July Industry News

28 Jun 2022

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

RMB Corvest acquires significant share in South African drinks company

SOUTH AFRICA – Private equity specialist RMB Corvest has teamed up with Masimong Beverages Holdings to acquire Halewood International SA, a well-established South African artisanal drinks manufacturer.

Source: Food Business Africa 


Saad Sheikh joins Enko as Head of Private Credit

Enko Capital has hired Saad Sheikh to its London office as Partner, Head of Private Credit.

Source: Africa Global Funds


Autochek acquires CoinAfrique to accelerate expansion across Francophone Africa'

Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of CoinAfrique, the leading platform for classified ads in French-speaking Africa, to accelerate the penetration of its auto financing services in Senegal, Côte d’Ivoire and other French-speaking African countries.

Source: Ventures Africa 


SAVCA Statement on Regulation 28 Final Amendments

The Southern African Venture Capital and Private Equity Association (SAVCA) welcomes the recently published final amendments to Regulation 28 of the Pension Funds Act, which comes into effect on 3 January 2023.

Source: SAVCA


Futuregrowth’s Empowerment Partnership With AIH Becomes Effective

The transaction involves the purchase of Futuregrowth shares from Old Mutual Investments Holdco by a special purpose vehicle owned by AIH and AIH Capital (Pty) Ltd. 

Source: Futuregrowth


I&P Invest in Delta SA 

Investisseurs & Partenaires, through its fund I&P Afrique Entrepreneurs 2 (IPAE 2),announced a new equity investment in Delta SA, a Senegalese company specialized in sanitation and construction.  

Source: Capital Quest


Persistent’s e-mobility venture building expands to West Africa with Solar Taxi partnership

Persistent is proud to announce Solar Taxi as a new partner company. Started in Ghana by Jorge Appiah in 2018, Solar Taxi is an e-mobility company with a vision to become the leading e-mobility product and services company in West Africa. Solar Taxi designs, locally assembles, and distributes electric 2-wheel (e-2Ws) and 4-wheel (e-4Ws) vehicles for transportation and delivery services.  

Source: Persistent 


London-based Zazuu raises $2m from Launch Africa, Founders Factory, others

To help users search these various money transfer options in their region and compare rates and fees, Zazuu initially launched as a chatbot in 2020, informing users of the daily remittance rates of various platforms via Facebook and Telegram groups. 

Source: VNExplorer


Anava fund of funds invests $5.2 million in Silicon Badia’s BIF2

Smart Capital, the manager of the Anava fund of funds, has committed $5,2 million to the Badia Impact Squared Fund (BIF2), a venture capital fund managed by Silicon Badia, a pioneering venture capital firm that invests in early-stage and growth-stage technology firms operating globally.

Source: Wamada


Persistent raises $10m to grow its climate venture building arm

Persistent Energy has raised $10 million in Series C funding to grow its climate venture building business in Africa, in a round led by Kyuden International Corporation, a subsidiary of the Japanese Kyushu Electric Power Group, and Financial Sector Deepening (FSD) Africa Investments.

Source: allAfrica


Maroc Numeric Fund II backs Aza Petrosolutions

Moroccan startup Aza Petrolsolutions, formerly Aza Petroleum, has raised MAD3 million (US$296,000) in funding from the Maroc 

Source: Disrupt Africa


Futuregrowth’s empowerment partnership with AIH becomes effective

In March this year, we announced the signing of a Share Sale Agreement for the acquisition of 21.2% of Futuregrowth shares by African Women Chartered Accountants Investment Holdings (Pty) Ltd (AIH), a wholly black women-owned investment company (“the transaction”). We are happy to announce that all the conditions precedent for the transaction have now been met, with payment for the shares having taken place and the share transfer effected on 30 June 2022.

Source: Futuregrowth


Foschini Group buys Tapestry Home Brands

The Foschini Group (TFG) has bought Tapestry Home Brands (THB), for USD 150mn (ZAR 2.35bn), presenting an opportunity for TFG to scale by acquiring a prominent player in the ‘fast-growing consumer sector, while unlocking manufacturing and distribution synergies with adjacent brands in the TFG stable.’

Source: altAfrica


South Africa’s student housing startup DigsConnect secures investment to spearhead international growth

DigsConnect.com, South Africa’s digital student accommodation platform, announced the closure of its Pre-Series A seed extension round after securing undisclosed multi-million rand investment from Launch Africa, Goodwater Capital, Five35 Ventures and Delta Ventures. The funds will be used to spearhead international growth, with a focus on helping African students in the UK and US secure more affordable, convenient, and safe housing.

Source: Africa Tech


Sinergi Burkina, a pioneering impact investing fund in Burkina Faso, makes its first exit

After five years of successful collaboration, Sinergi Burkina is making its first exit by withdrawing from the capital of Agroserv Industrie, a company specializing in the agri-food processing of maize. This exit is on the promoter and new investors, including I&P (through the I&P Afrique Entrepreneurs 2 - IPAE2 - funds).

Source: I&P


InfraCo Africa invests to develop a purpose-built fresh produce market in Lusaka

InfraCo Africa has signed an agreement with Savenda Capital committing $2b towards construction of the ZAMBIAFresh Lusaka Market in Zambia’s capital.

Source: Africa Global Funds