Weekly Digest 3

18 Aug 2021

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

Acumen closes US$58mn impact fund, the first to drive climate adaptation for smallholder farmers

The Acumen Resilient Agriculture Fund (ARAF) closed in June 2021. This first-of-its-kind equity fund provides critical capital to support African agribusinesses that help smallholder farmers adapt to climate change. Sponsored by Acumen and anchored by Green Climate Fund (GCF), the fund is supported by FMO, the Soros Economic Development Fund, PROPARCO (through FISEA+, the AFD Fund advised by PROPARCO), the Children’s Investment Fund Foundation, IKEA Foundation, Global Social Impact, and other respected investors and funders.

Source: ARAFund

Fintech startup, Pngme, raises US$15mn for its financial data infrastructure platform

Octopus Ventures led the Series A round, with follow-on investment from Lateral Capital, EchoVC, Raptor Group and Two Small Fish Ventures. Other investors like Unshackled Ventures, Future Africa, Lagos-based Aruwa Capital, and The51 participated too.

Source: TechCrunch

MCB Equity Fund partners with Metier-led consortium to invest US$36mn in Africa Mobile Networks

The consortium, which includes CDC Group, DEG, Proparco and other leading institutions, has invested US$36mn into AMN. As part of the transaction, the consortium is also acquiring US$3.5mn of existing shares and in total will own a significant minority shareholding in AMN.

Source: MCB Group

Nigerian investment platform Chaka secures US$1.5mn pre-seed after bagging country’s first SEC license

The pre-seed round was led by Breyer Capital, while 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures participated.

Source: TechCrunch

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