May Industry News

06 May 2022

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

Apis partially exits Sun King

Apis Growth Fund I, a private equity fund managed by Apis Partners, has partially exited its position in off-grid solar energy company Sun King, formerly Greenlight Planet.


Source: Africa Global Funds


Egypt: Paymob raises US$50mn series B funding 

Egyptian fintech startup Paymob has raised a US$50 million Series B funding round to help it launch new products and expand into additional markets.

Source: Disrupt Africa


Futuregrowth bets on insect protein producer Inseco

Futuregrowth Asset Management was the lead investor when startup company Inseco sought $5.3 million in one of the largest seed funding rounds in South Africa’s history.

Source: Futuregrowth


EFG-Hermes Holding announces investment agreement with Amazon

Consumer Finance S.A.E. ("valU"), a fully owned subsidiary of EFG Hermes Holding S.A.E., entered into an Agreement with Amazon for the Provision of Consumer Financing by valU as a Payment Method on (the "Commercial Agreement"). Pursuant to the terms of the Commercial Agreement, valU will make some of its consumer financing products available to eligible customers on, providing these customers the option to split the total cost of purchases into multiple payments by using valU.

Source: Gulf News


Climate Fund Managers invest $3.9mn in Waste Transformers project in Sierra Leone

Climate Fund Managers (CFM), the manager of Climate Investor Two (CI2), is pleased to announce the signing of the Development Funding Agreement with Freetown Waste Transformers (FWT) and The Waste Transformers BV (TWT).

Source: Climate Fund Managers 


Nigerian clean-tech startup Kaltani raises US$4mn to tackle plastic pollution in Africa

Nigerian clean-tech plastic waste recycling company Kaltani has raised US$4 million in seed funding to expand its recycling operations across the country.

Source: Disrupt Africa


Identity verification API for Africa, Identitypass, raises US$2.8mn seed funding

Mobile penetration in Africa is growing impressively at about 46% as more people come online for the very first time. In turn, this has increased the market opportunity for startups, especially fintechs and e-commerce, which try to provide various solutions to meet the financial needs of the populace.

Source: Tech Crunch


Egypt’s Mylerz raises US$9.6mn for its e-commerce fulfillment service, eyes Africa-wide growth Africa PE firm Phatisa exits nine-year-old bet on packaged water brand

Mylerz, a Cairo-based e-commerce fulfillment startup, plans to enter three new markets in North Africa and expand across Egypt over the next three months against the backdrop of the $9.6 million funding it has just secured.

Source: Tech Crunch


Phatisa exits nine-year-old bet on packaged water brand

Phatisa exits bottled water producer, Continental Beverage Company, to pan-African investor Teyliom. The company more than doubled production of bottled water during Phatisa's investment.

Source: The Capital Quest


Koa raises US$10mn to build Africa’s largest cocoa fruit factory

Swiss-Ghanaian start-up Koa has secured $10 million growth capital to accelerate its disruptive upcycling business around the cocoa fruit.

Source: FDI Forum


BLOC Smart Africa leads US$1mn round in South Africa’s TooMuchWifi

Bamboo Capital Partners managed the BLOC Smart Africa Fund, which was launched by Smart Africa Alliance. It has made an investment in TooMuchWifi of US$585,000 a South African internet service provider.

Source: Explode Africa


FlexPay gets funding from Cairo Angels

The Cairo Angels Syndicate Fund (CASF) has invested an undisclosed amount of money into FlexPay, a Kenyan fintech startup.

Source: CIO Africa


Phatisa leads DFI consortium investment into South African integrated food business

Phatisa, together with a consortium of leading development finance institutions (“DFIs”), has acquired a significant minority stake in South African-based citrus and fresh-produce exporter, Lona Group (“Lona”), for an undisclosed sum. The investment will be used as expansion capital.

Source: Phatisa


Ascent Capital acquires majority stake in Valley hospital

Ascent Capital- a private equity fund, has acquired a significant equity stake in Valley Hospital Limited, located in Nakuru-Kenya. David Owino, Managing Partner of Ascent Capital Advisory Services said, “We are very excited about the fund’s investment into Valley Hospital."

Source: Kenyan Wallstreet


Spear Capital invests in plastic production units in Zambia and Mozambique

Zambian and Mozambican subsidiaries of plastics manufacturer Arkay Plastics will benefit from an undisclosed investment by Spear Capital, we learned from media sources. The resource will bolster the working capital needs of Arkay’s units and support plastics production.

Source: Club Of Mozambique 



SPE Capital announces an agreement for the acquisition of a majority stake in Outsourcia group

Founded in 2003, Outsourcia is an independent leading Moroccan customer experience, business process and medical outsourcing provider (ie medical reports editing), servicing a large base of top-tier international clients through a comprehensive, innovative, multilingual, and omnichannel offering.

Source: Zawya


DPI announces €60mn investment in Groupe COFINA

DPI announces €60 million investment in leading financial services business, Groupe COFINA, to accelerate SME market in West and Central Africa

Source: DPI