December Industry News

01 Dec 2023 

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

ARCH Cold Chain Solutions invests in Kazi Food Logistics Ltd. 

ARCH Cold Chain Solution East Africa Fund (CCSEAF) is delighted to announce its investment into Kazi Food Logistics, a pivotal advancement in revolutionising the cold supply chain in Uganda. This strategic acquisition marks a significant step in addressing food loss and enhancing food security across East Africa. 

Source: ARCH

BURN cookstoves receive US$10mn from Africa Go Green Fund

The Africa Go Green Fund (AGG), a fund managed by Cygnum Capital Asset Management, which invests in projects in Sub-Saharan Africa that reduce greenhouse gas emissions, announces strategic financing of $10 million to BURN Manufacturing (BURN), the world’s leading clean cookstove manufacturer, distributor, and carbon-offset project developer, to distribute clean cookstoves to households in Mozambique, Nigeria, and the Democratic Republic of Congo.   

Source: BURN Manufacturing 

Egypt's WayUp Sports closes seed round

WayUp Sports, the first ecommerce platform specialised in performance based sports gear in Egypt, has secured seed round led by Beltone Venture Capital, Index Sports Fund, and other strategic angel investors. This investment will focus on scaling Wayup Sports through three main pillars: regional expansion, launching the WayUp Sports private brand, and enhancing the user experience over the application and website. 

Source: Wamda

GoMetro lands US£9mn in funding

GoMetro Secures £9 Million Funding, Spearheads EV Fleet Revolution. South African tech firm GoMetro completes a £9 million Series A funding round, led by Zenobē and FutureGrowth Asset Managers, with continued support from existing investors. 

Source: MSME Africa

InfraCo Africa commits EUR5mn to InspiraFarms™ Cooling 

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has announced the signing of an agreement with Enterprise Project Ventures (EPV), committing €5 million to scale the company’s InspiraFarms™ Cooling offering across Kenya, Zambia, Zimbabwe and Ghana. The investment will enable InspiraFarms Cooling to pilot its ‘Cooling-as-a-Service’ model which seeks to ensure that services are affordable for customers and will generate the data necessary to unlock future investment. 

Source: InfraCo Africa

Kenya's first fish farming platform AquaRech receives US$1.7mn

Kenyan fishfarming platform Aquarech has secured USD 1.7million in equity investment, in a round led by Netherlands-based global aquaculture investment fund Aqua-Spark with additional investment from Acumen, Katapult and Mercy Corps Ventures. 

Source: We Are Aquaculture

Nigerian startup Pricepally raises US$1.3mn in seed round

Nigerian startup Pricepally, a fresh and packaged food e-commerce platform, has raised USD 1.3 M in seed funding to help it scale. 

Source: TechCrunch

Saviu Ventures secures US$13mn in first close of second fund

With the first close of Saviu II, reaching EUR12 million (US$13 million), the firm is poised to continue its mission of nurturing and empowering the next generation of Francophone African entrepreneurs. 

Source: Empower Africa

Smart ball tech firm Sportable raises US$15mn
Spark receives US$1.5m from Fortis Green Renewables

Fortis Green Renewables, a US-based renewable energy investment firm, currently investing out of its Green Fund I, is pleased to announce its strategic investment of $1.5 million in Camco's innovative financing platform, Spark Energy Services (Spark). 

Source: Fortis Green Renewables

South African shipping startup TUNL secures US$1mn
UM6P Ventures backs Morocco's B2B e-commerce startup, Chari

Morocco-based B2B e-commerce startup Chari, which offers embedded financing solutions for the FMCG sector, has secured funding from UM6P Ventures, the investment arm of Mohammed VI Polytechnic University. 

Source: Tech in Africa