from TLcom Capital, LoftyInc, Sango Capital, VestedWorld and Western Technology Investment.
South Africa’s gender-lens venture capital firm, Five35 Ventures, has invested an undisclosed sum in Zuri Health. This is the second investment this year for the Kenyan e-health platform – Morocco’s UM6P announced it was backing Zuri in January.
Clafiya, a Nigerian healthtech startup, has raised US$610,000 in a pre-seed round. Norrsken Accelerator, Acquired Wisdom Fund, Hustle Fund, Voltron Capital, Microtraction, Ajim Capital, HoaQ, Bold Angel Fund, the Shivdasani Family and other angel investors participated in the oversubscribed round. Funds will be utilised to accelerate growth, product development and new staff hires.
East Africa’s Kasha Global has raised US$21 million in a Series B round led by Knife Capital. Other participants in the round included Finnfund, DFC, Tim Koogle, Beyond Capital ventures, Altree Capital, BLOC Smart Africa Fund and Five35 Ventures.
Kavango Resources has signed an exclusive six-month option agreement to acquire two gold exploration projects in Matabeleland, Zimbabwe. The Leopard Project and Hillside Project will expand Kavango’s existing footprint in the country. Both projects contain historically producing mines.
20 July 2023
Access Bank Plc and Standard Chartered Bank have reached agreement on the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone and its Consumer, Private & Business Banking divisions in Tanzania. Financial terms were not disclosed.
Vantage Capital has acquired a controlling stake in Aquasantec International. The US$25 million investment of mezzanine debt and equity is part of a leveraged management buy-out which saw the exit of the founding Shah family, Ramco Group and Terra Mauricia. Aquasantec manufactures and distributes water tanks, pipes and related products across East Africa.
UGFS North Africa has invested an undisclosed sum in Tunisia’s Kaco. The mobility startup was founded in 2018 and the new fundraising round will provide the financial support the company needs to complete the construction of a new production facility with the capacity to manufacture a thousand scooters a year.
Egyptian fintech Flash has announced a US$6 million seed round led by Addition. The round also included Flourish Ventures and some angel investors. The funding will accelerate the fintech’s product development and customer and business acquisition in Egypt.
Sahel Capital has extended a three-year term loan and renewable working capital line to Tanzania’s Rogathe Dairy Farm Products. The investment was made from its impact fund – Social Enterprise Fund for Agriculture in Africa.
Scatec ASA has agreed to sell its 52.5% equity stake in the 40MW Mocuba solar power plant in Mozambique, to Globeleq for US$8,5 million. The Mocuba solar power plant is located in the Zambézia province; has an approximate 75GWh annual production and a 25-year PPA with state-owned utility, EDM.
Ventures Platform, Founders Factory and Techstars (follow-on investor) have made a pre-seed investment of US$1,25 million in Nigerian insurtech, MyCover.ai.
13 July 2023
Dubai Investments and E20 Investments announced the signing of a MoU to develop 3,750 Ha of agricultural land in Angola. The new joint venture plans to cultivate 28,000 tons of rice and 5,500 tons of avocados over an 18-month period. The project aims to contribute to Angola’s food security and economic growth.
Practical VC has announced an undisclosed investment in Egypt’s EXITS MENA. The M&A advisory firm recently obtained its securities promotion and underwriting license from the Egyptian Financial Regulatory Authority to further expand its services.
Egyptian fintech, Menthum has secured pre-seed funding from Acasia Ventures, A15 and several angel investors. The value of the funding was not disclosed. This is the digital savings platform’s first round of funding and will be used towards expanding the existing team, customer acquisition, marketing and development of the firm’s tech infrastructure.
Verod Capital Growth Fund III has exited its investment in Nigeria’s CSCS. The investment, held through Artemis, saw FMDQ acquire a 21.6% stake in the clearinghouse through the acquisition of Artemis’ and Leadway Insurance’s stakes (16.61% and 5% respectively).
Yara International, the Norway-based plant nutrition group has disposed of its majority stake in Yara Cameroon to NJS Group who will now become the sole shareholder. Financial terms of the deal were not announced.
Absa CIB has made another investment in mobility fintech, Moove, this time to support its expansion of its vehicle in Ghana. The US$8 million investment is the second time that Absa has backed the fintech – in 2022, they investment $20 million to back the South African operations.
The board of Zimbabwe’s Border Timber has advised shareholders that it has received an offer from Cicada Plantations Zimbabwe to acquire 100% of Border Timbers plus 100% of Makandi Estates in exchange for Cicada shares. The board will advise shareholders of their recommendation in due course.
Touton has sold its palm oil plantations in Côte d’Ivoire to PALMCI, a subsidiary of SIFCA. Financial terms of the deal were not disclosed.
6 July 2023
In Kenya, online retail distribution specialist, Kyosk has acquired KwikBasket for an undisclosed sum. The digital platform raised an undisclosed amount of funding from Japan’s Mitsui & Co earlier this year.
Verod-Kepple Africa Ventures has invested US$1,5 million in Morocco’s Chari. The B2B e-commerce startup for FMCG products, will use the funding to support its growth plans.
Fintech startup Masroofi has raised $1,5 million from undisclosed investors. Founded in 2022, the Egyptian startup provides electronic payment services for children, including a bank card system.
Morocco’s first online real estate estimation platform, Agenz.ma has raised MAD13 million (US$1,3 million) in a pre-Series A financing round. Investors in the round included among others, Azur Innovation Fund, Maroc Numeric Fund II and Beenok.
Nuru, a DRC renewable energy-powered metrogrid company, has closed a US$40 million Series B equity funding round to enable it to start construction on 13,7 MWp of projects. Investors included the IFC, the Global Energy Alliance for People and Planet, the Renewable Energy Performance Platform, Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund and the Jospeh Family Foundation.
TLG Capital has led a US$4,58 million funding round into Nigeria’s invoice financing startup, Zuvy Technologies. The funding was split between $4 million in debt in $580,000 in equity.
Kenya’s Revivo raised US$635,000 to expand operations from Raba Partnership, Village Global, Musha Ventures, Satgana and strategic business angels. Founded in 2022, Revivo provides a B2B marketplace for electronic repairs.
This week marked the signing of subscription agreements and letters of intent by African and global institutional investors in preparation for the first close of the Africa50 Infrastructure Acceleration Fund, a 23-year close ended private equity fund. The fund has been set up to catalyse further investment flows in the development of critical infrastructure across the continent.
29 June 2023
Italian oil and gas major ENI has signed an agreement with Perenco, a French hydrocarbon producer, to dispose of its participation interests in several permits in the Congo. The US$300 million transaction aligns with ENI’s strategy to diversify its business portfolio and prioritise low-carbon energy resources.
Appian Capital Advisory, the investment advisor to private funds investing in mining and mining-related companies, has acquired an 89.96% interest in Rosh Pinah Zinc mine located in southern Namibia. The stake was acquired from Canadian Trevali Mining. Financial details were undisclosed. The remaining shareholding is owned by Namibian Broad-Based Empowerment groupings and an Employee Empowerment Participation Scheme.
UK-based Galileo Resources has exercised its option to enter a joint venture and be issued with a 51% interest over the Shinganda Copper-Gold Project in Zambia, after incurring direct exploration expenditure costs of US$500,000. The stake in the joint venture was earned from its partner UK mining company, Garbo Resource Solutions.
Huaxin Cement, a Chinese, Hong Kong-listed company, is to acquire the Africa-based business of InterCement in a deal which includes the assets in Mozambique and South Africa. The transaction value is estimated at US$231,6 million based on an enterprise value of $265 million.
Taifa Gas, a Tanzanian liquefied petroleum gas (LPG) company is to join forces with Zambian Delta Marimba to establish Zambia’s first LPG plant. Taifa will invest US$100 million in power generation in Zambia.
Accelerator startup Saudi-based VMS has acquired a minority stake in Cash Cows, its Egyptian counterpart as part of a strategic partnership agreement aimed at bridging the gap between the Saudi and Egyptian start up sectors and entrepreneurial ecosystem. The partnership includes the launch of a joint platform for exchanging ideas, collaboration and mutual learning. Financial details were undisclosed.
French multinational hospitality company Accor has reached an agreement with Mutris, a Moroccan investment company, to sell its 33% stake in Risma, Morocco’s publicly listed hotel operator, at a price of 130 dirhams per share. The company will, in addition, sell its Risma bonds on the market. The transaction will have no impact on current contractual agreements between Accor and Risma which remain unaffected.
ShopZetu, a Kenyan fashion e-commerce startup, has raised US$1 million in pre-seed funding to drive its expansion beyond Kenya and include more product categories on its platform. The round was led by Chui Ventures with participation from Launch Africa, Roselake Ventures and Logos Ventures.
Accra- and London-based health startup Berry Health has raised an undisclosed sum in a pre-seed round from Lightspeed and angel investors.
OH Ecosystems, a Nigerian coco processing company, has received US$12 million in investment from Norfund, the Norwegian Investment Fund for developing countries. The funds have been earmarked to revive FTN Cocoa Processors, a processing company in which OH Ecosystems has a majority stake.
Kubik, an environmental technology company with operations in Kenya and Ethiopia has raised US$3,34 million in a seed investment round from investors which included Plug and Play, Bestseller Foundation, GIIG Africa and Satgana among others. The startup turns hard-to-recycle plastic waste into affordable building materials and intends to use the investment to scale production at its operations in Ethiopia.
The Namibian Business Angel Network has made an undisclosed investment in Moonsnacks, a Namibian youth-owned snack food company. The investment will be used to expand its production capacity to meet increased demand for its flagship product.
22 June 2023
The Namibian Government has exercised its right to take up a 24% equity interest in the US$10 billion Green Hyphen Project. The investment will be held through SDG Namibia One, a bespoke blended finance infrastructure fund which will look to raise money from local institutional investors to develop Namibian green hydrogen projects and related infrastructure.
Acacia Angels, an Egypt-based investment group, has participated in a US$750,000 seed investment round in UK-based micro-sensor startup, Precision Cardiovascular. External Medtech angels and company directors also participated in the round.
Equity Group is to acquire a 91.93% stake in Rwandan bank Compagnie Générale de Banque for US$48,1 million. The bank is the fifth largest in Rwanda which will be combined with Equity’s existing Rwandan operations making it the second largest bank in the country.
Bahrain’s Al Salam Bank has acquired a further stake in Al Salam Bank Algeria increasing its equity stake from 37.43% to a majority shareholding of 53.13%.
TFK, an Egyptian curated fashion marketplace, has acquired OPIO, a direct-to-consumer fashion brand in a strategic move backing its plans to expand its all-in-one fashion aggregator and venture builder, The Fashion Kingdom. Financial details were undisclosed.
Actis, the UK-headquartered global investment firm focused on the private equity, energy, infrastructure, and real estate asset classes has agreed to sell BTE Renewables to Engie and Meridiam for a total enterprise value of US$1 billion. BTE Renewables is a local renewable energy company, with an operating portfolio of nearly 500 MW of wind and solar PV projects in South Africa and Kenya. In terms of the deal, Engie will acquire the SA portfolio and team while Meridiam will acquire the Kenyan portfolio and team.
M-KOPA, a fintech platform providing digital financial services to underbanked consumers, has received a US$10 million investment from the AfricaGoGreen Fund. The fund, managed by Cygnum Capital Asset Management, has invested $8 million in M-KOPA Kenya and $2 million in M-KOPA Uganda. The funds will be used to increase the number of customers it serves throughout sub-Saharan Africa and advance environmentally friendly technologies with the potential to lower energy costs for both homes and businesses.
Agel, an Egyptian fintech startup, has raised a seven-figure investment in a pre-seed round from Plus Venture Capital, Seedstars International Ventures, Flat6labs with participation from SEEDRA Ventures among others. The startup which offers Sharia-compliant lending services for small and medium sized enterprises, intends to use the funds to enhance its product and accelerate its expansion across Egypt.
Kenyan used car marketplace Peach Cars, has raised US$5 million in a seed round led by The University of Tokyo Edge Capital Partners and angel investors, marking one of Africa’s largest seed rounds in the mobility sector. Founded to bring transparency and a better experience to Kenya’s car ownership and maintenance process, the investment will be used to scale operations in sub-Saharan Africa and enhance the startups research and development efforts and further develop its technological solutions.
OmniRetail, a Nigerian tech-first B2B e-commerce company providing end-to-end retail operations solutions for manufacturers, distributors, logistic partners and retailers in Africa, has received an undisclosed investment from Aruwa Capital Management.
Clothing retailer, Truworths (Zimbabwe), is proposing to raise c. ZWL$2,2 billion in a renounceable rights offer of 384,1 million shares. The company says the capital raise is necessary to sustain the viability of the business.
14 June 2023
Société Générale, the European financial services group, is to divest of its stakes in its African subsidiaries in Congo (93.5%), Equatorial Guinea (57.2%), Mauritania (95.5%) and Chad (67.8%). Pan-African banking groups Vista and Coris will acquire the subsidiaries. Financial details were undisclosed.
Two of Egypt’s largest entrepreneur communities, The GrEEK Campus and MQR, have announced their merger. The entities combined have a total resident community of 3,500 members representing over 450 companies. The two brands will continue to operate independently under a centralised leadership. Financial details were undisclosed.
Digital Africa, an organisation investing in technological advancement and innovation in Africa, has made an undisclosed investment in Ivorian startup Fatala Digital House. Fatala is a digital services company assisting organisations in Europe and Africa on their path to digital transformation. The investment by Digital Africa is its first in Côte d’Ivoire.
Egyptian logistics platform Trella, which connects shippers with qualified carriers to seamlessly move and manage loads, has raised US$3,5 million from Avanz Capital Egypt. The startup, which also operates in Saudi Arabia, the UAE and Pakistan, will use the funds to expand and develop its logistic solutions.
Nigerian startups Messenger, a logistics platform and customer engagement solutions provider Termii, have received funding from Nama Ventures. The Saudi Arabian venture capital fund led a pre-seed round in which Messenger raised an undisclosed amount. Termii raised US$3,6 million in a round led by Fintech Collective and Ventures Platform with participation from several investors including Nama Ventures and Launch Africa Ventures.
The International Finance Corporation (IFC) has announced a US$257,4 million debt ($100 million) and equity ($157 million) injection in Safaricom Ethiopia. Following the transaction, IFC will hold a minority stake in Safaricom Ethiopia. Funds will be used to create a competitive market for mobile connectivity.
8 June 2023
Zimbabwean financial services group FBC Holdings (FBCH) has entered into an agreement to acquire Standard Chartered Bank’s business in Zimbabwe. As part of the agreement, FBCH will also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20.7% stake in Mashonaland Holdings, a property investment company. In April 2022, Standard Chartered announced that it would divest from several markets in Africa.
Barrel Energy, a US-based company using a complete lifecycle approach to meet the soaring global demand for lithium-ion battery technology, has signed an agreement with Kokanee Placer Two to acquire the Titan X Lithium Project in Tanzania. Financial details were undisclosed.
Egyptian healthtech startup Rology, a teleradiology company operating in the Middle East and Africa, has acquired Arkan United, a teleradiology provider headquartered in Jeddah, Saudi Arabia. The deal will give Rology and its AI-assisted platform a foothold in the Saudi market. The value of the transaction was not disclosed.
French firm Groupe Berkem, a leading player in bio-based chemistry, has signed a memorandum of understanding for the creation of a joint venture with Groupe Dolido, a pan-African player in the polyurethane foam, bedding and industrial joinery sectors. The JV, which will be held 49%:51% by Berkem and Dolido respectively, will set up an alkyd resin production and sales site in Côte d’Ivoire. With a total investment of €5 million, the plant will supply neighbouring countries such as Ghana, Togo, Burkina Faso, Mali, Guinea, Niger and Liberia as well as European countries.
Nigerian end-to-end logistics platform Haul247, has raised US$3 million in a seed round led by Alitheia Capital’s uMunthu Fund with Investment One contributing $1 million in debt funding. The startup connects businesses to haulage and warehousing assets and manages internal processes, from tracking shipments to asset utilisation. The new investment will be used to scale market share and double the number of multinationals on its platform.
African startup Helium Health has raised US$30 million in Series B funding. A provider of full-service technology solutions for all healthcare stakeholders in emerging markets, the Lagos-headquartered healthtech will use the funds to drive growth in its product offerings HeliumDoc, HeliumOS and HeliumCredit. Investors include Capria Ventures, Angaza Capital and Flatworld Partners. Existing investors who participated in the round included Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI and AAIC.
The International Finance Corporation (IFC) has announced a number of facilities: a US$10 million trade finance facility for Banque Populaire de Mauritanie; two loans totalling €50 million to subsidiaries of the Shanghai Fosun Pharmaceutical Group (Côte d’Ivoire); a $7,5 million investment in Dembesh Hotel in Juba, South Sudan and a $500 million financing package to Nigerian company BUA Cement.
1 June 2023
Nigerian Breweries Plc has advised shareholders that it is considering a proposal by Heineken Beverages of South Africa that it acquire Heineken Beverages’ majority interest (via Distell International) in Distell Wines & Spirits Nigeria Ltd. The outcome of the brewer’s decision will be communicated to shareholders in due course.
Bestfly, an Angolan multinational aviation group, has acquired Austrian aircraft asset management company MS Aviation as part of its broader European expansion drive. Financial details of the transaction were not disclosed.
Egyptian developer Tatweer Misr and Naif Alrajhi Investment, a Saudi Arabian company, are to form a joint venture. The JV will focus on construction and real estate investment with an emphasis on the development of residential, commercial, educational, entertainment and hospitality projects in Saudi Arabia. The intention is to expand into Egypt. Financial details were undisclosed.
The acquisition of KEL Chemicals, a manufacturer of phosphate fertilizers, water treatment products and sulfuric acid-based industrial chemicals, has been unconditionally approved by the Competition Authority of Kenya.
In a further filing, the Competition Authority of Kenya has given Abland Diversified Holdings unconditional approval to acquire the remaining 50% stake in Buffalo Mall Naivasha.
Oryx Properties, a Namibian, NSX-listed property fund is to undertake a renounceable rights issue to raise N$379,6 million. The issue is in respect of 32,698,877 rights issue units in the ratio of one rights issue unit for every 2,5 linked units held.
PrestaFreedom, a Morocco-based home services marketplace, has raised US$1,1 million from Casablanca-based Azur Innovation Fund. PrestaFreedom intends to use the investment from the venture capital fund in its logistics and technology development with the aim of accelerating growth and scaling its footprint to a number of African markets.
Moroccan healthtech startup DataPathology was also the recipient of an investment from the Azur Innovation Fund, raising US$1m in its second seed round of funding. The investment will be used to recruit talent to support its growth trajectory.
25 May 2023
Abler Nordic, a public-private partnership investing in companies in Africa and Asia, has announced a successful exit from its decade-long investment in Baobab Senegal. Baobab is a financial services group with operations in seven countries across the continent and a presence in one province in China, servicing half a million micro entrepreneurs and small businesses.
Corcel Plc, the AIM-listed extractive industries exploration and development company, is to acquire a 90% stake in Atlas Petroleum Exploration Worldwide (APEX). APEX has working interests in several historically producing oil assets in the Kwanza Basin, onshore Angola. The £800,000 deal is the company’s first oil and gas acquisition and will be settled by the issuance of 200 million new ordinary shares.
Creditinfo Group, a service provider of credit information and risk management solutions, is to acquire two credit bureaus in Uganda and Namibia.
Dawi Clinics, a large chain of outpatient care in Egypt, has raised EGP 250 million in an investment round led by Al Ahly Capital Holdings (ACH), the local investment arm of the National Bank of Egypt. The Egyptian-American Enterprise Fund co-invested alongside ACH. The investment will be used to fund the growth of its chain of clinics across Egypt by opening 30 new branches.
Sadot, a subsidiary of Muscle Maker Inc, a global agricultural-commodity supply chain and emerging growth stage restaurant company, has announced the purchase of 2,000 hectares of agricultural land located within the Mkushi Farm Block of Zambia’s Region II agricultural zone. The land, along with buildings and related assets was acquired for US$8,5 million. Initially wheat, soy and corn will be grown and sold to local African markets with the goal to integrate into Sadot’s international trade, launching a new business vertical in the food supply chain strategy.
18 May 2023
Zydii, a Kenya-based digital training solutions provider, has received pre-seed funding from DOB Equity, Kua Ventures, Kaleo Ventures and NaiBAN. The funds will support the company’s growth plans by expanding its suite of solutions for upskilling the African workforce.
Morocco-based B2B e-commerce platform for fast moving consumer goods Chari, has secured a second round of investment from Plug and Play to help it scale its business. The investment amount was undisclosed.
M-KOPA, an asset financing platform providing access to life improving productive assets such as smartphones, solar home systems and electric motorbikes to underbanked individuals, who are able to pay for them via digital micropayments, has secured new funding. The capital injection includes US$55 million in equity and over $200 million in debt. The funding – purported to be one of the largest combined debt and equity raises in African tech, will enable M-KOPA to double the size of its customer base in existing markets, extend its financial services offerings and product sets.
Figorr, a Nigerian-based technology company that develops Internet of Things-powered solutions to support the last-mile delivery of perishable goods, has secured US$1,5 million in seed funding. The round was led by Atlantic Ventures with participation from Vested World, Jaza Rift and Katapult. The company provides real-time tracking, cold chain advisory services and data to stakeholders in various sectors such as pharmaceutical manufacturers and agricultural companies. The funds will be used for the roll out of a risk management platform that will provide data that will make it easier to insure perishable and temperature sensitive goods on the continent.
11 May 2023
Acasia Ventures has led a seven-figure pre-seed investment in Egyptian fintech startup, Balad. Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side and several family offices also participated in the remittance-focused, fintech’s first funding round. Founded in 2022, the company will use the investment to launch the remittance platform, develop platform technology, hire new staff, obtain licenses and complete integrations with its banking partner.
Canadian miner Fortuna Silver Mines has offered to acquire 100% of ASX-listed Chesser Resources in a share swap deal that equates to a fully diluted equity value of c.A$89 million. The addition of Chesser’s Diamba Sud Gold Mine will expand on Fortuna’s existing African footprint in Burkina Faso and Côte d’Ivoire.
Egypt’s Helpoo has received an undisclosed investment from Saudi Arabia’s Morni. The deal forms part of a planned US$10 million investment in the Egyptian market by 2030, announced last year. Helpoo is a tech-enabled service app that provides motor vehicle insurance inspections, insurance claim management and road assist services.
The Central Bank of Kenya announced that Cactus Cantina Investments, a Kenyan subsidiary of Delaware-based fintech Shara Inc, had acquired a 55.8% controlling stake in Maisha Microfinance Bank. Financial terms were not disclosed.
The UAE’s Khazna Data Centers and Egypt’s Benya Group have announced a joint venture to build Egypt’s first hyper-scale data centre at the Maadi Technology Park. The new US$250 million state-of-the-art data centre is expected to have 25 MW of IT load capacity.
MG Health has raised US$18 million from international investors. The Lesotho based cannabis cultivator plans to increase its production and scale up exports to countries such as Germany, Australia, Poland and Israel.
Orascom Investment Holding has invested in e-mobility platform, BluEV. The company manages a smart network of battery swapping stations which enables sustained urban transportation by promoting the decarbonisation of two- and three-wheel vehicles. The value of the investment was not disclosed.
4 May 2023
Development Partners International, British International Investment, South Suez and other investors have made a US$165 million equity investment into the parent company of Egypt’s discount retailer, Kazyon. The funding will be used to accelerate the retailer’s expansion plans across Africa.
Chariot and Vivo Energy announced a new partnership agreement to implement a gas-to-industry business in Morocco; create a jointly owned SPV for the purchase, transportation and distribution of natural gas to end-users and put in place a long-term gas sales agreement for a portion of the future gas production from the Anchois development project.
A Tunisian startup, Drest.tn, that specialises in online sales of lifestyle products has raised US$336 000 from 216 Capital Ventures, which will be used to expand further into the African Market.
The Rohatyn Group, which recently acquired the business of Ethos Private Equity, has invested in the Kenstra Group, which operates in the East Africa paper and print sectors. Financial terms were not disclosed.
Nomba, a Nigerian payment service provider, announced a US$30 million pre-Series B investment led by Base 10 Partners. Other investors included Partech, Khosla Ventures, Helios Digital Ventures and Shopify.
The International Finance Corporation (IFC) is backing Equatorial Coca-Cola Bottling Company’s sustainability strategy with a €64 million financing package. The company plans reductions in its water and energy footprint through the replacement of production lines, reduction of raw materials, solar panel installations and other changes. The financing package is made up of a €52 million loan from the IFC, concessional finance totalling €8,5 million from the Canada IFC Blended Climate Finance Program and €3,5 million from the Alafaq Aljadida Middle East and North Africa (MENA) Private Sector Development Program.
27 April 2023
Smile Identity has acquired Inclusive Innovations, the parent company of a Ghanaian identity verification software developer, Appruve. Financial terms were not disclosed. The acquisition strengthens Smile Identity’s presence in Ghana and also aids it’s expansion into francophone Africa, focusing on Côte d’Ivoire and Senegal.
InfraCo Africa, part of the Private Infrastructure Development Group, has invested US$1,5 million in Uganda’s Afresco. The investment will support Afresco’s ‘Energy-as-a-Service’ offering to Commercial & Industrial clients in Uganda, Malawi and the DRC.
The UAE’s Ignite Power has acquired the solar solutions portfolio in Kenya of Mwezi Limited. The company did not disclose any financial terms. The acquisition will expand Ignite’s presence in the East Africa country.
20 April 2023
Automotive technology company Autochek has entered the Egyptian market through the acquisition of a majority stake in AutoTager for an undisclosed sum. The acquisition expands Autochek’s operations to 9 countries in East, West and North Africa.
CoaChess, a Tunisia-based gaming platform founded in 2021, has received $191,000 in pre-seed funding from Omicrone. The company utilizes AI-powered tools to make the game of chess accessible to players of all skill levels.
Solibra has sold its water bottling business which operates under the Awa and Cristaline brands. The Castel Group subsidiary, based in Côte d’Ivoire is refocusing on its core business. Financial terms were not disclosed.
Development Partners International, South Suez and DEG have acquired 100% of the Solevo Group from Helios Investment Partners for an undisclosed sum. Helios first invested in the specialty chemicals distribution platform in 2017. Solevo operates across eight countries in West and Central Africa.
Chekkit, a Nigerian anti-counterfeiting startup, has raised an undisclosed amount of funding from Adaverse and existing investors RTA, HoaQ, Launch Ventures and Blockchain Founders Fund.
AgDevCo has invested in a new joint venture between Agris and Granot to develop a 390 hectare avocado plantation at Agris’ Ndabibi farm in Naivasha, Kenya. The US$8m mezzanine loan by AgDevCo adds to its existing avocado investments in Tanzania and Mozambique.
AFC Equity Investment (Africa Finance Corporation (AFC)) has acquired 100% of Aker Energy AS from Aker Capital AS (50.79%) and The Resource Group (49.21%). This will give AFC a 50% stake in the Deepwater Tano Cape Three Points block offshore Ghana. The share purchase consideration has been structured as an earn-out deal.
13 April 2023
Nigeria’s sovereign wealth fund, The Nigerian Sovereign Investment Authority and Vitol have completed their carbon removal and abatement project JV, CarbonVista. The deal was first announced in July 2022.
Amethis and the Diot-Siaci Group have acquired an undisclosed stake in Moroccan insurance brokerage group ASK Gras Savoye. Financial terms were not disclosed. Apart from Morocco, the group has a direct presence in 11 countries in West and Central Africa.
Tech-enabled, scheduled mass transit company Shuttlers as announced a US$4 million Series A raise led by Verod-Kepple Africa Ventures. Existing investors VestedWorld, SheEquity, CMC21 & Also and Echo VC also participated in the equity round.
Uganda’s Pearl Dairy is awaiting a decision from the IFC on a US$35 million senior loan package. The company is looking to expand its capacity in Kenya and Uganda, which includes the acquisition of a packing plant in Kenya ($21 million) and the refinancing of an existing Standard Chartered Bank loan ($14 million).
Development Partners International and Amethis have co-invested in Egyptian pharmaceutical manufacturer, Marcyrl Pharmaceutical Industries. Financial terms were not disclosed.
The battle for Egypt’s Paints and Chemical Industries Company (Pachin) is still ongoing. With two offers already on the table from Eagle Chemicals and National Paints, Compass Capital is said to be preparing its bid. The company submitted a non-binding offer to acquire between 51% and 90% of Pachin in January. Two other contenders have already pulled out of the race – Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment, who withdrew their offers after the board rejected them as undervaluing the firm.
14 December 2022
Savannah Energy PLC, the British energy company focused on projects in Africa, is to acquire Petronas International’s entire oil and gas business in South Sudan through the acquisition of Petronas Carigali Nile for a cash purchase consideration of up to US$1,25 billion.
PTS Investments, a US-based provider of x-tech solutions, has acquired a stake in EDAM Healthcare Services, a healthtech startup for an undisclosed sum. The investment will accelerate growth plans, supporting the development of EDAM digital platform with the company hoping to reach 2,5 million users by the end of 2023.
Two foodtech startups, Saudi-based Jumlaty and Egypt-based Appetito, have announced their intention to merge to create a new company NOMU. The aim is to become MENA’s leading foodtech supply chain platform. Financial details were not disclosed.
Legendary Foods Africa, a Ghanaian food-tech business producing a cost-effective, nutritious, resource-efficient and accessible form of protein, has received a growth equity investment from Baylis Emerging Markets. The growth capital is needed to accelerate expansion plans which include enhanced data-collection and production capacity and the extension of the product line and distribution channels.
Ascent Capital’s acquisition of a 75% stake in East African plastic manufacturer Acme Containers has been approved by the Competition Authority of Kenya.
Lagos-based furniture e-commerce startup Taeillo has raised US$2,5 million from Aruwa Capital a Nigerian early-stage growth equity and gender-lens fund. The funds will be used to scale its “Pay with Flexi” product, reduce delivery times by pre-manufacturing some of its product and increase market share.
Justyol, a Morocco-based e-commerce startup has raised US$350,000 in a pre-seed round from Earn Rocket Investment. A cross-border marketplace connecting the Turkish fashion market with MENA markets, Justyol will use the funding to invest in technical development, scale its marketing efforts and expand in the region.
Bitcoin mining company Gritless, which assists in bringing new energy generation to rural communities in East Africa, has secured a US$2 million seed investment in a round led by Stillmark and Block. Gritless designs, builds and operates bitcoin mining sites alongside small-scale renewable energy producers in rural Africa where excess energy is not utilised.
8 December 2022
Australian mining company Askari Metals has entered into a binding agreement to acquire an 80% interest Earth Dimensions Consulting, owner of lithium project EPL 8535 located near the town of Uis in Namibia. In terms of the agreement Askari will pay $1,6 million, payable in AS2 consideration shares at an estimated issue price of A$0.40 plus a Net Smelter Royalty of 1.5% payable by Earth Dimensions.
InfraCo Africa, a UK head officed firm providing funding and expertise to infrastructure projects, has invested US$2 million in Mobility for Africa to scale the business. The Zimbabwe-based electric mobility company delivers affordable, cargo-carrying e-tricycles and solar-powered battery charging solutions to the underserved communities in rural Zimbabwe.
Host Africa, the hosting business leading in Cloud Server solutions in South Africa, has acquired Kenyan hosting company EAC directory. Financial details were not disclosed.
Financial services company Lipa Later has acquired Sky.Garden for an undisclosed sum. Sky.Garden is a mobile first SaaS e-commerce platform for African retailers. The acquisition is in line with Lipa’s aim to build an end-to-end service connecting merchants to customers.
ShEquity, a Mauritius-based impact investment firm has made an undisclosed investment in Owoafara, a Nigerian women-owned financial inclusion startup. Through Owoafara’s digital platform and card services, member businesses are verified and provided with a variety of financial services including credit not normally provided by the banks.
Nigerian proptech startup VENCO has secured US$670,000 in a pre-seed funding round led by Zrosk Investment Management with participation from Voltron Capital, Decimal Point Ventures and Fast Forward fund, among others. The technology platform which provides solutions to enhance living experiences in residential and commercial communities, will use the funds to scale its platform with more features such as credit delivery infrastructure for household spending. VENCO has set its sights on growing its presence in Kenya and expanding into Ghana and South Africa.
East African a fintech startup Watu Credit has received an investment from BluePeak Private Capital, the funds of which will be used to further improve mass-market mobility and promote financial inclusion.
SIDEUP, the Egypt-based logistics platform previously branded as Voo, has raised US$1,2 million in a seed round from investors which include Launch Africa VC, 500 Global, Riyadh Angels and Alex Angels, among others. The funds will be used to scale its presence in Egypt and expand into Saudi Arabia.
OneOrder, the technology enabled supplier and wholesale distributor solutions provider for restaurants, has raised US$3 million in seed funding led by Nclude with participation from A15 and Delivery Hero Ventures. The funding will be used to scale its market share in Egypt with a view to exploring opportunities across the rest of Africa.
Kenyan re-commerce startup Badili has raised US$2,1 million in pre-seed funding. The second-hand phone commerce platform will use the funds raised to scale the business in Kenya and increase its footprint in other markets. Investors participating in the round included, among others, Venture Catalysts, V&R Africa, Grenfell Holdings, SOSV and Artha India Ventures.
Uncover, a Kenyan skincare startup has raised US$1 million in seed funding from FirstCheck Africa, Samata Capital, Future Africa, IgniteXL and angel investors. The funds will be used to grow operations in Kenya with the aim of expanding into Nigeria.
Brito, a Cairo-based startup operating a series of smartly distributed, and fully operated Cloud Kitchens all over Egypt helping international brands to expand their presence and delivery to the Egyptian market, has raised US$1,25 million in a pre-seed round. The startup will use the funds to further develop its technology, grow its delivery fleet and expand its presence.
1 December 2022
Nama Holdings, a subsidiary of Moroccan alternative investment firm CDG Invest, has taken a minority equity stake in Vita Couture, an industrial platform in the clothing sector. Vita Couture provides international and national clients with a complete ‘one-stop-shop’ service covering the entire ready-to-wear clothing production supply chain.
Marula Mining, an African focused mining and exploration investment company listed on the LSE, has entered into a binding agreement with Tanzanian mining company Kusini Gateway Industrial Park to secure a 73% commercial interest in the Bagamoyo Graphite Project. The project extends over approximately 180 hectares and comprises 22 granted graphite mining licenses in Tanzania. The licenses are valid for seven years. Under the terms of the agreement, Marula will fund (undertaken in two phases) all exploration and development costs through to commencement of commercial graphite mining and processing operations.
Marsh, a subsidiary of NYSE-listed Marsh McLennan, is set to acquire a majority stake in Moroccan insurance broker Beassur Marsh. Prior to the announcement Marsh held a minority stake in the business which it acquired in June 2019. Transaction details were undisclosed.
Diamond Fields Resources (DFR) and TSX-listed company is to dispose of its Namibian diamond assets to Jean Boulle Diamond Mines. As consideration for the sale of its Namibian Concessions, DFR will receive an initial cash consideration of US$150,000, annual cash payments of $100,000 and a 1% royalty of net sales.
CFI Financial, a multi-asset brokerage firm, has acquired Egyptian brokerage firm El Mahrousa. The deal bolsters CFI’s position in the Middle East and East Africa region. Financial details were not disclosed.
The Competition Authority of Kenya (CAK) has approved two M&A transactions. It announced the approval of the proposed acquisition of a 20% stake in Credit Bank plc by Shorecap III unconditionally. Credit Bank operates in Kenya through 17 branches offering services such as personal banking insurance intermediary services, trade finance, insurance premium financing, SME and corporate banking. In a second notice, CAK approved the acquisition of a majority stake in Ranfer Teas (Kenya) by Akbar Brothers. Prior to the acquisition, Ranfer had a minority stake in the firm which exports tea to South Africa, Egypt, Pakistan, US, Europe and Sri Lanka.
Orda, the Nigerian food-tech startup has raised US$3,4 million in a seed round led by FinTech Collective and Quona Capital. The cloud-based restaurant operating system offers services to small, independent customers via access to various software features, including order management, intergradations with food aggregators and delivery platforms. Funds will be used to add more functionalities to the platform particularly around financial products.
Djamo a personal finance company based in Abidjan, Côte d’Ivoire, has raised US$14 million in equity funding. Funds will be used to expand it footprint into new markets and to scale its service offering. The round was co-led by Enza Capital, Oikocredit and Partech Africa with participation form Janngo Capital, P1 Ventures among others.
Crypto and saving platform Ejara has raised US$8 million in a Series A round co-led by London-based venture capital firm Anthemis and crypto-focused fund Dragonfly Capital. The Cameroonian fintech will use the funds to broaden its customer base in Francophone Africa.
24 November 2022
Mediterrania Capital Partners a private equity firm focused on growth investments in SMEs and mid-cap companies in Africa, has exited its investment in MedTech Group, a Moroccan leader in IT, telecom and software services. The exit has been executed through an MBO led by MedTech’s management team.
Chipper Cash, a pan-African cross-border payment app, is set to acquire Zambian fintech company Zoona Transactions International. Their shared vision is to provide innovative and trusted payment and transfer solutions to customers in Africa, connecting consumers and business across the African continent. The deal is subject to deal closure and relevant approvals.
Pivo, a female-led Nigerian fintech startup, has closed a US$2 million seed funding round with participation from several investors including Precursor Ventures, Vested World and Y Combinator. This freight carrier-focused digital bank currently serves about 500 SMEs as direct customers and will use the funds to upgrade and expand its financial product offerings.
Ramani, a Tanzanian SaaS startup focused on consumer-packaged goods supply chains, has raised US$32 million in a series A debt-equity funding round led by Flexcap Ventures. Funds will be used to grow the number of partner brands which is key to the expansion of its distributor network.
Kenyan B2B supply chain and logistics SaaS provider Leta has closed a US$3 million pre-seed round. Participating in the round were 4Di Capital, Chandaria Capital, Chui Ventures, PANI, Samurai Incubate and Verdant Frontiers.
Grinta, the Egypt-based B2B marketplace which has digitised the pharmaceutical supply chain, has raised US$8 million in seed funding led by Raed Ventures and Nclude. Participating in the round were Endeavor Catalyst and 500 Global among others. Funds will be used to scale its full-stack tech platform and to accelerate growth across the country.
Morocco-based SmartProf, an online tutoring marketplace for students has closed a pre-seed round of US$110,000 from Plug and Play, UM6P Ventures and several angel investors. Funds will be used to extend its footprint in Morocco and West Africa.
Jeel, the Saudi Arabia-based edtech for pre-schoolers, has raised US$1,1 million in a seed round from EdVentures.
Impact investor Norsad Capital has provided Zimbabwean Central Africa Building Society (CABS) with a US$10 million credit facility to support the bank’s growth strategy. The facility is earmarked towards lending to export clients particularly in the agricultural sector.
17 November 2022
Power Brands, the parent company of Céréalis a Tunisian producer of salted snacks and baked goods, has received a significant investment from Admaius Capital Partners. The undisclosed investment made via its Virunga Africa Fund 1, will be used to scale the branded FMCG platform through the combination of organic growth and selective acquisitions.
Helios Investment Partners has entered into an agreement to acquire a majority stake in Maroc Datacenter, a carrier neutral data centre in Morocco.
Pearl Capital Partners has invested in Kampala-based agro-processing company Newman Foods via its Yield Uganda Investment Fund. The undisclosed investment is a blend of equity and quasi-equity.
Moroccan group Akwa Africa is set to acquire TotalEnergies‘ fuel distribution subsidiary in North West Africa’s Mauritania. No financial details were disclosed.
Madison Metals, an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada, has entered into a binding agreement to acquire a 90% direct interest in additional mining and exclusive prospective licences in Erongo uranium province.
TotalEnergies has completed the joint acquisition with ConocoPhillips of the 8.16% interest held by Hess in the Waha Concessions in Libya. Following the close of the transaction, TotalEnergies’ stake will increase to 20.41%.
Stable Foods, the Kenyan agri-tech startup, has raised US$600,000 in funding from Acumen Resilient Agriculture Fund and Mercy Corps Ventures. The funds will be used to develop its climate-smart smallholder food production system.
Beekeeper Tech, the Tunisia-based agritech, has raised US$640,000 in a round led by 216 Capital Ventures. The startup creates and sells smart connected equipment for beekeepers. Funds will be used to accelerate deployment in new regions and expand its position in MENA.
Egypt’s Blnk, a fintech startup enabling instant consumer credit at point-of-sale, has raised US$23,7 million in equity ($12,5 million) and debt funding ($11,2 million) together with a $8,3 million securitised bond issuance underwritten by the National Bank of Egypt and Banque du Caire. The funds will be used to support further development of Blnk’s AI-powered lending infrastructure and the financing of its growing portfolio of customers. The equity raise was led by Emirates International Investment Company and venture capital firm Sawari Ventures with participation from angel investors.
BasiGo, an early-stage e-mobility start-up looking to revolutionise the public transportation sector by providing public transport bus owners with a cost-effective electric alternative to diesel, has raised US$6,6 million. The new funding round was led by Mobility54, Trucks VC and Novastar Ventures with participation from Moxxie Ventures, My Climate Journey, Susquehanna Foundation, Keiki Capital and OnCapital. Funds will be used to acquire new locally manufactured electric buses, charging infrastructure through the company’s Pay-As-You-Drive financing model.
10 November 2022
X-ERA, a UAE-based logistics services provider, has completed its acquisition of SPEED, announced in July, for an undisclosed sum. Egypt-based SPEED is a B2B marketplace platform connecting FMCG suppliers with small to medium-sized merchants and retailers.
IXAfrica Data Centre, a developer and operator of hyperscale-ready data centres in East Africa, has received US$50 million in investment from Helios Investment Partners to accelerate the development of IXAfrica’s Nairobi Campus.
Egyptian foodtech startup Brotinni, a dark butcher solutions startup, has raised US$600,000 in a seed funding round led by Innlife Investments. The platform offers to-order hand-cut, farm-sourced and vacuumed-sealed fresh meat and poultry as well as frozen and ready-to-cook products. Funds will be used to scale operations and invest in marketing.
In its fourth funding round, Morocco-based fintech startup WafR, has raised US$120,000 from First Circle Capital. The startup aims to digitize cashback and in-store rewards allowing retailers and FMCG brands to boost their customer loyalty.
Sendy, a Nairobi-based on demand logistics platform, has secured undisclosed funding from MOL PLUS Co, the corporate venture capital arm of Mitsui O.S.K Lines. Sendy connects consumer goods manufacturers and e-commerce companies with customers. The funds will be used to scale services in Kenya, Uganda, Nigeria and Côte d’Ivoire with the aim of improving logistic supply chain inefficiencies across the continent.
3 November 2022
Mediterrania Capital Partners, a private equity firm focused on growth investments in SMEs and mid-cap companies in Africa, has exited its investment in private educational group Groupe Scolaire René Descartes (GSRD). The exit of the Tunisian company was executed through an MBO led by GSRD’s management.
Gold producer Caledonia Mining Corporation Plc, focused on mining in Zimbabwe, has further expanded its footprint in the country with the acquisition of Motapa Mining from UK company Bulawayo Mining. Motapa holds a mining lease over exploration property in southern Zimbabwe adjacent to the Bilboes gold project – Bilboes was acquired in July 2022. Caledonia Mining’s primary asset is the Blanket Mine in Zimbabwe.
Pasofino Gold, a Canadian-based mineral exploration company listed on the TSX-V, has advised Hummingbird Resources (HB) that it will exercise its option to acquire HB’s 51% stake in the Dugbe gold project in Liberia. Pasofino will issue shares to HB in settlement, resulting in HB owning 51% of the outstanding shares of Pasofino on completion of the consolidation.
CardinalStone Capital Advisers, a West African private equity fund manager, has invested US$6 million in AfyA Care, a healthcare group providing integrated healthcare services. The investment formed part of AfyA’s series A capital raise.
valU, the Egypt-based buy-now-pay-later lifestyle-enabling fintech platform, has made an investment into Hoods with the aim of capitalising on Hoods’ unique platform – a live entertainment commerce platform in the Middle East.
Morocco-based Spotter, a fintech startup enabling businesses to assess the creditworthiness of customers, has raised an undisclosed sum from UM6P Ventures.
Eden Care, a Rwanda-based digital insurer, has raised an undisclosed sum in a pre-seed funding round from DOB Equity, Seedstars International, Norrsken Foundation and Bathurst Capital.
Fintech platform Money Fellows has raised US$31 million in a Series B round. CommerzVentures, Middle East Venture Partners and Arzan Venture Capital led the investment in the Egypt-based startup. Funds will be used to accelerate growth, expand product offerings and scale its expansion across Africa and Asia.
SmallSmall, a Nigerian proptech, has raised US$3 million ($2 million in equity and $1 million in debt) in seed funding. The startup has three product lines – buy, rent and stay. Investors in the round included Oyster VC, Asymmetry Ventures, Vivaz and Niche Capital with participation from several angel investors. Funds will be used to scale within Nigeria.
The Bank of Africa in Morocco has secured a financial package of €13 million from the European Bank for Reconstruction and Development to support Morocco’s green transition.
MTN Nigeria has secured €100 million in financing from the European Investment Bank. The financing will be used to accelerate its network expansion programme.
27 October 2022
Askari Metals, an ASX-listed copper-gold exploration company, is to acquire a 90% stake in the advanced Uis Lithium-Tantalum-Tin Project in Namibia. The stake acquired from LexRox Exploration Services, expands the company’s exposure to the battery metals sector.
Arrow Minerals, an ASX-listed West African gold exploration company, has signed a binding agreement to acquire a 60.5% stake in the Simandou North Iron Project in Guinea, West Africa. The stake will be acquired in two stages from Amalgamated Minerals Pte.
Canadian junior gold exploration company Sylla Gold has entered into an arm’s length letter of intent to acquire an option to earn 100% of the Sananfara gold exploration permit located contiguously south of its Niaouleni Gold Project in Mali.
Access Holdings has acquired, via First Guarantee Pension (FGP) and First Ally Asset Management, the entire issued share capital of Sigma Pensions from Actis. Access intends to merge the operations of Sigma and FGP to create Nigeria’s fourth largest Pension Fund Administrator by assets under management.
The Central Bank of Nigeria has sold Polaris Bank to Strategic Capital Investment (SCIL). The transaction will see SCIL pay an upfront consideration of ₦50 billion and make a repayment of ₦1,3 trillion, the consideration for bonds injected.
Nigeria’s Titan Trust Bank has made an offer to minorities to acquire the remaining stake in Union Bank of Nigeria. The offer is priced at ₦7.00 per share, the price at which the block trade was executed when Titan acquired its majority stake. The remaining 6.59% is valued at ₦13,49 billion.
Mauritian firm Barak Asset Recovery is to acquire a 60% stake in Savannah Cement owned by Seruji. Savannah cement which is headquartered in Kenya exports regionally and is also active in the Democratic Republic of Congo and Mauritius.
Real estate co-ownership startup Seqoon has raised US$500,000 in a pre-seed round through Banque Misr’s pilot programme to support startups in Egypt. The funds will be used to grow its team to service its newly launched co-ownership destination in El Gouna.
Moove, a Nigeria-based fintech startup, has raised a £15 million (US$16,8 million) financing facility from Emso Asset Management. The funds will be used to expand its operations in the UK. The company will launch a 100% EV rent-to-buy strategy which will give access to new, zero-emissions vehicles for a fixed monthly charge.
Egypt-based solar energy company KarmSolar has secured EGP47 million (US$2,4 million) in funding from Qatar National Bank for the first financed solar Power Purchase Agreement battery storage system in the country. KarmSolar provides integrated energy solutions across the industrial, agricultural, commercial and tourism sectors, leading the growth of the private solar energy market in Egypt.
20 October 2022
Outsourcia, a Moroccan customer experience and business process outsourcing provider, has acquired PhoneAct. The Tunisian contact centre acquisition furthers Outsourcia’s international growth strategy and presence in Morocco, France, Madagascar and Niger.
Private equity firm Gulf Capital has successfully exited its investment in CHO, Tunisia’s fully integrated producer and global exporter of olive oil.
valU, the Egypt-based fintech, has acquired a minority stake in Kiwe, a social payment app. Financial details were undisclosed.
Egypt Education Platform (EEP), backed by the Sovereign Fund of Egypt and EFG Hermes, is to acquire a majority stake in Selah El Telmeez, a prime education content developer in Egypt.
Sun King, a major player in the East African solar energy solutions space has acquired Lome-based Soleva, an operator and distributor of off-grid solutions. Financial details were undisclosed.
Cameroonian non-profit organisation Health and Development in Action (HEDA) has acquired Metabiota, a US-based organisation focused on global health and mitigation of pandemic risks.
Kasada, a real estate private equity platform focused on hospitality in sub-Saharan Africa, has acquired The Lamantin Beach Resort & Spa located in Saly, Senegal. Financial details were not disclosed.
MaxAB, the B2B e-commerce platform connecting food and grocery retailers to suppliers across Egypt and Morocco, has closed a pre-series B equity round. The funds, raised from new investors Silver Lake, British International Investment and DisruptAD together with participation from exiting investors such as Beco Capital, 4DX Ventures among others, will be used to scale its expansion across the MENAP region.
Nexta, an Egyptian startup, has raised US$3 million from eFinance Group, the state-owned provider of digital payment solutions. Nexta will use the funds to launch its lifestyle banking app.
Nigerian business management app, Bumpa, has secured US$4 million in seed funding to scale is product offering and enter new markets. Bumpa assists merchants to move their businesses online. The round was led by Base10 Partners with participation from Plug & Play Ventures, SHL Capital and DFS Lab among others.
Saas startup Glamera has secured US$1,3 million in a seed funding round led by Riyadh Angels Investors with participation from Techstars Accelerator, 100 Venture and Silicon Valley’s Lucrative Ventures among others. The Egyptian platform which provides services to beauty and lifestyle services providers will use the funds to expand geographically.
Maplerad, a Nigerian fintech startup, has raised US$6 million in seed funding. The round was led by Valar Ventures with participation from, among others, Golden Palm Investments, Armyn Capital, Dunbar Capital and MyAsiaVC. Funds will be used to expand it footprint across the continent.
Mass e-commerce startup Kenzz which provides online shopping to the mass market in Egypt and MENA, has completed a US$3,5 million seed round led by Outliers Venture Capital, HOF Capital, Foundation Ventures and Samurai Incubate. The funds will be used to grow product categories, invest in technology and launch a new app.
Sghartoon, a Tunisian startup that has developed technology that can identify the signs of learning disabilities in children, has raised US$150,000 from the Oman Investment Fund.
Trella, an Egyptian B2B trucking platform, has secured US$6 million in debt financing from ALMA Sustainable Finance and US International Development Finance Corporation (DFC). The capital will be used to extend into high-growth digital businesses such as financing in lower-middle income countries such as Pakistan and Egypt.
13 October 2022
About Capital Management, a Hong Kong-based fund management company has acquired a controlling stake in Seychelles-based cryptocurrency exchange Huobi Global. Financial details were undisclosed.
Egypt’s state-owned National Automotive Company has acquired a 33% stake in Electrified, a Cairo-based content driven community accelerating the adoption of electric mobility.
P2P payment app Telda, has raised US$20 million in a seed funding round led by Global Founders Capital with participation from Sequoia Capital. The Egyptian consumer money app which services unbanked users will use the funds to expand into new markets and build its product offering.
iSupply, Egypt’s B2B pharma platform, has raised US$1,5 million in a pre-seed funding round led by Disruptech. The funds will be used to onboard c.60,000 pharmacies, launch distribution and financing services and expand regionally to Africa and the MENA region.
E-commerce financing platform FlapKap, a tech-enabled revenue-based financing platform in the Mena region, has closed a US$3,6 million seed round. Funds, raised from Bolt by AED, Nclude, Outliers and A15, will be used to increase its capacity to service more e-commerce businesses and to consolidate its position in the region.
Roboost, an Egypt-based delivery management solution startup has secured a six-figure seed round from Falak Startups, AUC Angels with follow on funding from Flat6Labs. Roboost transforms and digitalises business to achieve reduced costs, improve delivery time and increased productivity. The new funding will accelerate growth by enhancing Roboost’s AI delivery management solution and expanding its product offering.
Nigerian health technology company Lifestores Healthcare has raised US$3 million in a round led by Health54, the venture capital arm of CFAO Group and Nigerian early-stage growth equity fund Aruwa Capital Management. The investment will be used to increase the network of health services providers and the existing wholesale distribution capabilities in Nigeria and across Africa.
Holged Group, a provider of primary and secondary education in Morocco and Tunisia, has received an undisclosed investment from Africa50, a pan-African infrastructure investment fund. The funds will be used to further accelerate the expansion of Holged’s network of schools across Africa.
Stears, a Lagos-based data and intelligence company, has raised US$3,3 million in a seed round led by MaC Venture Capital with participation from Serena Ventures, Luminate Fund, Melo 7 Tech Partners and Cascador. Funds will be used to expand coverage geographically by establishing a presence in East and Southern Africa.
Healthtech startup Egypt-based Vezeeta has raised an undisclosed sum to accelerate its organic growth and fund acquisitions across the Middle East and Africa. Investors included Abu Dhabi-based Gulf Capital and Swedish investment company VNV Global.
Purple Elephant Ventures, a Nairobi-based venture studio using technology to improve sustainable travel and tourism across Africa, has secured US$1 million in pre-seed funding. Investors include Canadian Klister Credit Corp, The Untours Foundation and a number of angel investors. Funds will be used to build the next generation of startups to modernize the travel industry.
Nigerian FSDH Merchant Bank has received a US$25 million trade finance facility from the African Development Bank. The approved package consists of a US$15 million trade finance line of credit and a US$10 million transaction guarantee for the merchant bank to provide loans to local enterprises in the agricultural, manufacturing and energy sectors in Nigeria.
6 October 2022
Development Partners International (DPI) has, through its ADP II fund, exited from Egyptian retail group B.TECH. The 33.4% interest was sold for an undisclosed sum to the Saudi Egyptian Investment Company (SEIC), a wholly owned subsidiary of the Saudi Public Investment Fund. B.TECH represents the largest integrated omnichannel retailing and consumer finance platform in Egypt, selling consumer electronics and household appliances.
Access Holdings plc, via its Lagos-based subsidiary Access Bank, is to acquire a 51% stake in Finibanco Angola from Portuguese Montepio Holdings. The deal is in line with the bank’s strategy to be Africa’s payment gateway to the world.
Ascent Rift Valley Fund has exited its investment in Medpharm Holdings Africa, a provider of medical diagnostic laboratory services in Ethiopia. The stake was sold for an undisclosed sum to Cerba Lancet Africa, a network of clinical pathology and medical diagnosis sites in Africa.
Helios Investment Partners, a UK-based private equity fund, has sold back its 60% stake in Telkom Kenya to the Kenyan Government for Ksh6,09 billion.
Britannia Industries, a leading Indian food company, has acquired a 51% stake in Nairobi-based Kenafric Biscuits. In addition, Britannia Industries has acquired all the shares in Kenayan Catalyst Britania Brands.
Venture capital firm HAVAÍC has concluded its third investment in Kenyan fintech company Tanda. The investment will enable Tanda to invest in key strategic partners, accelerate product development and scale in Kenya and East Africa in the short term.
Easy Matatu, a Ugandan minibus ridesharing services platform, has received an undisclosed investment from the Renew Capital Angels. Funding will be used to expand Easy Matatu’s end-to-end technological platform, which will double its monthly trip capacity, and to expand the fleet of cars.
Cowtribe, a last-mile veterinary delivery company in Ghana coordinating deliveries of veterinary vaccines and other animal health products to rural and underserved communities, has received an investment and non-financial support from the Boehringer Ingelheim Social Engagement initiative.
Nigerian proptech startup Spleet, has raised US$2,6 million in a seed round led by MaC Venture Capital. Other investors included Noemis Ventures, Plug and Play Ventures, Metaprop VC among others. Funds will be used to expand its property management product offering and expand across Africa
CardoO an Egypt-based IoT devices manufacturer has raised US$660,000 in a seed funding round led by The Alexandria Angels with participation from Sofico Investments, the European Bank for Reconstruction and Development and angel investors. Funds will be used to improve products, enable local manufacturers to produce consumer electronics for IoT under the brand name CardoO.
15 September 2022
Aya Gold & Silver, the Canadian-based precious metals mining company, has reached an agreement with the National Office of Hydrocarbons and Mines (ONHYM) in Morocco to acquire the remaining 15% stake in the Zgounder project for US$6,5 million. The deal includes five adjacent permits. ONHYM will maintain its 3% royalty on the Zgounder property and a 3% royalty is granted on production coming from the new permits.
African Energy Metals, a Canadian energy minerals company, has entered into a joint venture with Black Hole Aurum, to jointly pursue and acquire controlling stakes in coal projects in Tanzania. Negotiations are already underway on the first two target projects.
US-based blockchain financial startup, PowerDfi, has acquired Naijacrypto, a Nigerian crypto exchange platform. Financial terms were not disclosed.
Canadian miner, Madison Metals has agreed to acquire a 23% stake in Mining Licence 121 through the acquisition of a 24% stake in Namibia Nuclear Corporation. The consideration will be settled in cash (US$2m) and shares (2 million Madison common shares).
Egyptian Company for Cosmetics (ECC Group) has acquired a majority stake in Source Beauty for an undisclosed sum. Lorax Capital Partners recently invested in ECC and has been supporting the company with its expansion plans.
Multinational automotive manufacturing company, Stellantis, has invested an undisclosed sum in Africar Group to launch Auto24, a direct-to-consumer used car company in Abidjan, Côte d’Ivoire.
mPharma, the patient-centered technology-driven healthcare company, headquartered in Ghana, has acquired a majority stake in Nigeria’s HealthPlus from Alta Semper. Financial terms were not disclosed.
Equity Group, through Equity Bank (Kenya) has entered into a purchase agreement with Spire Bank for the purchase of certain assets and liabilities. The deal will see Equity Bank acquire c.20,000 deposit customers holding c. KES1,322 million and 3,700 loan customers with outstanding balances at KES945 million (net carrying value after statutory loan loss provisions).
Commercial International Bank Egypt has acquired a 15% stake in EL Sewedy Engineering Industries (SEI) through a capital raise. The investment will be used by SEI to increase its stake in subsidiaries Arab Distribution & Marketing to 68.14% and EL Sewedy Illumination to 66.67% respectively. Financial details were undisclosed.
Credit Agricole, a French banking group, has acquired a further stake of 4.8% in its Crédit Agricole Egypt making it the majority shareholder with a 52.185%. Further financial details were undisclosed.
Tirupati Graphite plc has, via its subsidiary Tirupati Madagascar Ventures, entered into an agreement to acquire three additional mining permits in Madagascar. The permits, which cover a total area of 31.25km², were acquired for a total consideration of £167,000.
Banque du Caire has acquired a 10% stake in International Business Associates Group from Al Ahly Capital, the National Bank of Egypt’s investment arm and Banque Misr. Sarhank Group remains the majority shareholder with a 60% stake and Al Ahly Capital and Banque Misr will retain a 15% stake each. Financial details were undisclosed.
Insurtech company Turaco has closed Series A equity round valued at US$10m. The round was led by AfricInvest, through its Cathay Africinvest Innovation Fund (CAIF), and Novastar Ventures. Other investors included Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures.
Kippa, a Nigerian financial management and payments platform has raised US$8,4 million in an oversubscribed seed round. Global investors in the round included Goodwater Capital, Rocketship VC, Saison Capital, TEN13 VC, Horizon partners among others. Funding will be used to scale its product offering.
Egypt-based 5 Quarters, which offers healthcare professionals online courses in addition to practical training and on-ground courses, has raised an undisclosed sum in a seed round from a Saudi angel investor. The investment will be used to scale its expansion plans in Saudi Arabia.
Bitmama, a Nigerian blockchain payments startup, has raised US$1,65 million in a pre-seed extension round from Unicorn Growth Capital and Launch Africa, among others. The funds will be used to scale into new markets.
8 September 2022
UK-based power company Bboxx has acquired PEG Africa, a pay-as-you-go solar energy company in West Africa. Via its financing model, it enables customers to replace polluting fuels spend with solar energy spend. PEG has recently expanded its financing deployment capabilities to include solar water irrigation and bigger solar power systems for SMEs. The acquisition consolidates Bboxx’s position as a leading source of clean energy solutions in Africa with over 35 MW of installed solar capacity.
Eni, the Italian energy company, has acquired from BP, its upstream business including its interests in the gas-producing In Amenas and In Salah concessions in Algeria. Financial details were undisclosed.
Pwani Oil Products, a Mombasa-based manufacturer, has acquired Kartasi Industries, a manufacturer of stationery products based in Nairobi, through a newly created entity called Kartasi Products. The deal, the value of which was undisclosed, represents a strategic move by Pwani to diversify its business.
Enppi, a provider of fully integrated engineering, procurement, construction supervision and project management services, and Petrojet, a state-owned construction arm of the Egyptian Petroleum sector, have acquired Star Gas’ 50% stake in the International Company for Drilling (ICD) for US$117,6 million. The ICD manufactures, assembles and maintains covers and conducts which regulates pipes. Following the closure of the deal, Enppi and Petrojet will each hold a 40% equity stake in ICD with the remaining 20% owned by existing shareholder South Valley petroleum.
Nigerian Metaverse Magna, a crypto gaming platform, has secured US$3,2 million in seed funding from investors Wemade, Gumi Cryptos Capital, HashKey, Tess Ventures among others. The funding will be used for expansion of the WEMIX ecosystem in Africa.
NowNow, a fintech platform based in Lagos, has raised US$13 million in a seed round led by NeoVision Ventures, and India-based DLF Family Office. The funds will be used to grow its platform, team and marketing capabilities.
el-dokan, a specialist in enterprise e-commerce solutions in MENA, has successfully secured US$550,000 in a pre-seed round led by local and regional investors including Flat6Labs, EFG EV, Hala Ventures and 500 Global. The investment will be used to increase market share.
3atlana, an Egypt-based car service app, has closed a six-figure seed round from Ghabbour Auto, a local automotive company. Funds will be used to strengthen its AI system.
Carzami, an online retailer for quality used cars and vehicle financing, has closed a pre-seed round led by Contact Financial Holding. Together with an inventory financing facility, Carzami will use the funding to launch its innovative model for a digital car dealership which provides transparency and convenience.
Leading Edtech platform in the MENA region, Emonovo, has raised an undisclosed bridge round by strategic angel investors from the US, Europe and MENA and a follow-on investment from Flat6Labs. The investment will be used to boost the new brand strategy and fuel growth in university onboarding and student recruitment through the platform.
Duplo, a Lagos-based platform digitising payment flows for African B2B enterprises, has raised US$4,3 million in a seed funding round. The capital injection from Liquid2 Ventures, Tribe Capital, Y Combinator among others, will be used to launch new products and expand into new business verticals in Nigeria.
All On, an impact investment company has invested £1 million in Mobile Power, a Nigerian alternative power company. The funds will be used to increase growth of All On’s pay-per-use battery sharing platform MOPO. The MOPO offering removes the product acquisition challenge from the equation for underserved homes and micro businesses in Nigeria by empowering them to secure the energy only when needed by renting 50Wh-1000Wh lithium-ion batteries for 24-hour periods.
2 September 2022
Nigerian commercial entity Fidelity Bank has entered into a binding agreement to acquire Union Bank United Kingdom, representing Fidelity Bank’s first foray into international markets. The deal, of which no financial details were disclosed, remains subject to the approval of the UK’s Prudential Regulatory Authority.
Cairo-based private equity firm Ezdehar Management is to acquire a 60% stake in Egyptian grocery retail chain Zahran Market. The stake is to be acquired through its Mid-Cap Fund II for an undisclosed sum. Through the partnership, Zahran Market aims to solidify its position locally and to expand its footprint to the underserved regions of the country.
EFG Hermes’ lifestyle-enabling fintech arm, valU, has acquired Paynas, the Egyptian HR and payroll platform. The transaction furthers valU’s strategy to grow the business and enhance its tech power, increasing its footprint to reach Paynas’ large and growing base of SMMEs.
Africa-focused investment company Tana Africa Capital, together with Sango Capital, a South African investment management firm, has made a minority investment in Sundry Markets, a Nigerian grocery retailer operating through the ‘market square’ brand.
Pezesha, a Kenyan pan-African fintech offering B2B digital lending infrastructure with a focus on providing affordable working capital to financially excluded SMEs, has raised US$11 million in a pre-series A round. The investment, a mix of equity and debt, will be used to scale operations in core markets within the East African region and expand into West Africa. The funding round was led by Women’s World Banking Partners II.
Anchor, the Nigerian banking-as-a-service startup providing the interface, dashboards and tools to help developers embed and build banking products, has raised c.US$1 million in a pre-seed round. Investors included Byld Ventures, Y Combinator, Luno Expeditions, Niche Capital among others. The funding will be used to scale the business.
Egyptian cloud-based subscription management platform SubsBase has closed a seed round of US$2,4 million. The round was led by Global Ventures with participation from HALA Ventures, P1 Ventures, Plus Venture Capital, Plug and Play, Ingressive Capital and Camel Ventures together with several existing investors. Funds will be used to develop SubsBase’s global and regional integration capabilities and build its educational content and business development support for recurring revenue-based businesses.
Edtech startup OBM, Egypt’s education startup, has raised a six-digit figure from EdVentures in a second round of investment. Funds will be used for expansion and the launch of its new application ‘Taleb’.
Grey, a Nigerian-based fintech startup enabling cross-border payments, has raised US$2 million in seed funding in a round supported by Y Combinator, Soma Capital and Heirloom Fund among others.
Omnibiz, a Nigerian retail-tech startup, has raised US$15 million (in debt and equity) in a pre-series A round led by Timon Capital with participation from Ventures Platform, LoftyInc Capital Management, Chapel Hill Denham and others. The funding will be used to accelerate retailer growth and retention.
WamiAgro, a Ghanaian agritech startup, has received c.US$227,000 from impact investment fund Wangara Green Ventures. The investment will be used to offer training, provide input loans and provide access to markets by small-hold farmers across the grains value chains.
18 August 2022
Galileo Resources plc is to acquire a 29% stake in BC Ventures, the owner of a prospective lithium project near Kamativi in Southwest Zimbabwe and two gold licenses close to Bulawayo. The assets are owned through Zimbabwean subsidiary Sinamatella Investments. Following the Galileo will hold an 80% interest in BC Ventures. The Consideration Shares will be issued at 1.2 pence per share which is a premium of 4.4. The purchase consideration of £6 million will be settled by the issue of 50 million Galileo shares at 1.2 pence per share, a premium of 4.4% to the closing price of 1.15 pence pre share on August 8, 2022. The consideration shares are subject to a 12-month lock up.
Sango Capital, a South African investment management firm, has acquired a controlling stake in Tunis Stock Exchange-listed Sotipapier, a manufacturer of Kraft paper, test line and flute paper based in Tunisia. The stake was acquired from private equity firm SPE Capital for an undisclosed sum.
Kenyan social commerce startup Flo by Saada has been acquired by US-based Elloe. Flo by Saada enables small and medium enterprises to build solutions and process payments through USSD and programmable SMS. Financial details were not disclosed.
Ghanaian cashflow and spend management platform Float has acquired Nigerian cloud-based accounting company Accounteer for an undisclosed sum. The deal is in line with Float’s strategic objective to become the financial operating system for Africa’s SMEs.
IProcure, a Kenyan agritech startup, has raised US$10,2 million in a series B round led by Investisseurs & Partenaires with participation from Novastar Ventures, British International Investment and Ceniarth. The funding will be used to scale into the East Africa region, particularly Uganda and Tanzania and to launch a credit offering for agro-retailers.
Pastel, a Nigerian digital bookkeeping platform for merchants, has raised US$5,5 million in a seed round. The round was led by pan-African venture capital firm TLcom with participation from Global Founders Capital, Golden Palm Investments, DFS Labs, Plug and Play, Ulu Ventures and Soma Cap. Funding will be used to expand its product offering, develop additional finance management features and tools around group savings, loans and payments for small business.
Bonbell, an Egypt-based restaurant management platform, has closed an initial funding round for $350,000. The investment, from a Canadian angel investor will be used to further develop Bonbell’s app which launched earlier this year. The foodtech startup offers a cloud-based online food ordering and delivery system enabling restaurant managers to handle dine-in orders, table reservations and curb side delivery.
Nigerian TeamApt, a fintech startup operating a business payments and banking platform, has secured an undisclosed sum from venture capital firm QED Investors. The investment will be used to scale the business across Africa.
Lori Systems, a Nairobi-headquartered African on-demand logistics and trucking company has raised an undisclosed sum in a pre-Series B round. The funds, raised from Google and existing investors, will be used to scale new product lines and reach profitability. The company digitises haulage, providing shippers with solutions to manage their cargo and transporters.
11 August 2022
This week was all about startups and funding rounds
Kamp Group, a Ugandan pelleted animal feed processing, marketing and distribution company trading as Kamp Feed has received US$2,6 million in blended equity and debt funding. The funding, raised through a co-investment arrangement between Yield Uganda Investment Fund and Gorm Pedersen 2 Holding ApS, a Danish investor, will provide Kamp Feed with long-term patient capital to execute the company’s growth and expansion strategy.
Convertedin, an Egyptian marketing startup providing an operating system for e-commerce brands, has raised US$3 million in a seed round led by Merak Capital with participation from 500 Global and MSAS. The funds will be used to scale operations in Egypt and Saudi Arabia and to launch operations in Brazil.
Beacon Power Services (BPS), a Nigerian energy tech startup, has closed a US$2,7 million seed round. The round was led by Seedstars Africa Ventures with participation from Persistent Energy. BPS provides data and grid management solutions to help Africa’s power sector distribute electricity more efficiently. The funding will be used to improve current products and expand into markets beyond Nigeria and Ghana.
FinAccess, a Kenyan software solutions provider that digitises community banks and farming co-operatives in the East Africa region, has received a US$500,000 investment from South African VC firm HAVAÍC. FinAccess will use the funds, part of a pre-series A funding round, to expand its two core products, banking software solution Fincore and agricultural software solution Grobox.
Social commerce platform, Egypt-based Sharwa, has closed a US$2 million pre-seed funding round. The platform allows customers to purchase daily household essentials at more affordable prices. The round was co-led by Nuwa Capital and Hambro Perks Oryx Fund, among others.
Tripesa, a Ugandan tourism startup, has raised an undisclosed sum in a pre-seed round supported by Future Capital, Consonance Investment Managers and LTNT Investments.
Crew HR &Payroll, the Kenyan platform offering digital human resource solutions to SMEs, has raised an undisclosed sum and has rebranded to FaidiHR. The investment, from SprintX, a US venture capital firm focused on early-stage startups, will be used to grow the business.
4 August 2022
ASX-listed Lindian Resources has announced the acquisition of a 100% interest in Rift Valley Resource Developments, a Malawian company that owns the Kangankunde Rare Earths Project. Under the terms of the transaction, Lindian will acquire all the shares in Rift Valley from its existing shareholders for US$30 million. The company also announced its intention to raise capital via the placement of shares. It has received a binding commitment to subscribe for 15,000,000 fully paid ordinary shares at $0.20 per share, raising US$3 million. In connection with the Placement, the company will also issue 7,500,000 options to the investor exercisable at $0.25 per share and expiring three years from the date of issue.
KCB Group, an East African financial services organisation headquartered in Kenya, is to acquire an 85% stake in DRC-based and listed Trust Merchant Bank (TMB). Shareholders will receive a cash consideration for the shares based on the net asset value of TMB at completion of the proposed transaction and using a price to book multiple of 1.49. TMB has US$1,5 billion in assets. After two years, KCB will acquire the remaining 15% from existing shareholders.
US-based fintech Umba, has taken a 66% stake in Kenyan Daraja, a deposit-taking microfinance bank. Financial details for the transaction were undisclosed.
Vodafone plc is to dispose of its 70% stake in the Ghana operations to Africa-focused Telecel, as it seeks to concentrate on key markets. Financial details were undisclosed.
ADNOC Distribution, the retail and distribution arm of the Abu Dhabi National Oil Company, has signed an agreement to acquire a 50% stake in TotalEnergies Marketing Egypt, a fuel retail, aviation and lubricants business, for a consideration of approximately US$200 million.
Furniture and home goods marketplace Homzmart, has closed a US$23 million pre-series B round. Participating in the round were STV, Impact46, Outlier Venture Capital, Rise Capital and Nuwa Capital. The Egypt-based e-commerce platform will use the new funding to expand services, especially logistics, and strengthen supply chains.
Kenyan Insurtech Lami has raised US$3,7 million in a seed extension round led by Harlem Capital. Investors participating in the round included VC firm Newtown Partners, Peter Bruce-Clark, a partner at Social Impact Capital, Caribou Honig and Jay Weintraub of InsureTech Connect (a networking platform for insurtech innovators) and senior members from Exotix Advisory.
Qurious Labs, the Egyptian Web3-focused venture studio, has raised an undisclosed sum from Openner, a venture capital firm in Egypt. The funding will be used to support entrepreneurs in the Mena Region building Web3 companies using blockchain, digital currencies, NFTs to explore the Metaverse.
Zener SA, an integrated energy provider in Togo, has secured a financing package from the IFC which will be earmark for the use of reducing polluting fuels for cooking in the country. The loan of €8,1 million by the IFC will be matched by a loan from other partners. The company will, among other things, expand its LPG storage terminals in Togo.
28 July 2022
Pangolin Diamonds, listed on the TSX.V exchange, is to acquire from Amulet Diamond Corporation, Amulet Diamond (Botswana) for a nominal consideration. The entity holds certain plant and equipment assets relating to the BK11 Mine located in Letlhakane, Botswana.
Kasada Hospitality Fund, a Qatari-backed private equity fund, has acquired the Crowne Plaza Hotel in Nairobi for c. US$38,8 million from Golden Jubilee.
In 2014 AfricInvest acquired a 30% stake in Abidjan-based financial holding company Bridge Group West Africa (BGWA), via its funds, AfricInvest II and AfricInvest Financial Sector Fund. In a deal, the value of which is undisclosed, the private equity firm has successful exited the investment in BGWA, to majority shareholder Teyliom Finance.
Caledonia Mining Corporation plc has signed an agreement to purchase Bilboes Gold, situated outside Bulawayo in Zimbabwe for US$53,28 million to be settled by the issue of 5,123,044 Caledonia shares representing c. 28.5% of Caledonia’s share capital.
Kazera Global plc has secured US$7,5 million in investment from Namibian-based Hebei Xinjian Construction. The investment which consists of a mixture of cash, machinery and services with a minimum of US$2,5 million payable in cash will give Hebei a 49% stake in a new SPV to be formed by Kazera’s marketing, sales and export subsidiary African Tantalum, which handles all lithium production from the wholly owned mine at Tantalite Valley in Namibia.
The Fashion Kingdom (TFK), an Egypt-based fashion marketplace which provides a platform for local and international brands, has raised US$2,6 million in a seed funding round. The round was co-led by Egypt’s venture capital firm CVentures, and A15, MENA’s leading early-stage venture capital firm. Proceeds will be used to accelerate growth, build scalable technology and strengthen the team.
Hashgreed, a Lagos-based non-fungible token (NFT) marketplace for creative, commerce and asset tokenisation, has raised US$1 million in funding. The platform which also hosts DeFi and WorkFi solutions, will use the funding to scale its presence across Nigeria and the region.
Cartona, a Cairo-based B2B platform digitising and empowering all stakeholders of Egypt’s traditional trade market, has closed a US$12 million Series A fundraise led by Silicon Badia with participation by Arab Bank Accelerator, Sunny Side Ventures, Global Ventures and Kepple Ventures. Proceeds will be used to scale Cartona’s expansion across Egypt, grow its product, technology and services.
Bizao, a Côte d’Ivoire fintech startup, facilitating payments for both local and international businesses operating in Africa by enabling clients to collect and issue payments online and in-stores via point-of-sale, has raised €8 million in Series A funding. The round was led by AfricInvest, Adelie and Seedstars Africa Ventures. The funds will be used to accelerate expansion across the continent and to scale its offering.
The International Development Finance Corporation, which partners with the private sector to finance solutions for challenges facing emerging markets, has committed US$280 million in financing for Nigeria’s Access Bank plc. The loan will assist in addressing the financing gap for small- and medium-sized enterprises and so advance financial inclusion in Nigeria.
21 July 2022
Siseko Minerals, 51.7% held by London-listed Botswana Diamonds plc, has acquired a further 21% stake in the prospective Maibwe joint venture in Botswana, increasing its shareholding in the joint venture to 50%. In addition to the consideration payable of £27,215, Maibwe has agreed to pay a royalty to the liquidators of BCL Botswana of 2% from any future commercial development. Botswana Diamonds will fund its share of c. £13,600.
Multinational beverage alcohol company Diageo plc, headquartered in London, is to sell Guinness Cameroon S.A. to French beverage company Castel Group. In the £389 million deal, Castel will take over the production and distribution of Guinness in Cameroon under a licence and royalty agreement.
Agthia, the food and beverage company based in Abu Dhabi, is to acquire a 60% stake in Egyptian healthy snack and coffee manufacturer and retailer Auf Group. The deal is in line with Agthia’s strategy to focus on strengthening its portfolio and diversification into branded consumer goods.
Mainstream Renewable Power together with investment company Actis, are to dispose of Lekela Power (40%:60%), Africa’s largest pure-play renewable energy independent power producer seven years after they made the initially investment. Infinity Group and Africa Finance Corporation will acquire the IPP in a deal said to be valued at c.US$1,5 billion.Lekela Power operates five wind assets in South Africa and one each in Egypt and Senegal.
Afentra plc via its Angolan subsidiary is to acquire a 4% interest in Block 3/05 and a 5.33% interest in Block 3/05A, offshore Angola. The deal follows the acquisition earlier this year of a 20% stake in Bloc 3/05 from Sonangol. The assets acquired from INA will be funded through the same debt and existing available funds as those being utilised for the Sonangol transaction.
Magma, an Egypt-based manufacturer of sportswear, has been acquired by Averroes Ventures, led by Magma’s chairman. Financial details were undisclosed.
In a cautionary announcement Pachin, the chemical industries company headquartered in Cairo, advised shareholders it had received a non-binding offer to acquire at least 51% of the company.
Sudanese fintech startup Bloom has raised US$6,5 million in a seed round from investors who include Visa, Global Founders Capital, Goodwater Capital and VentureSouq amongst others. Bloom provides fee-free accounts for consumers to save in dollars and buy and spend in Sudanese pounds. The funds will be used to expand across the region into Ethiopia, Kenya, Rwanda, Tanzania and Zambia.
Enimiro, a Ugandan vertical supply chain partner, has received a US$515,000 investment from Pearl Capital Partners-managed Yield Uganda Investment Fund. The investment will be used to construct a new processing facility warehouse and to improve efficiencies, increase volume and improve product quality for both Vanilla and Arabica coffee.
Stllr Network, the Egyptian outsourcing startup which puts businesses in touch with marketing professionals that provide a range of services, has closed a six-figure investment round from 500 Global and angel investors. The investment will be used for regional expansion and bolster talent.
Nigerian fintech startup Swipe has raised US$500,000 in pre-seed funding. The credit-focused tech company aims to expand access to its various credit services across Africa with its BNPL (Buy-Now-Pay-Later) product.
Smartprof, a Morocco-based educational tech startup, has secured US$50,000 in investment from UM6P Startgate and Plug and Play.
Zambian agribusiness company Zambeef is to receive US$35 million in investment from the International Finance Corporation to partly finance the expansion of its food production and processing capacities.
d.light, a manufacturer of clean energy products, has raised a further US$50 million from a consortium of lenders financing renewable energy projects in Africa. The investment is structured as a balance sheet debt facility with participation from Mirova SunFunder, Trade and Development Bank and Dutch entrepreneurial development bank FMO.
14 July 2022
Developer, owner and operator of commercial and industrial renewable energy systems in Africa, CrossBoundary Energy (CBE), has received a US$40 million equity investment from KLP Norfund Investments. The funds will be used by CBE to scale its investments in renewable energy solutions across Africa.
Proparco, the Development Finance Institution partly owned by the French Development Agency, together with the East African private equity fund Ascent Rift Valley Fund II, has acquired a majority stake in Kenyan healthcare facility Diani Beach Hospital. Financial details were undisclosed.
Nigerian full-service fintech and banking infrastructure provider Bloc, has acquired Orchestrate (Getwallets), a provider of multipayment options. The undisclosed cash and equity deal will boost Bloc’s capacity to offer fintech infrastructure such as online payment, subscription management, virtual wallets, bill payments and invoicing.
Spedag Interfreight, an African focused international freight forwarding expert in East Africa, has been acquired by CEVA Logistics for an undisclosed sum.
Investissuers & Partenaires (I&P) through its fund IPAE 2 has invested in DELTA SA, a Senegalese company specialising in the sanitation and construction. The support will strengthen the company’s governance, organisational and technical capacities plus its regional expansion objectives.
Swvl, a tech-enabled mass transit solutions provider founded in Egypt, has announced the acquisition of Mexico-based Urbvan Mobility.
Solar Panda, a Kenyan manufacturer and retailer of pay-as-you-go solar household systems, has secured US$8 million in series A funding to be used to scale activities across the country. The funding round was led by Oikocredit and EDFI ElectriFI.
SolarTaxi, a Ghanaian e-mobility company, has raised undisclosed funding from Persistent Energy, an investor in the off-grid and e-mobility sector in sub-Saharan Africa. Funds will be used as working capital to expand the business.
Creditchek has raised US$240,000 in a funding round led by Atom Capital with participation from Aidi Ventures and others. The investment will be used to build the credit data infrastructure to assess and verify creditworthiness of customers.
Nigerian decentralised finance platform Stakefair (formerly BetDemand) has raised US$670,000 in pre-seed funding from investors which include Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance and Voltron Capital among others. The startup which has launched a no-loss staking platform will now expand its services to include a business-2-business API service.
7 July 2022
Firering Strategic Minerals plc, an exploration company focusing on critical minerals, has increase its stake in the Atex Lithium Tantalum Project in Côte d’Ivoire from 51% to 77%. A 10% stake was acquired in exchange for 1,158,200 shares valued at €88,672 and a further 16% for €320,000 in cash. The company has an option to acquire the remaining 23%.
Dutch energy and commodity trading company Vitol has entered into a joint venture with the Nigeria Sovereign Investment Authority to invest in a range of high integrity, socially impactful, carbon avoidance and removals projects in Nigeria. The companies will make an initial commitment of US$50 million and will partner with local NGOs.
CFAO Kenya has made an undisclosed investment in OFGEN, a leader of solar PV installation for commercial and industrial use in East Africa.
Autochek Africa, an e-commerce company headquartered in Lagos, has acquired CoinAfrique, a Mauritian-based classified ad marketplace, serving francophone African markets. The deal will accelerate the penetration of Autochek’s auto financing services in French-speaking Africa.
In a non-binding offer, SODIC a real estate and community development company, is to make a cash acquisition of Cairo headquartered state-owned developer Madinet Nasr Housing & Development through a mandatory tender offer. The offer is for an indicative purchase price in the rage of EGP3.20 and EGP 3.40 per share, representing a 28-%36% premium, valuing the company at c.EGP6,18 billion (US$328 million). SODIC will undertake a due diligence.
Paymee, a Tunisa-based fintech startup offering specialising in digitising payment flows that offer online payment acceptance solutions, has raised six-figure funding in a round led by P1 Ventures. Funds will be used to accelerate its product development and offering.
Kenyan startup Duhqa, a last mile end to end supply chain and distribution technology platform enabling manufacturers, retailers and individuals to buy and sell conveniently, has closed a US$2 million seed round from participants CrossFund, Roselake Ventures and Mo Angels, among others. The funds will be used to scale its service offerings in East Africa.
Cameroonian importer and distributor of petroleum products BOCOM Petroleum SA, has secured a €50 million financing package through the International Finance Corporation. The financing will be used to expand access to liquified petroleum gas in Cameroon.
30 June 2022
BAOR, a mining company based in Burkina Faso is to acquire the Kouri and Babong gold projects in the country from ASX-listed Golden Rim for an aggregate purchase consideration of US$15,5 million in four staged cash payments over 12 months.
MNT-Halan an Egypt-based fintech, has added a digital offering to its merchant network with the acquisition of B2B e-commerce platform Talabeyah for an undisclosed sum. Talabeyah services the FMCG market, offering supplies directly to small merchants and retailers with next day delivery. The deal enhances MNT-Halan’s breath and scope.
A 30% stake in Kenyan retail chain Naivas Supermarket has been acquired by a consortium of investors led by Mauritian conglomerate IBL Group. The stake was acquire from exiting Amethis, a French fund and the International Finance Corporation.
Spear Capital, the private equity firm headquartered in Harare with a fundraising office in Oslo, Norway, has completed its investment into Associated Foods Zimbabwe. Spear Capital’s investment into the business will be a part buy-out of existing shareholders, part working capital injection and part capital expenditure as well as investment into systems and equipment to improve the manufacturer’s environmental impact.
Afrikamart, the Senegalese agritech startup, has closed a US$850,000 seed round. The platform allows for the sourcing and distribution of fresh produce. The funds, raised from BLOC Smart Africa Fund, Orange Digital Ventures, Launch Africa and Teranga Capital, will be used to scale the business in the West African country.
Kukua, the Nairobi-based edtech startup, has raised US$6 million in a series -A round. Investors included Tencent Investments, Alchimina, EchoVC, FirstMinute Capital and Auxxo Female Capital.
Moringa School, a Kenyan learning accelerator, has raised undisclosed funding from Proparco which will aid in the broadening of subject range and its expansion into Ghana and Nigeria as it prepares for series-A funding next year.
XENO, a Ugandan investment platform assisting individuals across Africa to plan, save and invest via an app, has raised US$2 million in seed funding led by Beyond Capital Ventures. Funds will be used to scale the platform.
23 June 2022
Global multi-energy company TotalEnergies has acquired a 49% stake in integrated forest products company Compagnie des Bois du Gabon (CGG) following the exit of private equity firm Criterion Africa Partners. Financial details were undisclosed.
AIM-listed Kazera Global plc is to acquire a 71% stake in Great Lakes Graphite which owns three exploration licenses covering the Homa Bay and Buru Hill Rare Earth Elements projects in Kenya. The acquisition is for an aggregate £750,000, payable in three tranches. As part of the transaction, an option to acquire a 20% stake (of the 71%) will be granted to Caracal Investments for US$1 million. If within 18 months this is not exercised, current shareholders may take up the option.
EFG Hermes subsidiary valU, a BNPL lifestyle enabling fintech platform based in Egypt, has sold a minority (4.99%) stake to the Saudi Alhokair family for US$12,4 million.
Nairobi-headquartered SunFunder, a private debt management firm financing renewable energy projects in Africa and Asia, has been acquired by European impact investor Mirova. The deal will expand Mirova’s investment platform in emerging markets and drive its strategy to finance the environmental and energy transition.
EFG Hermes’ microfinance solutions Egypt-based subsidiary Tanmeyah has acquired Fatura, a provider of B2B e-commerce marketplace and digital financing services. The value of the stock and cash transaction was undisclosed.
Land Degradation Neutrality (LDN), an investment fund managed by Mirova, has acquired a minority stake in Moroccan Atlas Fruits Company. The new partnership will enable Atlas Fruits to accelerate is development by increasing its orchard cultivation area and thereby creating more jobs.
Thepeer, a Nigerian tech infrastructure startup has raised US$2,1 million in a seed round led by the Raba Partnership. The platform creates the technology infrastructure for businesses to easily integrate and enable them to support fast, direct and efficient transactions across businesses.
Lagos-based health tech Healthtracka with its at-home lab testing platform has raised US$1,5 million in seed funding from Hustle Fund and Ingressive Capital. Other participants in the round include Flying Doctors and Alumni Angels. The startup aims to fill the gap where infrastructure is lacking and, where due to the poor doctor-to-patient ratio regular checkups are an afterthought.
Ugandan fintech platform Tugende has closed a pre-series B investment round which will enable it to expand its asset financing and digital services to small businesses. The round was led by Partech Africa with other existing investors.
Fido, the Ghanaian fintech company, has raised US$30 million in a round led by private equity fund Fortissimo Capital with participation from Yard Ventures. In addition, the startup which extends credit via mobile phones, raised undisclosed debt funding in a series A round. Funds will be used to roll out new products and position it to scale its presence in Africa.
Egyptian AI tech startup Synapse Analytics has raised US$2 million in a pre-series A funding round. The startup aims at building trust between AI and the businesses trying to adopt machine learning in their operations through its automation platform Konan. The round was led by Egypt Ventures.
Greenage Technologies Power Systems, a Nigerian startup driving energy inclusion by manufacturing and distributing locally made solar energy equipment, has received a US$500,000 investment by Shell-funded impact investment company All On. The investment, a mix of equity and convertible debt, will be used to scale its manufacturing business enabling it to meet increasing demand.
VeendHQ, a Nigerian embedded fintech firm, has secured US$330,000 in a pre-seed investment round from participants Magic Fund, The Oak Capital, Future Africa, Berrywood Capital among others. The startup enables microlenders, banks and merchants to embed credit into multiple ecosystems. The investment will be used to expand the products offered and scale operations.
Egyptian digital logistics startup Khazenly, has raised US$2,5 million in seed funding in a round co-led by Arzan Venture Capital and Shorooq Partners. Proceeds will be used to develop Khazenly’s products and services and scale its existing facilities.
CrossBoundary Energy Access (CBEA), a financing facility for mini grids based in Kenya, has raised US$25 million in new funding from ARCH Emerging Market Partners, the Bank of America and the Microsoft Climate Innovation Fund.
Construction tech platform Jumba has secured US$1 million in a pre-seed funding round led by Enza Capital with participation from Seedstars International Ventures, Chandaria Capital, Future Africa, Logos Ventures, First Check Africa and several angel investors. The startup allows operators of hardware stores to restock in a seamless manner by connecting retailers with manufacturers. The funds will be used to scale the business to other cities in Kenya.
Boyot, a startup offering an end-to-end operating system for payments and financial services exclusively for the real estate market, has raised an undisclosed six-figure funding in a pre-seed round. The Egypt-based startup will use the fund, raised from a Kuwait-based real estate firm, to scale the business by expanding its client base, open an office in Kuwait and invest in its product technology.
Jodop, a Morocco-based on demand temporary staffing platform, has raised US$1 million in a funding round led by Azur Innovation Fund. Other participants include Plug and Play and several business angels. The startup will use the funding to scale its presence into new countries including Egypt and further improve its tech product.
Energy company Sodigaz has received a financing package from the International Finance Corporation (IFC) to boost access to cleaner and more reliable energy in Burkina Faso.
16 June 2022
AIM-listed Wentworth Resources, the Tanzania-focused natural gas production company has reached an agreement to acquire a 25% interest in the Ruvuma gas project in Tanzania. Scirocco Energy will sell the stake for an initial cash payment of US$3 million due on completion with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones.
Egybelg (Egyptian Belgian Co.) a Cairo-based consumer goods firm manufacturing and distributing bakery goods, has been acquired by Savola Foods, a subsidiary of Saudi-listed Savola Group. The EGP622 million deal is part of Savola plans to invest EGP1,7 billion in Egypt over the next few years.
Kasada, the South African-based investment platform, has announced the acquisition of the Umubano Hotel in Kigali, Rwanda. The hotel will be rebranded and redeveloped into a 100-key Mövenpick hotel.
Chari, a Moroccan-based FMCG and financial services platform, has acquired Diago, a retail app operating in Abidjan, Côte d’Ivoire. The deal is part of Chari’s plan to digitise the retail value chain in Francophone Africa.
Nigerian fintech CredPal has received an undisclosed investment from Egypt-based VC fund The Cairo Angels Syndicate. CredPal provides a platform for users to buy anything and pay for it in instalments across online and offline merchants by providing them with instant access to credit at the point of checkout.
Egypt-based DXwand, a conversational AI tool assisting businesses turn conversations into growth insights, has closed a pre-series A investment round of US$1 million. The round was led by Huashan Capital with commitments from angel investors. The funds will be used to accelerate growth across the region, scale its market share and accelerate its AI research.
British International Investment and Symbiotics, have partnered to launch a US$75 million Green Basket Bond which will accelerate the origination and funding of green projects through MSME banks. The green lending programme is structured to support small-scale green projects across Africa, South and Southeast Asia.
d.light, a global innovator of solar-powered projects, and Solar Frontier Capital have jointly established a US$238 million financing vehicle Brighter Life Kenya. The off-balance sheet vehicle will provide d.light with flexible working capital, enabling it to provide finance to customers for a range of affordable and transformative products that drive quality-of-life improvements.
9 June 2022
Centum Investment Company has entered into a binding agreement with Access Bank for the proposed purchase by Access Bank of Centum’s entire 83.4% equity stake in Sidian Bank for KES4,3 billion. In due course, Sidian will be merged with Access Bank’s subsidiary in Kenya. The transaction is subject to regulatory approvals in Nigeria and Kenya.
Montage Gold, the Canadian precious metals exploration and development company, is to acquire 100% interest in the Mankono-Sissédougou Joint Venture Project in Côte d’Ivoire. The deal, with Barrick and Endeavour Mining, is for a total purchase consideration of C$30 million involving cash and shares.
Swiss-based Holcim’s subsidiary Associated International Cement is to dispose of its 76.45% stake in Lafarge Cement Zimbabwe to resources firm Fossil Mines for an undisclosed sum.
Kuvimba Mining House, Zimbabwe’s state mining vehicle, is to acquire the 50% shareholding in Great Dyke Investments from Afromet JSC. Financial details were undisclosed.
Proparco, a development finance institution and the private sector financing arm of French AFD Group, is to make an equity investment of US$10 million into MUA, the SEM-listed insurer. The investment backs the Mauritian insurer’s regional growth ambitions by further strengthening its financial capacity to improve insurance overage and increase market share. MUA has operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania and Seychelles.
GOMYCODE, a Tunisia-based edtech startup, has raised US$8 million in a Series A round led by Proparco and AfricaInvest. The funds will be used to scale tech education across the MEA region.
Nigerian multi-channel retail company ShopEX has received a US$400,000 investment from South African venture capital firm HAVAÍC. The retailer mobilises a combination of traditional and digital channels to market, sell and distribute successful and global brands in Nigeria and other African markets. The capital injection will allow ShopEX to scale its presence into new markets.
SparePap, a Kenyan digital after sales marketplace, has secured funding from Mobility 54, Toyota Tsusho Corporation’s venture capital arm. The app provides automobile owners with vetted, competent, and trusted mechanics on demand and the ability to purchase replacement parts.
Egypt-based fintech platform ADVA has raised an undisclosed sum in a seed round from Sawari Ventures. The six figure investment will be used to expand its product offering which provides customers with services in health, education and insurance among others.
Insurtech startup Nice Deer has raised US$1 million in a pre-seed funding round led by DisrupTech Ventures. The platform has developed a comprehensive integrated digital ecosystem for the healthcare industry in Egypt, facilitating insurance and repayment of insurance claims between healthcare providers, health insurance companies and beneficiaries.
Klash, the Nigerian cross-border African commerce platform provider, has raised an additional US$2 million in a total seed fund round worth US$4,5 million. The proceeds will be used to expand into a further five African countries in 2022 and relaunch its consumer app – renamed KlashaCart, an app that allows consumers to shop from participating international merchants online and in African currencies.
Nigerian digital lending platform Indicina, has raised US$3 million in a round led by Target Global with participation from Greycroft and RV Ventures. Indicina uses data to determine the financial status and potential loan eligibility of potential borrowers. The funds will be used to accelerate expansion into other African markets and develop new products for consumer credit recommendations.
WafR, a Morocco-based fintech and rewards startup, has raised US$455,000 in a funding round supported by Launch Africa Ventures, First Circle Capital and WeLoveBuzz among others. The application enables retail brands to broadcast smart promotions to retailers. The funds will be used to increase its network of retailers and expand its current team.
2 June 2022
Incofin Investment Management, the Belgian-headquartered international impact investment company, has disposed its 20% stake in ACEP Burkina (held through Incofin CVSO, a cooperative investment fund open to small investors) to French impact investor, Solidarité Internationale pour le Développement et l’Investissement (SIDI). ACEP is the second largest microfinance institution in Burkina Faso by portfolio size and offers a broad range of financial solutions to SMEs, institutions and high net-worth individuals.
Kansai Paint Co, a Japanese, Osaka-based chemical company, is to sell its African operations to Dutch multinational paints and coatings company AkzoNobel. Kansai Paint which has a footprint in 12 African countries will receive US$450 million for the sale of assets.
Cairo-based Appetito, the Egyptian grocery and household products delivery service, is to acquire Lamma, a Tunisian on-demand delivery business with a presence in Tunisia and Morocco. The financial details of the deal are undisclosed.
African-focused fintech platform Finclusion Group has received an equity investment from The Cairo Angels Syndicate Fund, a micro venture fund investing in early-stage startups in the Middle East and Africa.
BURN Manufacturing, a Kenyan manufacturing company specialising in the design and manufacture of biomass, electric and LPG cookstoves, has, via a long-term quasi-equity instrument received US$4 million. The investment by Spark+ Africa Fund will enable BURN to increase the capacity of its manufacturing facility in Nairobi and finance the expansion of its business in new markets including Somalia, Ghana, Nigeria, Mozambique and the DRC.
Nigerian mobility technology company DriveMe has raised an undisclosed sum in a pre-seed funding round which will aid its local expansion and product development. The platform sources drivers, verifies their credentials and pairs them with vehicle owners and fleet operators.
Enko Education, a network of African international schools headquartered in South Africa, has closed its US$5,8 million series B round led by Adiwale Partners with participation from the Steyn Capital family office among others. Funds will be used to increase the number of students in the network.
Natrify, an Egypt-based biotechnology startup, has raised a six figure pre-Seed round to further its product development. Natrify offers a sustainable and biodegradable alternative to single-use plastic, having recently developed Adigide, a plastic that is biodegradable in many environments. The investment was raised from Ambo Ventures, a venture capital fund focused on investing in impact-driven and socially responsible African startups.
Betastore, the Nigerian-based B2B startup, has raised US$2,5 million in a pre-Series A funding round led by 500 Global, VestedWorld and Loyal VC. The funds will be used to scale the business into Ghana, the DRC and Cameroon by year-end. The retail marketplace enables informal traders to source fast-moving consumer goods directly from the manufacturer/distributor thereby keeping costs competitive.
Egypt-based on-demand delivery startup Gooo Delivery has raised an undisclosed amount in a pre-seed round. The startup offers point-to-point delivery services via the use of an app which enables users to order a range of goods in several cities across Egypt. Funds will be used to scale the business.
26 May 2022
Jabu, the Namibian B2B e-commerce retail platform, has raised $15m in a Series A round led by Tiger Global. Other investors include Box Group, Knollwood, D Global Ventures, Afore Capital, Oldslip and FJ Labs. This latest investment will be used to strengthen its position in Southern Africa and expand into new markets like Botswana and Eswatini later this year.
Development Partners International (DPI) is to take a minority stake in Groupe Cofina, a high-growth financial services business headquartered in Abidjan, Côte d’Ivoire. The €60 million investment will be used by Groupe Cofina to establish itself as a regional leader in bridging the gap between microfinance and traditional institutional financing across West and Central Africa.
ASX-listed mineral exploration company Tyranna Resources, is to acquire an 80% of the issued capital and 100% of the issued options in Angolan Minerals from current shareholders via a mix of consideration shares, options and performance shares.
Ibnsina Pharma, listed on the Egyptian Stock Exchange, is to acquire El Shorouk Hospital for a total consideration of EGP430 million. The acquisition includes the hospital’s real estate and operational assets. The 105-bed hospital is located in an underserved geographical area serving residences of El Shorouk city and neighbouring areas.
Education management firm Egypt Education Platform is to acquire a majority stake in Montessori preschool chains Trillium and Petals. The acquisition compliments EEP’s overall education offering of scalable formats across different geographies, catering for different income segments. Financial details were undisclosed.
Bannerman Energy, a uranium development company listed on the Australian, OTC Markets and Namibian stock exchanges, is to acquire a 41.8% stake in TSX Venture Exchange-listed critical minerals exploration and development business Namibia Critical Metals (NMI). NMI owns a 95% stake in Lofdal Heavy Rare Earths Project in Namibia. PhilCo 192 and Adventure Resources will receive A$7,24 million in cash and 8,46 million Bannerman Energy shares for the stake.
East African private equity firm Ascent Capital has announced the acquisition, via its Ascent Rift Valley Fund II, of an equity stake in Valley Hospital. The 72-bed hospital, located in Nakuru City, Kenya offers quality and affordable medical services to the community.
BG International, a subsidiary of Shell plc, has signed a farm out agreement with ExxonMobil Egypt, to acquire 100% stake in the ExxonMobile-operated North East El-Amriya Offshore Concession in the Mediterranean Sea.
Spear Capital the South African-based private equity firm is to make a further investment in Arkay Plastics. The Malawian manufacturer of high quality, injection-moulded plastic goods for home and industrial use is a regional exporter and innovator in the use of recycled plastic. The funds will be used to scale the business into new territories.
Rome Resources, a Canadian-based mining and mineral exploration company, has reached an agreement to acquire majority interests in two properties situated in the North Kivu Province in eastern Democratic Republic of Congo. The two contiguous properties adjoin the northern boundary of the tenements held by Alphamin Resources and referred to as the Bisie North Tin Project.
Egypt-based healthtech startup Esaal has raised US$1,7 million in a seed round from existing backer A15. The platform, which provides online health and wellness consultations in the MENA region, will use the investment to scale its expansion across the region and to further invest in product and brand development.
Sylndr, an Egyptian automotive marketplace based in Cairo, has raised US$1,2 million in pre-seed funding in a round led by RAED Ventures. Other participants include Algebra Ventures, Nuwa Capital, Global Founders Capital and regional and international angel investors. Sylndr, which provides a platform for the sale and acquisition of used cars, will use the funds to scale its marketplace.
Aquaculture startup Victory Farms has raised US$5 million in a new funding round. The Kenya-based company which farms tilapia fish servicing some 54 retail outlets, will use the funding to scale the business into Rwanda, DRC and Tanzania.
Blink Pharma, a B2B marketplace for managing transactions between healthcare professionals, has completed its first round with the Azur Innovation Fund Investment Fund, a Moroccan seed fund. The investment will be used to finance the development of its activities, including the launch of new products for the healthcare sector.
19 May 2022
Private equity firm SPE Capital, is to make an equity investment of c.US$33 million for the acquisition of a majority stake in Outsourcia, a Moroccan customer experience and business process outsourcing provider. The transaction represents an exit for AfricInvest.
Autochek Africa, the automotive technology company, has acquired KIFAL Auto, Morocco’s leading automotive technology startup for an undisclosed sum. The acquisition will represent the first major expansion of a West Africa-based startup into North Africa and will facilitate effective pan-African collaboration to drive innovation across the continent’s growing automotive market.
Phatisa, a sub-Saharan African private equity fund manager, has sold a minority share in Continental Beverage Company, the Côte d’Ivoire bottler, to majority shareholder pan-African investment firm, Teyliom International, for an undisclosed sum.
Ramco Plexus, an East African company offering a variety of print and packaging solutions, has received regulatory approval to acquire the remaining 50% stake in Platinum Packaging from joint venture partner Carton Manufacturers. Financial details were undisclosed, but market sources estimate the value at Sh500 million.
Zuri Health a Kenya-based health-tech startup offering mobile-based healthcare to the mass-market, has raised US$1,3 million. The funds, raised from DOB Equity, Launch Africa and Founders Factory Africa, will be used to scale the service across Africa.
FlexPlay, a Kenyan online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa, has received an undisclosed investment from The Cairo Angels Syndicate Fund. The fund, a micro venture capital fund, invests in post-Seed and pre-Series A startups across the MENA.
Doxx, an Egyptian healthtech startup connecting medical professionals and the wide grouping of healthcare providers, has closed a US$1,5 million seed round led by venture capital firm Openner and Elevate. Funds will be used to increase value-added services.
Bamba, an enterprise software startup based in Nairobi, has secured US$3,2 million in a seed funding round led by 468 Capital with participation from Jigsaw VC and Presight Ventures among others. Fund will be used to scale its app and add capacity to its team.
Nigerian tech platform Topship has raised US$2,5 million in a round led by Flexport with participation from Soma Capital, Starling Ventures, Olive Tree Capital, Capital X and True Capital. The digital freight forwarding startup will use the funds to establish convenient ways for African businesses to globally export and import parcels and cargo for customers, suppliers and distributors.
TopUp Mama, a Kenyan B2B e-commerce startup, has raised US$1,7 million in seed funding to scale is business in the Kenyan and Nigerian markets. TopUp Mama empowers restaurant owners through access to affordable foodstuffs, financial services and data analytics. The round was led by Venture Platform and JAM Fund.
Nigerian fintech startup Bridgecard, has raised US$440,000 in pre-seed funding to expand its user base. The startup combines cards, accounts and fintech wallets into one card and an app, enabling users to conduct online transactions, pay bills and withdraw money from any one of the linked accounts. The funding was raised from ABV funds, Ingressive Capital and Voltron Capital among others.