October Industry News

24 Oct 2022

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

Africa50 to invest in education group

The investment will be used by Holding Générale d'Education or Holged Group to support its expansion plans elsewhere in Africa.

Source: Africa50

Algebra Venture completes first close of second fund at US$100mn

Egypt's Algebra Ventures completes first close of $100m for its second fund. Algebra Ventures, Egypt's leading venture capital firm, has finalised a US$100 million first close of its second Egypt-dedicated fund, exceeding its US$90 million target.

Source: Disrupt Africa

Arise & Sanari Capital back biometrics company

Biometrics tech firm iiDENTIFii has raised $15 million in a growth capital round led by African investment company Arise.

Source: TechCabal

Climate Fund Managers (CFM) lead US$74mn solar investment 

Norwegian Empower New Energy has signed an agreement to raise $74 million from a consortium led by Climate Fund Managers.

Source: The Capital Quest

Edge Growth backs butchery business

With successful butcheries already established in Thokoza and Katlehong, entrepreneur Dexter Letele, has secured a R5,000 000 loan to launch a third site, bringing Dexter’s Hyper Meat Market to the Vosloorus area of Natalspruit in Gauteng.

Source: Biz Community 

Gulf Capital exits olive oil producer

Grey raises US$2 million to simplify cross-border payments across Africa. Grey, a FinTech started to simplify sending and receiving foreign payments for Africans, has raised US$2 million in seed funding.

Source: Gulf Capital

Honda backs rent-to-own motorcycle business

Honda Trading Corporation (“the Company”) and Skylight Consulting Inc. have made an equity investment in Unchorlight Kenya Limited (“UNK”).

Source: Honda Trading

InfraCo Africa backs agri-processing hubs in DRC and Rwanda

The project will see the companies co-develop four new mini-grids and four agri-processing hubs (APHs) on Idjwi Island, DRC.

Source: InfraCo Africa

Kenya's MoKo Home + Living raises US$6.5mn

The company is now eyeing its next phase of growth, following a $6.5 million Series B debt-equity funding round, co-led by U.S.-based investment.

Source: TechCrunch

Mineworkers Investment Company backs internet provider

TooMuchWifi cofounder Ian Thomson adds that the investment will go a long way in servicing and accommodating low-income, informal customers.

Source: Engineer News

Mineworkers Investment Company backs Lifestock Wealth

The crowd farming platform receives a multimillion-rand funding boost from the Mineworkers Investment Company.

Source: IT Web

Morocco’s UM6P Ventures backs Infiuss Health

UM6P Ventures, an early-stage venture capital firm, has announced its investment in Infiuss Health to improve clinical trials.

Source: CEO Business Africa

Norsad Capital provides debt funding to healthcare group

Norsad Capital, an impact investor offering tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa.

Source: Business Live

Oikocredit invests in Farmline

Oikocredit is delighted to announce an investment of US$ 1.5 million in Farmerline Group, an organisation partnering with agribusinesses and farm association.

Source: Oikocredit

Standard Bank arranges US$306mn ESG Loan for Grit Real Estate Income

Standard Bank has successfully syndicated a multimillion-dollar sustainability-linked debt refinancing facility for London Stock Exchange & Stock Exchange of Mauritius listed pan-African impact real estate investment and management company, GRIT Real Estate Income Group (GRIT). The syndicated facility – aligned to GRIT’s ESG goals – was structured and exclusively led by Standard Bank.

Source: Grit Group

Talk360 secures additional US$3mn in seed funding

Talk360, a South African software that allows users to call any landline or mobile phone in the globe at a reasonable rate, has received the additional US $3 million in seed funding, bringing its total seed funding to US $7 million after its first close in May.

Source: Incubees

Tugende raises $10mn in equity & debt

Tugende, the innovative fintech platform for MSME credit and asset-financing in East Africa, closed in Q2 pre-Series B equity funding from existing shareholders led by Partech and two new investors, including Women's World Banking.

Source: Finextra