Weekly Digest 2

11 Aug 2021

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

Old Mutual PE fund backs Malawian macadamia producer

Africa Merchant Capital (AMC) Advisory advised the management team at Gala Agriculture Company, a macadamia plantation that operates 12 farming estates spanning about 6,000 ha in Malawi, on a significant investment by ULIMI Fund, a private equity fund managed by Old Mutual Investment Group Malawi.

11 August 2021 | Source: Africa Private Equity News

Kenya’s Wapi Pay raises US$2.2mn pre-seed for cross-border payments between Africa and Asia

The round is one of the largest of its kind in East Africa and the continent, and the investment will be vital for meeting Wapi Pay's targets to scale up global payments and remittances between Africa and Asia. The venture firms that took part include China-based fund MSA Capital, known to have invested in unicorns Meituan, Nubank and Klarna; Pan-African and Africa-focused firms EchoVC, Kepple Africa and Future Hub; and Pan-Asian firms Transsion Holdings and Gobi Ventures.

11 August 2021 | Source: TechCrunch

Moove raises US23mn to create flexible options for drivers to own cars in Africa

Moove raised a $5.5 million seed round last year. The majority of the funding came from the founders and Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave, and a key partner at the company. In addition to its $23 million Series A, Moove also revealed that it raised $40 million in debt financing, bringing its total funding to $68.5 million.

11 August 2021 | Source: TechCrunch



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