Weekly Digest 10

06 Oct 2021

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

DPI raises one of the largest Africa funds at US$900mn to invest in innovation-led companies

Development Partners International (DPI) announced that the African Development Partners III Fund (ADP III) has exceeded its US$800mn target, and is set to hold a final close at US$900mn, with an additional US$250mn of dedicated co-investment capital. This brings a total of US$1.15bn for investments on the continent. The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.

Source: Development Partners International

Africa50 announces creation of new fund, Africa50 Infrastructure Acceleration Fund

The fund is aimed at catalysing further investment flows into African infrastructure. Africa50 named African private equity executive, Vincent Le Guennou, to lead the new entity, with the objective of raising $500 million in multiple closings, for investment across the continent. 

Source: Africa50

Verto raises US$10mn in series A funding round led by Quona Capital

Verto, a global B2B payments platform that provides a fast, simple, and reliable way for small and medium-sized enterprises (SMEs) to make payments to their suppliers in over 200 countries across 39 currencies, has raised $10 million in a series A round of funding led by fintech investor Quona Capital. 

Source: Africa PE News

Sendy Limited, Mobility 54 and Saviu Ventures back digital logistic platform Kamtar

Sendy Limited (“Sendy”) and Mobility 54 Investment SAS ("Mobility 54") - the corporate venture capital (“CVC”) subsidiary of Toyota Tsusho Corporation ("Toyota Tsusho") and CFAO SAS ("CFAO") - decided to participate in the series A funding of Kamtar International (“Kamtar”) alongside the venture capital firm Saviu Ventures.

Source: Kamtar

Juven announces plans to back high-growth African companies

Mauritius and U.K.-based investment company Juven went live today with plans to fund growth-stage technology and consumer companies in AfricaThe one-year-old firm is looking to invest large checks in companies “that have proven business models, strong revenue traction and large addressable markets,” it said in a statement.

Source: Tech Crunch

Google sets up US$50mn fund to in African startups

Google plans to invest up to $50 million in African early- and growth-stage startups via its Africa Investment Fund, ramping up efforts to support more businesses on the continent. Google made known its plans today in a virtual event where CEO Sundar Pichai announced the tech giant’s intentions to commit US$1bn over the next 5 years in tech-led initiatives in Africa.

Sources: Tech Crunch

Greycroft backed start-up Klasha, receives investment of US$2.4mn to improve crossborder commerce in Africa

Klasha, a Lagos and San Francisco-based startup, sees a niche in cross-border commerce and provides multiple integrations and APIs to facilitate transactions in that space. Today, it has raised $2.4 million in seed to scale.

Source: Tech Crunch

Moroccan startup, Chari raises US$5mn in funding at US$70mn valuation.

YC-backed company Chari has raised a US$5mn seed round at a valuation of US$70mn. Founded by Sophia Alj and Ismael Belkhayat last year, Chari took part in the recent Y Combinator’s Summer batch that concluded two months ago. The U.S seed-stage accelerator invested in this seed round, along with Plug and Play, Village Capital/MetLife Foundation, Orange Ventures, Airbnb executives, SPE Capital, Pincus Capital Management, The Chandaria family, Michael Lahyani and the management company of an American Ivy League university

With this funding Chari aims to digitize informal retail stores in Morocco and sell credit to them.

Source: Tech Crunch

Seychelles reopens its shores to cruise ships in November 2021

After a hiatus of nearly 18 months due to the Covid-19 pandemic, Seychelles is set to welcome back its first cruise ship on 14 November 2021. The decision to resume cruise ships arrival came about following joint efforts from the Health authority, the Tourism department and the Port authority to instate new procedures for safe operations. Initially, Seychelles will only be welcoming smaller vessels with a maximum of 300 passengers.

Source: Intercontinental Trust

Ghanaian entrepreneur Roberta Annan launches €100mn for African creative and fashion enterprises

The fund aims to channel investment into small and medium African creative and fashion enterprises. The Impact Fund For African Creatives (IFFAC), will award grants of up to €50,000 to selected projects to accelerate development of the continent’s creative sector.

Source: Africa PE News

A.P. Moller Capital invests in green energy industry in Cape Verde

A.P. Moller Capital has, through the Africa Infrastructure Fund, completed the acquisition of a 44% stake in Cape Verdean wind energy producer Cabeolica from Africa Finance Corporation (AFC). Cabeolica is Cape Verde’s largest IPP and renewable energy producer and, together, A.P. Moller Capital and AFC, who will remain a shareholder, will focus on further improving supply of renewable energy in Cape Verde.

Source: A.P. Moller Capital

Gateway Partners to manage new Africa Credit Opportunities Fund

The African Export-Import Bank (Afreximbank) has announced that the Fund for Export Development in Africa (FEDA), its development impact-oriented subsidiary, has entered into a joint venture arrangement with Gateway Partners to co-establish the Africa Credit Opportunities Fund (ACOF).

Source: Gateway Partners

ResponsAbility Renewable Energy Holding becomes independent 8 years after inception

The responsAbility Renewable Energy Holding, a company established by Swiss impact asset manager responsAbility along with partners KfW, Norfund and NDF, has achieved its target to become an independent power producer four years earlier than planned. Founded in 2013, it was established to address one of the key bottlenecks in Sub-Saharan Africa of the massive need for bankable, small-scale renewable energy projects.  

Source: ResponsAbility

Cameroon’s Ejara raises US$2mn to offer crypto and investment services in Francophone Africa

Ejara, a one-year-old company founded by Nelly Chatue-Diop, has raised US$2mn to pioneer the usage of crypto and investment services in the regionCoinShares Ventures and Anthemis Group led the round and were joined  by Mercy Corps Ventures, Lateral Capital, LoftyInc Capital and NetX Fund. Two angel investors — Pascal Gauthier of Ledger and Jason Yanowitz of Blockworks — and a syndicate social fund also participated.

Source: Tech Crunch

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