November Industry News

01 Nov 2021

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

Ata Capital completes management buyout of RCA from South Africa's Ascendis Health

Ata Capital (Pty) Ltd (“Ata Capital”), a leading private equity (“PE”) investment management firm and Respiratory Care Africa Pty Ltd (“RCA”), a medical devices supplier, are pleased to announce the successful completion of the management buyout (MBO) of RCA from South African healthcare group Ascendis Health (“Ascendis”). The MBO was financed through Ata Capital’s latest BEE value fund, Ata Fund III and makes the PE firm a majority shareholder.

Source: Lifa Communications

Nigeria’s E-Settlement (E-SL) acquires Cote d’ Ivoire’s QuickCash

E-Settlement (E-SL), Nigeria's pioneering fintech group, is pleased to announce it has signed an agreement to acquire QuickCash, an Ivorian electronic payment and money transfer company promoting financial inclusion of rural populations and those operating in the informal sectors of Côte d'Ivoire, Burkina Faso, Niger, Togo and more.

Source: Africa Practice

Kigali International Financial Centre (KIFC) announces domiciliation of Virunga Africa Fund I – a US$250mn Pan-African fund

The Kigali International Financial Centre, Africa’s leading destination for compliant and professional financial services and cross-border investments, announces the establishment of the US$250 million Virunga Africa Fund I. The Fund will invest in vital sectors that will drive economic and social transformation across the African continent. The two anchor investors of the Virunga Africa Fund I are the Qatar Investment Authority (‘QIA’) and Rwanda Social Security Board (‘RSSB’). The Fund is managed by Admaius, an independent investment firm comprising one of the most experienced pan-African investment teams working on the ground.

Source: KIFC

ShipBlu closes seed funding round for US$2.4mn

ShipBlu, a platform that is redefining the e-commerce shipping and fulfillment experience in Egypt, has raised $2.4 million in its latest seed round. The new funds will help ShipBlu grow its service offering and coverage across Egypt.

Source: ShipBlu

OP Finnfund Global Impact Fund fund participates in Twiga’s US$50mn fundraise

OP Finnfund Global Impact Fund I, the first global emerging markets impact fund in Finland, invests 3 million US dollars in Kenyan headquartered B2B e-commerce food distribution platform Twiga. OP Finnfund Global Impact Fund I joins a group of investors, led by Creadev, in a financing package totalling 50 million US dollars.

Source: FinnFund

Opibus secures Sub-Saharan Africa’s largest ever fund raise in electric mobility (US$7.5mn)

Opibus, an electric vehicle manufacturer, has raised $7.5 million in funding led by Silicon Valley fund At One Ventures, further supported by Factor[e] Ventures and Ambo Ventures. Opibus, which has existing customers across six countries in Africa, is a provider of electric vehicles designed and manufactured locally. Its vision is to create reliable and cost effective products designed for the pan-African mass-market.

Source: Opibus

Breadfast raises US$26mn in series A funding round 

Breadfast, an Egypt based grocery delivery platform, has secured US$26mn in a series A round, co-led by Vostok New Ventures and Endure Capital. The round included participation from JAM Fund, YC Continuity Fund, Shorooq Partners, 4DX Ventures and Flexport. This investment round brings Breadfast’s total investment to date to more than US$33mn since it launched in 2017 and one of the largest in the region so far in 2021.

Source: Africa PE News

Payhippo lands US$3mn seed funding

Nigeria’s lending startup Payhippo has raised $3 million in a seed round, funding the company plans to use in sourcing the talent needed to optimize its technology as it ramps up effort to extend speedy credit to more small and medium-sized enterprises (SMEs) in the West African country. 

Source: Tech Crunch

 

OP Finnfund Global Impact Fund I invests in Moroccan healthcare group

OP Finnfund Global Impact Fund I, the first Finnish global emerging markets impact fund has invested USD 10 million in equity in CIM Santé Group, a leading Moroccan private healthcare group. Through this investment, OP Finnfund Global Impact Fund I aims to foster the development of Morocco’s healthcare sector, accessibility to quality care, and support gender equality in the sector.

Source: FinnFund

Kigali International Financial Centre (KIFC) announces domiciliation of Virunga Africa Fund I – A US$250mn Pan African Fund

The Kigali International Financial Centre, the destination of choice for compliant and professional financial services and cross-border investments in Africa, announces the establishment of the $250 million Virunga Africa Fund I (the ‘Fund’), which will invest in vital sectors that will drive economic and social transformation across the African continent.

Source: Kigali International Financial Centre

Mahlako Financial Services announces a first of its kind R1.5bn energy fund

Recognising the energy infrastructure gap in South Africa and the need to transform the sector, Mahlako Financial Services, a subsidiary of the Mahlako a Phahla Investments, announces its maiden R1.5bn energy fund that seeks to invest in businesses and energy projects with great growth potential along the entire value chain.

Source: Mahlako Financial Services

Semicolon closes a US$1.2mn seed funding round

Semicolon Africa has closed a US$1.2mn Seed round of funding. The round which was oversubscribed had participation from angels and VCs like Launch Africa Ventures and Consonance Investment Managers.

Source: Semicolon Africa

JUMO raises US$120mn in latest funding round

JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, today announced the successful raise of US$120mn from new and existing investors. The round is led by Fidelity Management & Research Company, LLC, and represents their first investment in emerging markets fintech.

Source: JUMO

On-demand grocery delivery startup Appetito secures US$2mn pre-Series A funding round

Egyptian grocery delivery startup Appetito has raised US$2mn in pre-Series A funding.The round, which comes after the company’s US$450,000 seed round in April, was led by U.S. and MENA-focused venture capital firm Jedar Capital. Pan-African VC Golden Palm Investments, DFS Lab, some angel investors and family offices also put money into the company.

Source: Tech Crunch

Grindstone Ventures launches US$6.5mn fund targeting South Africa tech startups

Grindstone Ventures has launched a US$6.5mn (R100 million) fund that will offer seed funding to predominantly South African-owned technology startups that have either participated or have completed the Grindstone Accelerator programme.

Source: Tech in Africa

Kenya’s Twiga Food raises US$50mn to scale food solutions across Africa

Since 2014, Twiga Foods has been using technology to build supply chains in food and retail distribution on the continent, starting with Kenya. The seven-year-old company is announcing a US$50mn Series C round to scale its efforts in the East African nation and other neighboring countries.

Source: Tech Crunch

DrugStoc raises US$4.4mn in series A funding

Healthtech startup DrugStoc has raised $4.4 million in series A funding to expand access to quality medicines while providing sustainable supply chain financing for healthcare providers in sub-Saharan Africa. The funding round is led by Africa HealthCare Master Fund (AAIC), and other investors including Chicago-based venture firm VestedWorld and the German development bank DEG.

Source: Tech Crunch

InfraCo Africa, DOB Equity and Mobility 54 announce investment to scale Zembo’s vision for electric mobility in Uganda.

InfraCo Africa, together with a consortium including DOB Equity and Mobility 54,  has signed an agreement with Zembo, together committing over €3mn to support the growth of the company’s electric motorcycle business in Kampala, Uganda. The investment will enable the company to grow the number of electric motorcycles on the road by approximately 2,000 and will support development of an additional >60 Zembo charging and battery swapping stations across the city.

Source: InfraCo Africa

 

Climate Fund Managers announces first close of CI2 fund at US$675mn

Climate Investor Two (CI2) is Climate Fund Managers’ (CFM) second climate-focused, blended finance initiative following the establishment of its first initiative: Climate Investor One (CI1). With a US$1bn target fund size, CI2 will provide expertise, technology, and financing to infrastructure projects in emerging markets by mobilising private sector financing at scale, supported by catalytic public sector donor funding.

Source: Africa PE News

Fintech company Ozow raises US$48mn in Series B funding round

We’re proud to announce our US$48mn Series B funding round, which is led by world-leading internet and technology company Tencent.The investment round also includes Endeavor Catalyst and Endeavor Harvest Fund. Notably, Endeavor Catalyst’s investment committee approval was chaired by partner of Greylock, and co-founder and former executive chairman of LinkedIn, Reid Hoffman.

Source: Ozow

Africa Health Holdings, secures US$18mn in a Series A round

Africa Health Holdings, a healthcare startup running several hospitals, has secured $18 million in a Series A round, funds that will go toward building its “tech-forward healthcare system” across Ghana, Kenya and Nigeria. The funding round, led by Asia Pacific Land and Natural World Limited, saw the participation of a number of investors including TRB Advisors, Breyer Capital, M3, Inc., Valiant Capital, Kepple Ventures and SUNU Capital.

Source: Tech Crunch

NFTfi raises US$5mn in seed funding round 

NFTfi has raised a seed round of US$5mn to continue pioneering the financialization of NFTs. Early-stage crypto fund 1kx led the round, with Ashton Kutcher’s Sound Ventures, Maven 11, Scalar Capital, Kleiner Perkins and others participating

Source: Tech Crunch

« Back to Industry News

RT @FSDAfrica: This new report highlights progress in #FinTech #regulation in Sub-Saharan Africa. Thanks to foundational funding from @FCDO…

Great news for private capital in Africa coming from @CDCgroup, soon to be British International Investment. Get m… https://t.co/veAaM7N9ao

RT @AfricanBizMag: Pandemic recovery is fuelling a deal craze in Africa with a record 319 deals reported last year, compared to the 140 in…

#AVCAMemberNews: Verod Capital names Ori Rewane new Head of Investor Relations & Communications. Ori brings 18+ ye… https://t.co/MRclnXhu0l

Global interest in Africa's #VC ecosystem couldn't be higher. But there is more work to be done to close the early-… https://t.co/jeIK26AmK4

;