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.