Sudan-based digital banking startup Bloom raised a USD6.5m seed round from Global Founders Capital, Y Combinator, Visa, Goodwater Capital, VentureSouq and angels. Read more… Read More
AfricInvest and Cathay Capital reached a EUR110m (~USD111m) final close for their joint pan-African venture fund focusing on early- to growth-stage startups in fintech, mobility, healthtech, edtech, AI, digital content and agtech verticals. The vehicle received commitments from EIB, AfricaGrow, FMO, Bpifrance, AfDB, Triodos Investment Management, Proparco, SIFEM, BIO and… Read More
Investisseurs & Partenaires (I&P) has launched I&P Digital Energy, a EUR4m (~USD4m) seed financing program funded by the European Commission and implemented by the French Development Agency, Gaia Impact Fund and I&P. The program will invest in 12 startups and SMEs focused on the energy transition and operating in sub-Saharan… Read More
C5 Capital invested USD50m in Cassava Technologies, an Africa-focused, Zimbabwe-founded IT provider. C5 portfolio company Haven Cyber and Cassava had previously established a joint venture to scale Microsoft’s cybersecurity products across Africa. Read more… Read More
Norfund and KLP acquired an equity stake in CrossBoundary Energy, a Kenya-based commercial and industrial renewable energy company, for USD40m through their joint company KLP Norfund Investments. CrossBoundary previously raised USD40m in equity from ARCH Emerging Markets’ Africa Renewable Power Fund in 2020. Read more… Read More
AsAscent Capital reached a final close for Ascent Rift Valley Fund II. The vehicle, which reached a USD100m first close in May 2021, acquires large minority or majority stakes in Eastern Africa-based SMEs. Read more… Read More
Proparco and Ascent, through its Ascent Rift Valley Fund II, have acquired a majority stake in Kenya-based Diani Beach Hospital for an undisclosed amount. Read more here and here… Read More
I&P, through its fund I&P Afrique Entrepreneurs 2, has agreed to an equity investment in DELTA SA, a Senegal-based sanitation and construction company, for an undisclosed amount. Read more… Read More
Nigeria-based automotive e-commerce company Autocheck acquired CoinAfrique, a Senegal-based classified ad marketplace serving francophone Africa, for an undisclosed amount, providing an exit for I&P. Read more here and here… Read More
IFC led a EUR90m (~USD92m) debt financing round for Senegal-based fintech startup Wave Mobile Money. The financing included a EUR25m (~USD26m) IFC loan, EUR41m (~USD42m) in B loans from Symbiotics, Blue Orchard, responsAbility and Lendable and EUR24m (~USD25m) in parallel loans from Finnfund and Norfund. Wave became francophone Africa’s first… Read More
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