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AIIM Invests US$31 Million in BBOXX
African Infrastructure Investment Managers (AIIM) has invested US$31 million for a 28 percent stake in the East Africa operations of U.K.-based, Africa-focused off-grid energy solutions provider BBOXX. The company sells solar systems, billing users on a pay-as-you-go basis, and will partner with AIIM to accelerate the rollout of its products in the region. AIIM invested through African Infrastructure Investment Fund… Read More
Fanisi Capital Agrees to Sell Hillcrest International Schools to GEMS Education for US$25 Million
East Africa-focused private equity firm Fanisi Capital has agreed to sell Kenya-based private education company Hillcrest International Schools for KES2.6 billion (approximately US$25 million) to GEMS Education, a U.A.E.-based education group. Fanisi and entrepreneur Anthony Wahome originally acquired Hillcrest in August 2011 for KES1.8 billion (approximately US$20 million). The transaction is subject to regulatory approval. Read More
Matrix Partners Reaches US$321 Million Final Close for Third India Fund
The India arm of United States- and Asia-focused venture capital firm Matrix Partners has reach a final close for its third fund with US$321 million in capital commitments. Investors in the fund include North America-, Europe- and Middle East-based university endowments, foundations and financial institutions. The fund will target seed, early-stage and early growth-stage investments in India-based companies across a… Read More
ChrysCapital Reaches US$867 Million Final Close for Eighth Fund
India-focused private equity fund manager ChrysCapital has reached a final close for its eighth fund with US$867 million in capital commitments. Investors in the fund include Ontario Teachers’ Pension Plan, fund of funds managers Asia Alternatives Management and Adams Street Partners, Singaporean sovereign wealth fund GIC and Harvard Management Company. Launched in August 2018, the fund exceeded its reported target… Read More
SEAF Invests in eDukaty and Organica
Global SME-focused impact investing firm SEAF has invested in eDukaty, a Morocco-based education technology company. SEAF invested in the company, which develops online French admissions examination preparation products, through the Morocco Growth Fund. Separately, SEAF has also announced an investment in Organica, a Vietnam-based organic and natural food retailer and wholesaler, through the SEAF Women’s Opportunity Fund. In addition to… Read More
responsAbility Investments, Oikocredit and SunFunder Provide US$9 Million Loan to SolarNow
SolarNow, a Uganda-based off-grid solar energy company, has secured US$9 million in debt financing from impact investment fund manager responsAbility Investments, impact investing cooperative Oikocredit and SunFunder, an emerging markets-focused solar financing firm. SolarNow previously received a US$6 million loan from responsAbility, Oikocredit and SunFunder in late 2017. The company plans to use the new funding to install up to… Read More
AfricInvest Reaches US$77 Million Third Close for FIVE, Invests US$50 Million in Prime Bank with Catalyst Principal Partners
Africa-focused private equity fund manager AfricInvest has reached a third close for FIVE, an evergreen platform for investing in financial institutions in Africa, with EUR67 million (approximately US$77 million) in capital commitments. Investors in the fund include development finance institutions KfW, FMO, BIO, Norfund and IFU, as well as the Central Bank of Kenya Pension Fund. Separately, AfricInvest has joined… Read More
IDFC Alternatives Leads Series B of US$30 Million for Zolostays
India-focused private investment fund manager IDFC Alternatives has led a Series B round of US$30 million for Zolostays, an India-based developer and manager of co-living spaces. Other participants in the funding round include Mirae Asset Global Investments, Nexus Venture Partners, OLX founder Alex Oxenford, Olympia Group and Patni Computers Family Office. The company, which operates in six cities, intends to… Read More
Gaja Sells 20 Percent Stake in John Distilleries to Sazerac
India-focused private equity fund manager Gaja Capital has sold a 20 percent stake in India-based spirits company John Distilleries to Sazerac, a U.S.-based liquor producer. The transaction reportedly values John Distilleries at INR10 billion (approximately US$144 million). The deal marks Sazerac’s second investment in the company after it purchased a 23 percent stake from Gaja in October 2017. The private… Read More
Adenia Partners Acquires Controlling Stake in Tumaini Self Service
Africa-focused private equity fund manager Adenia Partners has acquired a controlling stake in Tumaini Self Service, a Kenya-based supermarket chain operator. Adenia acquired the company through its special purpose vehicle Sokoni Retail Kenya. Tumaini, which has six grocery branches, plans to use the new funds to expand throughout the Nairobi metropolitan area. Financial details of the transaction, which has been… Read More
Imperativ Hospitality Raises Additional US$14 Million for Series B from Samena Capital
India-based budget hotel chain Imperativ Hospitality has raised INR1 billion (approximately US$14 million) from Samena Capital, a principal investment group focused on South Asia, the Middle East and North Africa, to complete its Series B funding round. Samena initially invested INR1.1 billion (approximately US$17 million) in Imperativ’s Series B in April 2018 for a 35 percent stake. The company, which… Read More
Volt Lines Raises US$1 Million in Pre-Series A Round Led by Dubai Angel Investors
Volt Lines, a Turkey-based company offering subscription-based minibus transportation services, has raised US$1 million in a pre-Series A round led by Dubai Angel Investors, a Middle East-focused angel investment network. Other participants in the funding round include venture capital fund manager Middle East Venture Partners (MEVP), Turkey-based car rental company Hedef Filo and angel investor Wassim Matar. Volt Lines plans… Read More