Heetch, a France-based ride hailing mobile platform, has secured USD42 million in Series B funding for expansion in francophone Africa. Pan-African private equity and venture capital fund manager AfricInvest will contribute USD4 million to the round, adding to the USD38 million raised from Cathay Capital Private Equity, Total Ventures, Idinvest… Read More
Ethiopia-focused fund manager Cepheus Growth Capital Partners has acquired a minority stake in Tabor Ceramics Products, an Ethiopia-based ceramic products manufacturer. The company, which produces tiles, sanitary ware, tableware, and ceramic insulators, will use the equity investment to expand production and launch a new product line. Financial details of the… Read More
Nigeria-based mobile payments company OPay has raised a USD120 million Series B funding round from China-based e-commerce company Meituan-Dianping and private equity and venture capital firms IDG Capital, Sequoia Capital, Source Code Capital, GSR Ventures, Gaorong Capital, Redpoint Ventures, Softbank Ventures Asia, and Bertelsmann Asia Investments. OPay intends to use… Read More
Africa-focused private credit fund manager Vantage Capital has exited its investment in Genser Energy, a US-based company that provides distributed power generation services to industrial and mining companies in Ghana. Vantage exited Genser to a consortium consisting of Africa-focused trade finance firm Barak Fund Management and South Africa-based banks Standard… Read More
Global growth markets investor Actis, through its Azura Power platform, and Africa-focused infrastructure investor Africa50 have completed an investment in Senegal-based Tobene Power. The 115-megawatt Tobene Power plant was previously part of the development portfolio of Lebanon-based Melec Power Gen (MPG). Actis and Africa50 plan to convert the Tobene plant… Read More
US-based global payments company Visa has agreed to acquire a minority stake in Nigeria-based digital payments processing and switching services provider Interswitch, facilitating a partial exit for Africa-focused private equity fund manager Helios Investment Partners. Helios originally invested in the business in 2010 and sold a partial stake to global… Read More
Pan-African private equity fund manager Emerging Capital Partners (ECP) has agreed to partially exit its stake in BRVM-listed, pan-African financial services provider Oragroup as part of Côte d’Ivoire-based Caisse Générale de Retraite des Agents de l’Etat (CGRAE)’s acquisition of a 61.45 percent stake in the company. ECP originally acquired Oragroup… Read More
Kenya-based logistics platform Lori Systems has completed its Series A funding round led by China-focused private capital fund managers Hillhouse Capital and Crystal Stream Ventures. Other investors in the round, which was reportedly valued at approximately USD30 million, include investment firms Apoletto Asia, EchoVC Partners, Timon Capital, Raba VC, and… Read More
Emerging markets specialist private equity fund manager LeapFrog Investments has reportedly invested a further KES309 million (approximately USD3 million) in Kenya-based retail pharmacy chain Goodlife Pharmacy. The company operates across 52 locations in Kenya and five in Uganda, providing pharmacy, wellness, beauty, and diagnostics services. The new capital from LeapFrog,… Read More
A consortium composed of Madagascar-based conglomerate Axian Group and pan-African private equity fund manager Emerging Capital Partners (ECP) has acquired a 51 percent stake in Togo-based government-owned telecommunications company Togocom at an enterprise value of XOF210 billion (approximately USD355 million). The consortium will reportedly invest EUR245 million (USD271 million) in… Read More
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