May Industry News

01 May 2024


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

AgDevCo invests in Agris to boost East African agriculture platform

Specialist agriculture investor AgDevCo has made an equity investment, for a significant minority position, into East African agribusiness platform Agris – the agriculture division of Maris.

Source: Africa Private Equity News

Enko Capital Managers Exits Investment in Zambian Firm

Enko Capital Managers (“ECM”), managers of the Enko Africa Private Equity Fund (“EAPEF”), a private equity investor targeting mid and small-cap growth companies across Africa, has completed the exit of its investment in AMI Worldwide (“AMI”), a pan African logistics business, with significant operations in East, Central and Southern Africa. The deal marks EAPEF’s first exit.

Source: Africa Private Equity News

Inua Capital invests in Ugandan craft chocolate maker

Equator Chocolate is a pioneer craft chocolate maker in Uganda and is known for its bean-to-bar chocolate, which has gained recognition as premium and quality chocolate on a global scale.

Source: Africa Private Equity News


Kazi BBGF Fund acquires 40% stake in figment for fintech growth

The Kazi BBGF Fund, managed by Kazi Capital, has acquired a 40% stake in South African payments solutions technology company Figment.

Source: Africa Private Equity News


Kubik secures US$5.2mn for affordable housing in Ethiopia

Kubik – an Ethiopian company using plastic waste to make affordable buildings – has raised a $5.2 million seed funding round. Investors in the round include African Renaissance Partners, Endgame Capital and King Philanthropies.

Source: Africa Private Equity News

Nigerian on-demand delivery service secures US$2.5mn in seed funding 

Chowdeck, a Nigerian on-demand delivery service platform, has secured $2.5 million in seed funding to optimise its operations and support expansion into more cities across the country.

Source: Africa Private Equity News

Openseed VC reaches first lose of US$10mn fund

Founder-market fit is one of the most crucial factors in a startup’s success, and operators (someone involved in the day-to-day operations of a startup) turned founders have an almost unfair advantage in finding that fit. Data shows that a lack of expertise and business acumen in founders contributes to failed VC investments.

Source: Tech Crunch

RMB Ventures secures investment in Bulldog Group for expansion and empowerment

RMB Ventures has closed an investment deal with the Bulldog Group in South Africa. Bulldog is a wholesaler and distributor of paint and consumables to the auto-refinish industry, and the industrial, DIY and woodwork sectors. It services the market through three businesses namely Bulldog Abrasives, RSB and Y.E.S.

Source: Africa Private Equity News

Spark+ Africa Fund invests $1.5mn in ATEC for IoT-enabled eCook appliance rollout

The Spark+ Africa Fund, managed by Spark+ GP, has provided $1.5 million in long-term quasi-equity financing to ATEC through its Mauritius affiliate. The facility will finance ATEC to accelerate the rollout of its patented IoT-enabled eCook appliances across African markets.

Source: Africa Private Equity News

Spatialedge secures R60mn investment for retail AI solutions

Data and applied AI solutions company, Spatialedge, has announced the closing of R60 million (c. $3.1 million) in funding from Hlayisani Capital, marking a significant milestone in its mission to transform the retail industry.

Source: Africa Private Equity News