November Industry News

24 Nov 2022

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

Alcazar Energy Partners II reaches US$336.6mn first close

This landmark transaction will enable the development of over 2GW of clean energy infrastructure across selected emerging markets, aiming to achieve total generation equivalent to powering over 1m households and saving c.a. 3.2m tonnes of Greenhouse Gas emissions.

Source: PR News Wire


Algerian super app Yassir raises US$150mn Series B funding

Its US$150 million Series B funding round was led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other strategic investors. The round takes Yassir’s total secured funding to US$193.25 million, which the startup claims makes it the most valuable startup in North Africa.

Source: Disrupt Africa


Climate tech VC firm Satgana has announced the first closing of its fund

The fund has already invested in three planet-positive startups, including Kenya’s Mazi Mobility, and will invest in 40 startups addressing the climate crisis. The firm invests up to EUR500,000 (US$490,000) at the pre-seed and seed stages. Beyond capital, it provides hands-on operational and strategic support to its portfolio.

Source: Disrupt Africa


Edtech firm Classera raises US$40mn in round

Classera, an education technology company headquartered in San Francisco, said on Thursday it had raised $40 million from investors, which it said was the sector's largest funding round for a company with no prior funding.

 

Source: Reuters


FEDA invests US$85mn in ARISE IIP

The Fund for Export Development in Africa (FEDA), the development impact investment platform of African Export Import Bank (Afreximbank), has invested $85m in ARISE Integrated Industrial Platforms (ARISE IIP), the pan-African infrastructure developer and operator.

Source: Africa Global Funds

Kenyan Logistics startup, Sendy raises new funding

Kenyan fulfilment and logistics startup Sendy has raised an unspecified amount of money in an undisclosed funding round. MOL PLUS Co., Ltd, the Corporate Venture Capital arm of Japanese transportation company Mitsui O.S.K. Lines, led the round.

Source: Tech Next


Money Fellows raises US$31mn funding

Egyptian fintech Money Fellows has raised $31 million in what it describes as the first close of its Series B investment. The round, which the startup expects to top up in the coming months, was led by CommerzVentures, Middle East Venture Partners (MEVP) and Arzan Venture Capital.

Source: TechCrunch


Quona Capital announces final close at US$332mn

The firm focuses its investments on innovative technology companies that are expanding access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa and MENA.

Source: Entrepreneur 


RMB Corvest invests in Solar-Saver solutions partner

RMB Corvest, a leading private equity business, has invested in Sedgeley Energy, the exclusive provider of engineering, procurement and construction (“EPC”) and maintenance services to Solar-Saver, owner of the largest fleet of commercial solar photovoltaic (“PV”) systems in the Southern African region.

Source: RMB Corvest

 

DOB Equity and others back Eden Care

DOB Equity, Seedstars International, Norrsken Foundation, and Bathurst Capital, have invested in a pre-seed funding round in Eden Care, a licensed Rwanda-based digital insurer.

Source: Africa Global Funds 

Toyota Tsusho establishes VC vehicle focused on healthcare in Africa

Toyota Tsusho Corporation ("Toyota Tsusho") announced today that its affiliate CFAO SAS ("CFAO") has established Health54 SAS ("H54"), a corporate venture capital company specializing in startup investment in the rapidly growing field of health technology in Africa. In addition, the company invested in Lifestores Healthcare ("Lifestores"), a healthcare startup in Nigeria, on October 12, 2022, as its first investment project.

Source: Toyota Tsusho

Mid market fund spins out of Ethos to create Infinite Partners

The Executives of Ethos’ Mid Market Fund and Ethos Private Equity said that the mid-market team is spinning out, to form a new independent private equity fund manager – Infinite Partners.

Source: Further Africa

Rohatyn buys Ethos to expand in Africa

The purchase will help the New York-based company create a firm with close to $8 billion of assets under management, Stuart MacKenzie, chief executive officer at Ethos, said in an interview. Brait Plc, backed by South African tycoon Christo Wiese, in 2019 hired Ethos to manage its portfolio including UK apparel chain New Look and Virgin Active gyms. MacKenzie didn’t disclose financial details of the acquisition.

Source: Biz News

Goodwell Investments launches $154m uMunthu II fund

Social impact investment firm Goodwell Investments has launched its EUR150 million (US$154 million) uMunthu II fund, aimed at igniting the growth of inclusive businesses in the region.

Source: Disrupt Africa

« Back to Industry News

Who will be at #SuperReturnAfrica? If you don't have a ticket use the discount code below👇 Register:… https://t.co/wwct5nsGw8

👉Missed #AVCAConnect in J'burg? DON’T WORRY! We’re coming to #CapeTown with Norton Rose Fulbright We'll convene th… https://t.co/6jfGJdIZbn

Join us TODAY for #AVCAConnect: #Johannesburg & NEXT WEEK for #AVCAConnect: #CapeTown Part of our mission is to co… https://t.co/vylwPz6RHk

🎉 Congratulation to @MediterraniaP on executing six #exits from portfolio companies in the last 12 months Read mor… https://t.co/gkwZk0LCCn

💼We are delighted Désiré DZILAN, @WICCapital enjoyed our #LegalAgreements Masterclass 🌐Learn more about the… https://t.co/tJW1kwpLEx

;