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The weekly roundup of M&A activity from across Africa.

Released weekly in M&A Pulse and Ghost Mail

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.