February Industry News

01 Feb 2023


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

First close for Afrigreen Debt Impact Fund 

French fund manager Green Invest and investment advisor Echosys Invest announced the first closing of their new fund, the Afrigreen Debt Impact Fund, raising 87.5 million euros, which will be used to finance on-and off-grid solar power plants for small and medium-sized commercial and industrial consumers in Africa. 

Source: Africa Private Equity News

Microtraction leads investment in Nigerian digital health platform 

Famasi Africa, a Nigerian digital health platform, has raised a pre-seed round, led by Microtraction with participation from other angel investors and early customers. 

Source: Africa Private Equity News 

Triple Jump launches EM-focused Financial Inclusion Resilience Fund

Triple Jump has announced the launch of the Triple Jump Financial Inclusion Resilience Fund (FIRF). The fund will focus on providing subordinated debt to financial intermediaries serving micro, small and medium-sized enterprises (MSMEs) and low-income borrowers in emerging markets. FIRF aims to serve as a catalyst to improve the solvency position of these financial intermediaries, allowing them to continue and increase their lending activity to MSMEs and low-income borrowers. 

Source: Africa Private Equity News 

Standard Bank advises Vivo Energy on the creation of a pan-African energy champion

Standard Bank has advised Vivo Energy on its combination with Engine. By combining Engen and Vivo Energy, the group will be on elf the larges energy distribution companies on the continent. 

Source: Africa Private Equity News 

South African car subscription business raises $100

Planet42, the car subscription startup addressing transport inequality by putting cars in the hands of people who cannot access traditional bank credit, has raised $100 million in combined equity and debt funding. The $15 million equity round was co-led by Jasper's and ARS Holdings, with participation from existing and new shareholders, including Rivonia Road Capital, which also provided a $75 million credit facility. Private investors contributed a further $10 million in debt financing. The funds will enable Planet42 to rapidly scale its business and meet its ambition of providing 1 million cars worldwide.

Source: Africa Private Equity News

Spear Capital in Zimbabwe deal

Private equity firm Spear Capital has concluded an investment deal with Greenwave Milling, a manufacturer and distributor of high-value basic commodities throughout Zimbabwe. The transaction was made via one of Spear Capital's subsidiaries, Superior Food Group Africa Ltd. 

Source: Africa Private Equity News

South Africa: Third Way, Mahlako, and Mergence in solar energy deal

South Africa’s Aventro has received investment from Third Way Investment Partners, Mahlako Energy Fund and Mergence Investment Managers to increase its shares in the 100MW Redstone Concentrated Solar Power Project.

Source: Africa Private Equity News 

African e-logistics platform raises US$13mn

Jetstream Africa, an e-logistics platform for African exporters and importers, has raised S13 million in a combination of debt and equity financing. The new investors include Proparco, ASC VC, Octerra. Cauris Wuri Ventures Seed9, The MBA Fund, W Fund and family offices, among others. Existing investors Alitheia IDF and Golden Palm also participated in the round.

Source: Africa Private Equity News


InfraCo Africa invests in Kenyan rural internet provider

Mawingu, a Kenyan-based internet service provider, successfully closed its Series B investment round bringing onboard new investor InfraCo Africa.

 Source: Africa Private Equity News


Rwanda: AlphaMundi invests in electric motorcycle company 

AlphaMundi Group, through its AlphaJiri Investment Fund (AJIF) in Mauritius, invested $1 million in Ampersand, a Kigali-based -mobility company that assembles electric motorcycles and provides users with battery swap station networks to power the vehicles. AlphaJiri's investment will support Ampersand in its mission of providing clean and affordable mobility solutions across East Africa.

Source: Africa Private Equity News

African insurtech Curacel raises US$3mn in seed funding

Nigerian insurtech startup Curacel, an AI-powered platform for claims processing and fraud management in Africa, has secured US$3 million in seed funding to roll out new solutions and support its expansion into North Africa.

Source: Disrupt Africa

Anti-phishing startup Sendmarc lands US$7mn

AlphaMundi Group, through its AlphaJiri Investment Fund (AJIF) in Mauritius, invested $1 million in Ampersand, a Kigali-based -mobility company that assembles electric motorcycles and provides users with battery swap station networks to power the vehicles. AlphaJiri's investment will support Ampersand in its mission of providing clean and affordable mobility solutions across East Africa.

Source: TechCrunch

Apis Growth Fund II announces its investment in EZRA 

London and Singapore, 25th January 2023 – Apis Growth Fund II (the “Fund”), a private equity fund managed by Apis Partners LLP (“Apis Partners”), a UK-based asset manager that supports growth-stage financial services and financial infrastructure businesses, announces today its investment in EZRA, a micro-lending fintech which provides “easy and rapid” credit solutions across Africa and emerging markets.

Source: Apis

B Investments exits TotalEnergies Egypt 

B Investments sells entire stake in TotalEnergies Egypt: BPE Partners’ B Investments has agreed to sell its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afrique (TEMA) for USD 27.6 mn, the company said in a statement (pdf). 

Source: Enterprise

Chimera Abu Dhabi backs Egyptian fintech business

The value of the Egyptian firm’s 20 percent stake was $200 million. Currently, this fintech company is also negotiating with other investors to attract additional financing of $ 60 million under the new deal. If the intention of additional investments is realized, the value of the company will exceed $ 1 billion.

Source: PaySpace Magazine

Costanoa and Norrsken22 back identity verification platform

The importance of KYC and identity verification in an increasing fintech landscape like Africa’s cannot be overemphasized. As thousands of financial institutions serve millions of Africans, stringent regulatory requirements are needed to keep hackers and fraudsters at bay, which is why investor interest in startups offering KYC and identity verification services is intensifying.

Source: TechCrunch

E Squared funds agribusiness 

In December 2022, impact investor E Squared Investments participated in a follow-on funding round with Nambu Group, an insect protein company founded by Allan Gray Fellow Founder, Lowell Scarr, that converts food waste into high-value protein feed for the poultry, pork, fish farming industries as well as the exotic pets market based in the Eastern Cape.

Source: E Squared

Egyptian health tech Yodawy raises US$16mn

Without proper government-led public health initiatives, healthcare expenditures, including insurance and pharmaceutical drugs, can burden individuals and households.

Source: TechCrunch

Gameball raises $3.5M to scale its CRM platform 

The uptake of customer relationship management (CRM) tools has grown immensely over the last few years such that the market size is expected to experience a 12.5% compound annual growth rate, and be worth $145.79 billion in the next six years. 

Source: TechCrunch

Pembani Remgro Infrastructure Fund hits first close at US$245mn

The Pembani Remgro Infrastructure Fund has achieved a successful first closing of $245m, with the aim of achieving final close during 2015 at a target fund size of $500m.

Source: Africa Global Funds

Phatisa invest in The Manipal Group Company

• Expansion capital will enable Manipal to consolidate its current market position, plus expand geographically to serve the growing African market, whilst promoting sustainability.

Source: Phatisa

PressOne Africa closes $600,000 pre-seed round African insurtech Curacel raises US$3mn in seed funding

PressOne Africa, a firm that creates business phone systems for entrepreneurs, has raised $600,000 in a pre-seed round led by Ventures Platform, with participation from Voltron Capital and a slew of excellent angel investors.

Source: Tech In Africa

Zuri Health receives funding from Morocco's UM6P ventures

Founded in 2021, Zuri Health is a telemedicine startup that offers patients in Africa access to high-quality, reasonably priced healthcare using mobile apps, websites, WhatsApp chatbots, and SMS services.

Source: Further Africa


STANLIB Infrastructure Fund II to acquire stake in Upington Solar

STANLIB Infrastructure Fund II has agreed to acquire a majority stake in the 258 MW Upington Solar Power complex from two Norwegian investors, Scatec and Norfund.

Source: Africa Global Funds


Vantage closes fourth mezzanine fund

Vantage Capital has announced the final close on its fourth mezzanine fund with $377m of commitments secured from a mix of European and US-based commercial investors, as well as a host of development finance institutions (DFIs) that include IFC, BII, SIFEM, DEG, Norfund, Swedfund, Finnfund and EIB.

Source: Africa Global Funds


Partech Africa II reaches first close above target

 Partech has announced the first closing of Partech Africa II at €245M, above the target fund size.

 Source: Africa Global Funds


SC Ventures partners with Yabx

SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm has partnered with Yabx, a company incubated by Comviva and part of the Mahindra Group, to address a deep-rooted need for responsible consumer finance in Africa.

Source: Africa Global Funds


Spear Capital backs Greenwave Milling

Spear Capital has concluded an investment deal with Greenwave Milling, a manufacturer and distributor of quality high-value basic commodities throughout Zimbabwe. 

Source: Africa Global Funds


DFS Lab and the Stellar Development Foundation Launch Quarterly Blockchain Bootcamp for Startups

DFS Lab and the Stellar Development Foundation (SDF) have launched the SCF Startup Camp, a 5-day virtual and global bootcamp.

Source: Africa Global Funds