December Industry News

01 Dec 2021

A collection of news across the African private equity and venture capital industry |

Nigerian mobility-tech startup MAX raises US$31mn in Series B round

Nigerian mobility tech startup Metro Africa Xpress Inc. (MAX) is planning to enter more markets across Africa as it races towards formalizing the continent’s transportation sector after securing $31 million in Series B funding.

Source: TechCrunch

Ventures Platform announces first close of its US$40mn pan-African fund

The fund, founded by one of Nigeria’s most active early-stage investors, Kola Aina, has made 69 investments since 2016. Ventures Platform’s news is also coming a day after another pan-African VC firm 4DX Ventures secured the final close of its $60 million fund.

Source: TechCrunch

INMA Holding acquires a stake in ABK Group, owner of the Plan B fast food brand

INMA Holding, a private equity firm dedicated to Tunisian SMEs, launched in 2018, is pleased to announce an investment of 5 million dinars in ABK Group, owner of the fast-food brand Plan B.

Source: INMA Holding

Vuna Partners acquires South African manufacturer, SA Steelpack Solutions

Vuna Partners Fund I, managed by Vuna Partners, announced the acquisition of SA Steelpack Solutions, a South African tinplate packaging manufacturer. Steelpack is the fund’s second acquisition following the acquisition of logistics company 4PL Group late in 2020.

Source: Africa Private Equity News

XSML Capital's African Rivers Fund III reaches final close at US$81mn

XSML, the fund manager active in Central & East Africa, announced the final close of the African Rivers Fund III (ARF III) at US$81mn, exceeding its target of US$75mn. ARF III is XSML’s third fund under management, after its maiden fund the Central Africa SME Fund (CASF) and its second fund, African Rivers Fund (ARF), bringing total assets under management to US$154mn.

Source: XSML Capital

Target Global leads Nigerian fintech startup’s US$3.2mn pre-seed funding round

Nigerian fintech startup Kippa raised US$3.2mn pre-seed funding in a round led by Target Global with participation from Entrée Capital, Alter Global and Rally Cap Ventures.

Source: Africa Private Equity News

Herconomy raises US$600,000 seed funding to empower women through financial services

Herconomy, a startup empowering women through financial services, capacity building, jobs, and networking, has announced the close of a US$600,000 pre-seed round to expand the product offerings on their platform. The round was led by Oui Capital and a host of angel investors including Zephans & Co-CEO, Nkiru Ayemere

Source: TechCabal

Nigeria’s Payourse secures US$600,000 pre-seed to accelerate crypto adoption across Africa

Payourse, a Lagos-based blockchain startup that builds user-friendly products and tools to accelerate the adoption of crypto in Africa, has secured a $600,000 pre-seed investment to scale its products, hire more talent and expand into new markets.

Source: TechCabal

TPG, Mastercard and QIA increase investment in Airtel Africa 

Airtel Africa, a provider of telecommunications and mobile money services, with a presence in 14 countries across Africa announced a second closing, relating to the previously announced Airtel Money minority investment with TPG's The Rise Fund, Mastercard, and Qatar Investment Authority (QIA). TPG and QIA have invested a further US$50mn each, and Mastercard a further US$25mn, in the secondary purchase of shares in AMC BV from a subsidiary of Airtel Africa. 

Source: Africa Private Equity News 

South Africa’s Mobiz raises US$4mn to expand into the United States

Mobiz, a South African startup integrating hyper-personalization into mobile marketing, has raised a pre-Series A round of US$4mn from HAVAÍC, Futuregrowth, Launch Africa, Allan Gray E-Squared Ventures, CapaciTech and Endeavor’s Harvest Fund.

Source: Havaic


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