Member News
26 September 2023
IFC invests in E-Commerce Platform ANKA to support Africa’s creative artisans
An IFC investment into leading African e-commerce platform ANKA will support the growth of thousands of small and women-led artisanal businesses, strengthening Africa's creative industries and its growing online retail sector.
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Member News
26 September 2023
AIIM expands temperature-controlled logistics platform with acquisition of Sequence Logistics
Commercial Cold Holdings (CCH), a leading cold chain logistics platform controlled by funds managed by African Infrastructure Investment Managers (AIIM) a subsidiary of Old Mutual Alternative Investments, is achieving significant milestones in its expansion within the temperature-controlled logistics industry.
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Member News
26 September 2023
Alitheia IDF leads investment in Lupiya
Zambian fintech Lupiya has raised $8.25 million in a Series A funding round led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.
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Member News
25 September 2023
Mediterrania Capital IV receives a €20mn commitment from Cassa Depositi e Prestiti S.p.A. (CDP Group)
Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is pleased to announce that Cassa Depositi e Prestiti S.p.A. (CDP Group) will be investing €20 million in the new MC IV fund to support mid-cap companies in North and Sub-Saharan Africa.
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Member News
22 September 2023
Metier announces first close of Metier Capital Growth Fund III 
Metier announced the first close for Metier Capital Growth Fund III, raising just over $182 million, with further commitments expected by final close positioning Metier to exceed its targeted fund size of $200 million.
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Member News
13 September 2023
Joliba Capital reaches first close for West and Central Africa fund
Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announced the acquisition of a majority stake in VRS Africa. The company offers operational car leasing and fleet management services for corporate clients.
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Member News
13 September 2023
Alitheia IDF backs Rentoza
Rentoza, a South African-based online subscription platform, recently secured a significant boost in funding with investments totalling $6 million from two prominent funders. The funding round was led by Alitheia IDF and included the Vumela Enterprise Development Fund. 
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Member News
8 September 2023
AfDB's Sustainable Energy Fund for Africa raises US$50mn in new commitments from Germany and USA at Africa Climate Summit
The African Development Bank's Sustainable Energy Fund for Africa (SEFA) welcomes approximately $50 million in new funding contributions from Germany and the United States. The contributions will serve to boost its position as one of the continent's leading climate finance facilities.
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Member News
5 September 2023
Renew Capital invests in FlexPay
FlexPay’s "save now, buy later" platform allows customers to purchase products over time, interest-free, by setting personal savings goals. They provide customers with greater financial flexibility and purchasing power by collaborating with merchants to facilitate flexible payment options for high-value goods and services. 
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Member News
4 September 2023
FMO jointly invests US$12mn in Okra Solar
Okra Solar, known for pioneering mesh-grid technology, has just closed their Series-A round of financing to scale mesh-grid technology - with more than $12M of fresh financing including debt and equity with $7.85M raised on equity led by At One Ventures, along with FMO, Susquehanna Private Equity Investments LLLP, Autodesk Foundation and King Philanthropies. The debt financing was provided by EDFi.
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Member News
4 September 2023
Kasada aquires Cape Town Hotel
Port Louis, Mauritius, 4 September 2023 – Kasada, the leading independent real estate private equity platform dedicated to the hospitality industry in Africa, is pleased to have acquired the former Radisson Blu Hotel & Residence, the 214-room hotel in the center of Cape Town from a local real estate investment company.
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Member News
30 August 2023
AfDB backs Triple Jump For Energy Entrepreneurs Growth Fund
In July 2023, the Energy Entrepreneurs Growth Fund (EEGF) signed a US$ 6.5mn concessional loan agreement with the African Development Bank (AfDB) to replenish its facility with EEGF as part of the COVID-19 Off-Grid Recovery Platform (CRP). This patient and risk-tolerant capital funded by the Global Environment Facility (GEF), will be blended with EEGF capital to provide loans on more affordable terms to support a strong recovery and further growth of this emerging industry.
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Member News
29 August 2023
Sahel Capital enables hibiscus export from Nigeria with a Trade Finance Loan to Sourcing and Produce Limited.  
Sahel Capital, a prominent investor in the food and agriculture sector in sub-Sahara Africa, is thrilled to announce a US$1 million trade finance facility extended to Sourcing and Produce from its Social Enterprise Fund for Agriculture in Africa (“SEFAA”) fund. Launched in 2021 with KfW as the anchor investor, SEFAA aims to stimulate economic activities among smallholder farmers by empowering the social enterprises that engage with them.
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Member News
23 August 2023
RH Managers raise R2bn to boost SA’s social and energy infrastructure
In Johannesburg today, 22 August 2023 - RH Managers (RHM), a Johannesburg-based private equity and infrastructure investment firm is on a fund-raising drive for a R2bn Social Impact Fund to boost South Africa’s healthcare and energy infrastructure.
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Member News
21 August 2023
AIIM invests US$90mn to develop a new Pan-African data center
African Infrastructure Investment Managers (AIIM), a leading African infrastructure private equity manager, and N+ONE DATACENTERS (N+ONE), a leading African data center owner and operator, are joining forces to  develop a new Pan-African data center and cloud services platform with a short-term target capacity of 40 MW. N+ONE will contribute its existing market leading portfolio of digital infrastructure assets and extensive products in Morocco and AIIM will be contributing an initial USD 90 million of growth equity through its latest pan-African infrastructure fund, African Infrastructure Investment Fund 4 (“AIIF4”).
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Member News
15 August 2023
LoftyInc invests in Emtech
Emtech, an African provider of central banking infrastructure, introduced its Central Bank Digital Currency (CBDC) Innovation kit last month. The kit caters to fintechs and financial service providers interested in experimenting with solutions and business models based on digital currencies pioneered by central banks.
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Member News
4 August 2023
Verdant Capital raises EUR10mn of debt funding for Bridge Taxi Finance
Bridge Taxi Finance (“Bridge Taxi”), a Mokoro Holdings subsidiary, is a development company offering finance and support products to the minibus taxi industry in South Africa. This includes strategic investments and associations in various industries supporting the developmental finance chain, from taxi finance to logistics, credit solution services, supply of parts, and vehicle servicing.
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Member News
1 August 2023
AFC invests to transform petroleum transportation in Uganda
Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, today announced its investment in Mahathi Infra Uganda Limited, one of East Africa’s largest oil and gas downstream players.
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Member News
1 August 2023
FMO invests US$20mn in Starsight Premier Energy
Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announced the acquisition of a majority stake in VRS Africa. The company offers operational car leasing and fleet management services for corporate clients.
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Member News
1 August 2023
Ventures Platform leads Traction App funding round
Micro, small, and medium-sized firms (MSMEs) constitute the backbone of the Nigerian economy, accounting for more than 60% of GDP growth and playing a crucial role in job creation. According to the National Bureau of Statistics, there are over 39 million such firms, and 87% operate informally, meaning they primarily receive cash and perform activities on paper.
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Member News
31 July 2023
IFC invests in Metier to boost growth of mid-market companies in sub-Saharan Africa
To support the growth of mid-market companies in sub–Saharan Africa, IFC today announced an equity investment of US$25m in Metier Capital Growth Fund III (MCGF III) as well as a co-investment envelope of US$15mn to invest alongside the fund in select companies.
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Member News
25 July 2023
AfricInvest’s MPEF IV exits Promamec
Casablanca, July 24, 2023 – AfricInvest is pleased to announce its exit from Promamec, a Moroccan pioneer in the production and distribution of medical devices for the public and private sectors. Founded in 2000, the company has steadily grown to become one of the Moroccan leaders in the provision of a diverse range of medical devices. Thanks to its innovative strategy and dedicated teams, Promamec engaged in exclusive partnerships with several internationally renowned brands allowing the company to cover a wide spectrum of medical specialties.
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Member News
19 July 2023
Ventures Platform leads $1.25M pre-seed investment in MyCover.ai
Mycover.ai the insurtech startup building Africa’s digital insurance infrastructure, has announced the close of a $1.25 million pre-seed funding round, today, led by Ventures Platform.
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Member News
15 July 2023
Norfund invests in manufacturing and recycling business in Ghana
The Norwegian Investment Fund for Developing Countries (Norfund) is investing USD 10.5 million in Miniplast Ghana Ltd (“Miniplast”) to support its expansion plans across its manufacturing and recycling segments.
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Member News
15 July 2023
Carlyle sells majority stake in Tessara to AgroFresh Solutions Inc.
15 July 2023 – Global investment firm Carlyle (NASDAQ: CG) today announced it has agreed to sell its majority stake in Tessara, a leader in post-harvest solutions to AgroFresh Solutions, Inc. (“AgroFresh”). The financial details of the transaction were not disclosed. 
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Member News
13 July 2023
British International Investment (BII) back 14Trees to accelerate the provision of innovative green building solutions across Africa
Joint venture between Holcim and British International Investment (BII) looks to accelerate access to 3D construction printing from Africa to the world
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Member News
13 July 2023
IFC invests in Amethis Partners’ fund to support African medium-sized businesses
Nairobi, Kenya, July 11, 2023—To support the development of medium-sized companies in Africa across a range of sectors, IFC today announced an investment in the first close of Amethis Partners' Amethis Fund III.
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Member News
10 July 2023
Amethis announces the first closing of Amethis Fund III at €140mn
Amethis and Edmond de Rothschild Private Equity announce the first closing of Amethis Fund III at €140 million. The fund will invest with impact in mid-sized companies in the most diversified economies of the African continent. 
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Member News
7 July 2023
Flat6Labs and Seedstars International Ventures back Egypt’s Agel in pre-seed funding round
Agel, Egypt’s first and only Islamic FinTech, has announced today that the company has successfully closed the pre-seed round for undisclosed seven-digit figures. The investment round was led by leading MENA-focused venture capital firms, Plus Venture Capital (+VC), Seedstars International Ventures, Flat6labs, with participation from SEEDRA Ventures, Banque Misr Acceleration Program, and prominent angel investors. 
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7 July 2023
African Development Bank invest in BluePeak Private Capital Fund
The Board of Directors of the African Development Bank Group has approved an $11 million equity investment in BluePeak Private Capital Fund toward its $155 million target for final close. The investment advances the Bank’s goal of supporting mid-size firms, including in the pharmaceuticals, agribusiness, manufacturing, and logistics sectors, across Africa.
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Member News
7 July 2023
Verod exits CSCS Nigeria
CSCS is a financial market infrastructure platform and is the sole licensee for the central depository and settlement of transactions on the Nigerian Exchange Limited ("NGX"), amongst others.
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30 June 2023
Verod-Kepple Africa Ventures (VKAV) Invests $1.5M in Chari
Lagos, Nigeria - 29 June 2023: Verod-Kepple Africa Ventures ("VKAV") is pleased to announce its investment of US$1.5 million in Chari, a Morocco-based B2B e-commerce company, to support its growth plan. Simultaneously, Ryosuke (Rio) Yamawaki, Partner at VKAV, has been appointed as a Strategic Advisor to the company, reinforcing their commitment to transforming the informal retail sector and driving economic growth in the region.
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Member News
30 June 2023
Verdant Capital funds Patasente Uganda
Verdant Capital is pleased to announce a revolving credit facility for Patasente Uganda (“Patasente”), a digital trade services platform for farmers, warehouses, and factories. The facility will be used to support Patasente’s invoice discounting and supplier financing activities. “Patasente” is a local Swahili and Luganda word that means “Get Money”.
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Member News
29 June 2023
Aruwa Capital Management invests US$2mn in Fastizers: an indigenous snack food and confectionery manufacturing company
Aruwa Capital Management (“Aruwa”), an early-stage growth equity and gender lens fund investing in Nigeria and Ghana is pleased to announce a $2 million investment into Fastizers (the “Company”), a local manufacturer of snack foods and confectioneries in Nigeria.
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Member News
26 June 2023
Norfund invests in OH Ecosystems to create jobs in cocoa processing in Nigeria
Norwegian Investment Fund (Norfund) has invested $12 million in the Local Nigerian Cocoa Processing Business with the aim to create jobs in Nigeria, while addressing some of the challenges in the cocoa value chain.
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Member News
16 June 2023
Proparco supports innovation for traditional retailers in Senegal
On the occasion of the Viva Technology trade show, Proparco and Digital Africa are reaffirming their support for "Made in Africa" companies, by granting financing, through the Bridge Fund by Digital Africa, to the Senegalese start-up Maad.
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Member News
15 June 2023
Aruwa Capital Management invests in OmniRetail
Aruwa Capital Management (“Aruwa”), an early-stage growth equity and gender lens fund investing in Nigeria and Ghana is pleased to announce an investment into OmniRetail, popularly known as OmniBiz (the “Company”), a tech-first B2B e-commerce company that aggregates end-to-end retail operations to help manufacturers, distributors, logistic partners, and retailers achieve their business goals through a seamless supply chain framework and embedded finance.
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Member News
8 June 2023
IFC announces investment in Safaricom Ethiopia
LONDON, United Kingdom, June 8, 2023 – IFC and MIGA — members of the World Bank Group — today announced an equity investment, a loan and guarantees to support the ongoing construction and operation of Safaricom Ethiopia's greenfield telecommunications network across Ethiopia, leading to more affordable internet, reliable mobile connectivity and technology access for people and businesses in the country.
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Member News
6 June 2023
Convergence Partners backs Yellow’s latest Series B funding round
Convergence Partners has announced the closure of its investment in Yellow, a provider of pay-as-you-go finance for off-grid solar home systems and connectivity solutions for low-income consumers in parts of East Africa.
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Member News
5 June 2023
IFC backs BUA to boost industrialisation in Northern Nigeria
Abidjan, Côte d'Ivoire, June 5, 2023 —IFC today made its largest-ever investment in northern Nigeria, providing a financing package alongside African and European partners to BUA Cement Plc to help the company part-finance and develop two new, energy-efficient cement production lines that will create up to 12,000 direct and indirect jobs.
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5 June 2023
IFC supports largest pharmaceuticals factory in Côte d’Ivoire
Abidjan, Côte d'Ivoire, June 5, 2023—To support stronger healthcare outcomes in West Africa, IFC today announced a partnership with the Shanghai Fosun Pharmaceutical (Group) Co., Ltd. to help the company build a pharmaceuticals production facility and distribution hub in Côte d'Ivoire.
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5 June 2023
IFC invests in South Sudan hotel
Abidjan, Côte d'Ivoire, June 5, 2023 – To support the development of South Sudan's tourism infrastructure, IFC today announced an investment in Dembesh Hotel in Juba that will help finance the hotel's renovation and expansion, creating jobs during and after the construction phase.
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Member News
2 June 2023
Alitheia Capital's joint uMunthu II fund reaches €57mn first close
Goodwell Investments and its long-standing partner Alitheia Capital are proud to announce that a mixed group of investors are joining the journey to finance inclusive growth in Africa.
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Member News
2 June 2023
BII, FMO, Norfund et al. jointly invest in Sun King
Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announced the acquisition of a majority stake in VRS Africa. The company offers operational car leasing and fleet management services for corporate clients.
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Member News
31 May 2023
FSD Africa Investments backs Africa Climate Ventures
The investment represents the first institutional backing for the venture builder, which aims to assemble a portfolio of businesses focused on climate action across Africa, boosting continental participation in global carbon markets.
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29 May 2023
IFC invests in the Africa Conservation and Communities Tourism Fund to Support Ecotourism, Conservation in Sub-Saharan Africa
Johannesburg, South Africa, May 29, 2023— To support the post-pandemic recovery and sustainable growth of sub-Saharan Africa's ecotourism sector, IFC today announced an investment in the Africa Conservation and Communities Tourism Fund (ACCT Fund).
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29 May 2023
Proparco jointly provides €34 million to back development of new recycling facilities in Ghana and Senegal  
Proparco and OeEB, the Austrian DFI, join forces to provide a €34 million senior debt funding to Gravita Netherlands B.V. (GNBV), the overseas division head of Gravita India Limited (GIL). The group is a key player in the industrial recycling industry, especially in lead recycling, in India and overseas. Proparco and OeEB will support the international branch of GIL by increasing the recycling capacity and funding its daily needs.
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15 May 2023
IFC et al. invest in M-KOPA
IFC and fintech platform M-KOPA Holdings Ltd. today announced a partnership to expand its financial services to underbanked consumers in Eastern Africa, which will enable hundreds of thousands of women, lower-income customers, those in rural communities, and others in Kenya and Uganda, to purchase productive assets such as smartphones and home solar systems.
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4 May 2023
Proparco committed $5 million in DisrupTech
Proparco committed $5 million in DisrupTech, which aims to provide seed capital to up to 28 start-ups with prime focus on financial technology services. The fund raised $36 million from several investors, including Development Finance Institutions, Funds-of-funds and Family offices. It will be an important financing source for Egyptian tech companies, which often struggle to raise capital to bring their innovations to market.
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2 May 2023
Acasia Ventures leads Balad’s seven-figure pre-Seed round
Egyptian venture capital firm Acasia Ventures led the USD seven-figure pre-seed investment round in Cairo-based, remittance-focused fintech startup Balad. The round was joined by Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices.
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2 May 2023
Injaro Ghana Venture Capital Fund (IGVCF) raises GHS25mn
The Minerals Income Investment Fund (MIIF) and Injaro Investment Advisors Ltd (IIAL) are delighted to announce the decision by the management and Board of Directors of MIIF to commit GHS25M to the Injaro Ghana Venture Capital Fund (IGVCF) which is managed by IIAL. 
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25 April 2023
IFC invests in Avenue Group Limited to expand healthcare services in Kenya
Nairobi, Kenya, April 25, 2023—IFC today announced an investment in Kenyan healthcare provider Avenue Group Limited that will support the company's strategy to grow its healthcare offering and boost its patient reach by 20 percent across the country over the next five years.
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25 April 2023
IFC invests in Avenue Group Ltd to expand healthcare services in Kenya
IFC today announced an investment in Kenyan healthcare provider Avenue Group Limited that will support the company's strategy to grow its healthcare offering and boost its patient reach by 20 percent across the country over the next five years.
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24 April 2023
Request for an Expression Of Interest: CONSULTANCY TO CONDUCT A STUDY ON AFRICA AS A DOMICILIATION JURISDICTION FOR INVESTMENT VEHICLES AND FUNDS
Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announced the acquisition of a majority stake in VRS Africa. The company offers operational car leasing and fleet management services for corporate clients.
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Member News
14 April 2023
Swedfund invests in solar energy
Swedfund invested USD 30 million on the 1stof March in the Mirova Gigaton Fund[1]. The main purpose of investing in the fund is to reach out to projects in developing countries, with debt financing through a wide range of important, complementary solar energy solutions outside the regular grid, so-called off-grid solutions.
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14 April 2023
Helios exits Solevo
Helios Investment Partners is pleased to announce the completion of the sale of Solevo to a group of investors. The execution of Helios’ value creation strategy over the investment period significantly transformed the company into a leading distributor of specialty chemicals across the most important life sciences and industrial segments, driving the institutionalisation of the business and positioning it for continued growth.
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11 April 2023
EIB Global increases support for Moroccan companies under Tajawouz initiative
The European Investment Bank (EIB), through EIB Global, its new arm for development finance and international partnerships, has signed a finance contract with CaixaBank worth around MAD 330 million (€30 million) to increase support for Moroccan micro, small and medium-sized enterprises (MSMEs).
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6 April 2023
Standard Bank & IFC back Westfalia Fruit
To support the growth of the avocado industry in Africa, Asia, South America, and Europe, IFC, HSBC Bank, and Standard Bank today announced an investment in Westfalia Fruit International Limited to help the company expand sustainable avocado production at its existing facilities and explore opportunities in new markets.
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5 April 2023
AfDB approves US$49.92mn to Build a 30 MW Solar Photovoltaic Power Plant in Dekemhare
Dekemhare 30-megawatt photovoltaic solar power plant project in Eritrea. Amount: US$ 49.92 million grant comprising US$ 19.5 million from the African Development Fund (ADF-15) and US$ 30.42 million from the Transition Support Facility (TSF).
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3 April 2023
Old Mutual Alternative Investments Hybrid Equity announces investment in Enable Capital
Enable specialises in providing short-term funding solutions to subcontractors involved in the physical construction and deployment of local, regional and national fibre network infrastructure in SA.
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31 March 2023
Acasia Ventures invests in Fez’s US$1mn Seed round
Egypt-based VC firm Acasia Ventures has participated in the $1 million Seed round raised by the Lagos-based last-mile delivery platform Fez Delivery, led by Nigeria’s discovery fund Ventures Platform.
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22 March 2023
IFC to Invest in Mediterrania Capital Partners’ Fund to Support African Mid-Cap Businesses
To support the development of medium-sized companies in Africa, with a special focus on firms run or led by women, IFC today announced that it will invest in the first close of Mediterrania Capital Partners' Mediterrania MC IV fund.
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21 March 2023
British International Investment commits EUR 20 million to The Urban Resilience Fund
British International Investment (BII), the UK's development finance institution (DFI) and impact investor, today announced a EUR 20 million commitment to The Urban Resilience Fund (TURF), launched by Meridiam. The investment is the DFI’s first investment in an urban infrastructure fund and supports the design and scale of climate-focussed infrastructure projects across sub-Saharan Africa - increasing the affordability, safety, reliability, and climate-resilience of public infrastructure in African cities.
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17 March 2023
Swedfund invests USD 5 million in Somali fund
Swedfund has decided to invest USD 5 million in NHAO (Nordic Horn of Africa Opportunities Fund). The amount is split into 2 tranches where the second tranche requires certain conditions to be met.
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16 March 2023
Renew Capital Angels Invest in Ugandan Eyewear Company, Wazi
The Renew Capital Angels have invested in Wazi Vision, a women-founded Ugandan company with a vision to change the eyewear industry in Africa. Founders Brenda Katwesigye Baganzi and Geogette Ochieng Ndabukiye launched Wazi in response to a gap in Uganda’s eyewear market.
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13 March 2023
Africa receives investment boost to develop water infrastructure
Metito Utilities Limited (MUL), a global investor and operator of water, wastewater, and alternative energy management solutions, and British International Investment (BII), the UK’s development finance institution and impact investor, announced the launch of their new company Africa Water Infrastructure Development “AWID”, a first-of-its-kind platform to develop climate-smart water projects at scale and to increase water security across Africa.
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8 March 2023
LeapFrog companies reach 200m women, as firm commits to IFC gender equality program
LeapFrog Investments, the profit with purpose investment firm, today announced that its financial services and healthcare businesses have now crossed the threshold of reaching over 200 million women and girls, providing essential springboards and safety nets to help them rise into a better standard of living.
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3 March 2023
Proparco Takes A Stake In Nuru, Which Develops Urban Solar Metrogrids in the DRC
Nuru SASU (Nuru), the company behind Democratic Republic of the Congo (DRC)’s first solar PV metrogrid, is on track to build 13.7MWp of isolated solar-hybrid grids by mid-2024 after securing an initial USD1.5 million from investors in a convertible note round ahead of the close of its Series B funding round.
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2 March 2023
DWM Displaced Communities in line for EIB investment
The European Investment Bank (EIB) has disclosed a proposed $15 million equity investment in the Displaced Communities Fund, managed by DWM Asset Management, LLC.
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2 March 2023
Adiwale Fund I backs vehicle leasing company
Adiwale Fund I and Investisseurs & Partenaires (I&P), through its fund IPAE 2, announced the acquisition of a majority stake in VRS Africa. The company offers operational car leasing and fleet management services for corporate clients in Côte d’Ivoire, Senegal and Ghana. It currently operates a fleet of 800 vehicles and is managed by Jérôme de Villard, CEO since 2019.
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2 March 2023
EIB considers investment in startup fund
The European Investment Bank has disclosed a proposed equity participation of up to $20 million into Seedstars Africa Ventures 1, a closed-ended venture capital fund focusing on sub-Saharan Africa (primarily West and East Africa) and to a lesser extent on North Africa.
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2 March 2023
LeapFrog grows climate investment strategy team
LeapFrog Investments, the profit with purpose investment firm, has expanded its Climate Investment Strategy Team with several new hires, as it seeks to support green growth opportunities for low-income consumers and producers across emerging markets.
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2 March 2023
Swedfund invest additional USD$1.9mn to increase access to reliable and clean energy
Swedfund announced on December 29th, 2022 an additional investment in d.light (1.9mn USD). d.light is a company providing affordable off-grid solar electricity to people living without access to reliable and clean energy in Africa and India. Swedfund’s funding will be used for supporting the company’s further expansion.
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2 March 2023
IFC provides US$50mn to M-KOPA
Nairobi, Kenya, May 15, 2023—IFC and fintech platform M-KOPA Holdings Ltd. today announced a partnership to expand its financial services to underbanked consumers in Eastern Africa, which will enable hundreds of thousands of women, lower-income customers, those in rural communities, and others in Kenya and Uganda, to purchase productive assets such as smartphones and home solar systems.
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2 March 2023
Helios Digital Ventures backs payment service provide Nomba
Nomba, a leading payment service provider for African businesses, has raised a $30 million Pre-Series B funding round to support the delivery of bespoke payment solutions for African businesses. The oversubscribed equity funding round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech and Khosla Ventures.
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2 March 2023
Mediterrania Capital Partners, DEG, Proparco and FMO invest €75mn in Laprophan
Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is pleased to announce its acquisition of a stake in Laprophan – one of the leading pharmaceutical companies in Morocco –through its fund MC IV, alongside Germany’s development finance institution DEG, Proparco and FMO.
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2 March 2023
500 Global announce scale up program in Egypt to support pre-series A startups
500 Global, one of the world’s most active multi-stage venture capital firms, and The Egyptian Information Technology Industry Development Agency (ITIDA), announced the launch of 500 Global first batch of the Scale Up program in Egypt. The Scale Up program is focused on providing strategies and experimentation methodologies to accelerate growth for Pre-Series A startups in Egypt.
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2 March 2023
Kasada acquires Nairobi's former Crowne Plaza, with backing from IFC and Proparco
Kasada will use the financing package to refurbish, modernize, and expand the former Crowne Plaza in Nairobi's Upper Hill
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28 February 2023
BII invests in food business
British International Investment (BII), the UK's development finance institution (DFI) and impact investor, has announced a $50 million investment to Invictus Trading, a subsidiary of Invictus Investment and key partner handling the import activity for the DAL Group.
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14 February 2023
IFC leads US$17mn investment in South African insurtech Naked
Naked Insurance, a South African insurtech company that helps consumers to insure their cars, homes and valuables, has raised $17 million in Series B funding led by the International Finance Corporation (IFC).
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13 February 2023
Zephyr Acorn backs Power Financial Wellness
After working in Africa’s microfinance space for seven years, including at Botswana’s Letshego, Brian Dempsey took a break in 2020 to build Power Financial Wellness, operating out of Kenya.
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9 February 2023
€242m financing package for Senegalese cement maker
To support the decarbonisation of Senegal’s industrial sector, the IFC announced a partnership with Sococim Industries, Senegal’s largest integrated cement manufacturer, which will boost low-carbon cement production, create jobs and help bridge the country’s housing gap.
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6 February 2023
Oikocredit and Triodos IM provide € 10 million Tier II capital to Bridge Bank Group Côte d’Ivoire
The Ivorian bank, an affiliate of Bridge Group West Africa, finances local small and medium enterprises and supports job creation in the region.
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3 February 2023
Swedfund invests US$26mn in the African infrastructure fund AIIF4
On December 16, Swedfund invested USD 26 million in African Infrastructure Investment Fund 4 (AIIF4). It is an African infrastructure fund, managed by Africa Infrastructure Investment Managers (AIIM).
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2 February 2023
Norfund invests in South African food ingredient producer
Norfund, the Norwegian development finance institution, is investing R80 million (about US$4.mn) in convertible debt in Synercore Holdings, a South African food ingredient manufacturer, formulator and distributor to fast-moving consumer goods companies in Africa.
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2 February 2023
Convergence closes CPDIF at $296m
Convergence Partners has announced the successful closing of its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296m, surpassing its initial target by over 18%.
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1 February 2023
Mediterrania leads investment in Moroccan pharmaceutical company
Mediterrania Capital Partners (MCP), a private equity firm that focuses on growth investments in small and mid-sized African companies, recently led a consortium that invested in Laprophan, a pharmaceuticals company in Morocco.
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Member News
1 February 2023
Renew Capital invests in Ethiopian audio book and podcast company
Renew Capital has recently invested in Teraki, an online audio platform based in Ethiopia, co-founded by Nahom Tsegaye and Abel Engida.The platform amplifies Ethiopia's rich tradition of storytelling by offering audiobooks and podcasts in various Ethiopian languages.
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Member News
1 February 2023
DEG, IFC, Lightrock, et. al back South African SME lender, Lulalend
In most African countries, access to credit remains limited for many small businesses, with the reasons ranging from the inability to pay collateral and lack of credit history to unfavorable lending criteria and high-interest rates.
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Member News
31 January 2023
Adenia Partners announces US$300mn first close for its fifth fund
Adenia Partners has announced the first close of its fifth flagship fund, Adenia V, with $300 million in commitments from investors.
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Member News
25 January 2023
AfricInvest Fund IV invests in Justrite
AfricInvest is pleased to announce it has taken a minority stake in Justrite, a leading Nigerian family owned retail department store.
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Member News
25 January 2023
Kasada to invest in new Abidjan hotel
Kasada, a real estate private equity platform dedicated to hospitality in sub-Saharan Africa, announced that it will build a new dual-branded hotel in Abidjan within the largest retail-led mixed-use development currently being developed by HC Capital Properties (HCCP). The complex, scheduled to open in 2024, will boast over 150 hotel keys, a shopping centre with over 60 stores, restaurants, a mini entertainment park, offices, a co-working space, and a clinic.
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25 January 2023
Norfund backs Ethiopia's largest FMCG platform SAMANU
Norfund and a consortium of private investors managed by 54 Capital announced a $21 million growth capital investment into Ethiopia's largest FMCG platform SAMANU.
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Member News
20 January 2023
South Africa: Proparco partners with Investec to scale up climate investments
Proparco and Investec Bank are collaborating to implement the Transforming Financial Systems for Climate (TFSC) programme in South Africa. The package comprises a senior credit facility of $80 million and a technical assistance programme.
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Member News
18 January 2023
Aruwa makes follow-on investment in AgroEknor
Aruwa Capital Management, an early-stage growth equity and gender lens fund investing in Nigeria and Ghana has made a follow-on investment in AgroEknor International, a fast-growing hibiscus flower exporter and wellness brand.
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Member News
17 January 2023
EIB invests in WeLight Madagascar’s access to energy initiative
WeLight Madagascar’s access to energy initiative will receive €19 million in financing from the EIB, Triodos Investment Management and EDFI ElectriFI — the EU-funded Electrification Financing Initiative. The financing will be used to build and develop small solar mini-grids in over 120 villages in rural Madagascar, expanding WeLight’s coverage from eight regions to 17. The project aims to serve around 250 000 people, providing more than 45 000 households and businesses with first-time access to clean, affordable and productive energy and light.
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13 January 2023
Norfund and Swedfund invest in South Sudan's SME sector
European development finance institutions Norfund and Swedfund have announced a $4 million follow-on loan to Kinyeti Venture Capital, a joint venture established in 2012 to provide risk capital to local small and medium enterprises (SMEs) in South Sudan.
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Member News
12 January 2023
Verod exits Daystar Power Group to Shell
Verod Capital Management via its Verod Capital Growth Fund II has fully exited from its investment in Daystar Power Group to Shell.
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Member News
11 January 2023
FMO approves €25 million investment in Partech fund
The Dutch entrepreneurial development bank, FMO has approved a €25 million investment in the Partech Africa Fund Il.
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11 January 2023
AfricInvest exits InstaDeep Ltd to BioNTech SE
Acquisition to enable creation of a fully integrated, enterprise-wide capability to discover, design and develop next-generation immunotherapies at scale by leveraging artificial intelligence and machine learning technologies across BioNTech’s therapeutic platforms and operations Builds on multi-year strategic collaboration between BioNTech and InstaDeep which included the formation of an AI Innovation Lab in 2020 and completion of dozens of joint projects  Acquisition expected to add approximately 240 highly skilled professionals and a global network of research partners in the fields of artificial intelligence, machine learning and data science based in the world’s leading global technology hubs  BioNTech to pay an upfront consideration of approximately £362 million in cash and BioNTech shares, to acquire 100% of remaining InstaDeep shares following BioNTech’s Series B investment in 2022 InstaDeep to operate globally from London headquarters as a BioNTech company post-closing, which is expected in the first half of 2023, subject to regulatory approval
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Member News
9 January 2023
Aruwa Capital makes follow on investment in Agroeknor
Aruwa Capital Management (“Aruwa”), an early-stage growth equity and gender lens fund investing in Nigeria and Ghana is pleased to announce a follow-on investment into AgroEknor International (“AgroEknor” or the “Company”), a fast-growing hibiscus flower exporter and wellness brand.
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Member News
6 January 2023
FMO provides funding for motorcycle financing in Kenya and Uganda
Dutch development finance institution FMO has provided a US$15 million and US$5 million senior term loan to Wat Credit Kenya and Wat Credit Uganda, respectively.
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Member News
3 January 2023
EIB commits €300m to EM fund-of-funds
The European Investment Bank has disclosed a €300 million contribution to the launch of the new Global Gateway Fund (GGF). GGF is a flagship initiative supporting the EU's Global Gateway strategy, operating as a fund-of-funds focused on high impact equity and debt operations in emerging markets.
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3 January 2023
Oikocredit, Lion's Head funds back Solarise Africa
Dutch impact investor Oikocredit has partnered with Lion's Head Group-managed funds, the Facility for Energy Inclusion (FEI) and AfricaGoGreen (AGG), to invest $7 million in a $33.4 million multi-currency loan facility for Solarise Africa. The investment will support Solarise Africa's growing provision of affordable commercial and industrial (C&I) solar installations in Africa.
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