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Global Ventures Leads USD18.5m Series A for Egyptian Fintech Paymob

Global Ventures led a USD18.5m Series A for Egypt-based digital payments platform Paymob, with participation from FMO and A15. The round includes USD15m in fresh capital and USD3.5m from the

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EFG Hermes Egypt Education Fund Reaches USD150m Third Close

EFG Hermes Private Equity has reached a USD150m third close for its Egypt Education Fund with a ~USD16m commitment from the Sovereign Wealth Fund of Egypt. Read more

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Sawari Ventures Reaches USD69m Final Close for Egypt Tech Fund

Sawari Ventures has reached a USD69m final close for its Egypt-focused fund. The vehicle will invest in early-stage and growth-stage tech companies in Egypt. Read more

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Infra Impact Reaches ~USD17m First Close for Mid-Market Infrastructure Fund

Infra Impact Investment Managers has reached a ZAR250m (~USD17m) first close for its Infra Impact Mid-Market Infrastructure Fund I. The vehicle, which has an initial target of ZAR1.5b (~USD102m), will

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Criterion Africa Partners Exits Eswatini’s Peak Timbers to Shiselweni Forestry Company

Criterion Africa Partners has sold the forestry and sawmilling business of its portfolio company Peak Timbers to Shiselweni Forestry Company, a subsidiary of ZARX-listed TWK Investments, for an undisclosed amount.

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Riyada Managers-Backed Taaleem Raises ~USD131m via EGX IPO

Taaleem Management Services, an Egypt-based higher education platform backed by Riyada Managers, has raised EGP2.057b (~USD131m) in an IPO on the EGX. The listing consisted of a secondary sale of

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Meridiam Invests USD48m in Africa-Focused Data Center Developer Raxio Group

Meridiam has agreed to invest USD48m in pan-African data center developer Raxio Group as part of a partnership that will help develop a network of data centers in Africa. Raxio’s

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EXEO Capital Invests in South Africa’s Maia Group

EXEO Capital, through its Agri-Vie Fund II, has made an undisclosed investment in the Maia Group, a South Africa-based holding company focused on consumer health businesses. Read more

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CardinalStone Capital Advisers Reaches USD64m Final Close for West Africa Growth Fund

CardinalStone Capital Advisers has reached a USD64m final close for CardinalStone Capital Advisers Growth Fund. The vehicle aims to support the growth and institutionalization of SMEs in Nigeria and Ghana.

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Vault Leads USD2m Seed Round for Nigerian Fintech Bankly

Vault (the holding company of VANSO) led a USD2m seed round for Bankly, a Nigeria-based fintech for under-banked consumers, with participation from Plug and Play Ventures, Rising Tide Africa and

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Amethis Acquires Moroccan Micro-Irrigation Specialist Magriser Group

Amethis, through its Amethis MENA Fund II, has acquired a majority stake in Magriser Group, a Morocco-based company specialized in the distribution and installation of turnkey micro-irrigation and solar pumping

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Valar Ventures Leads USD25m Series A for Nigerian Fintech Kuda

Valar Ventures led a USD25m Series A for Nigeria-based fintech Kuda, with follow-on from Target Global. Kuda raised a USD10m seed round led by Target Global in November 2020. Read

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TPG Rise Fund to Invest USD200m in Airtel Africa’s Airtel Mobile Commerce

TPG’s The Rise Fund has agreed to invest USD200m in Airtel Mobile Commerce BV (AMC BV), an Airtel Africa subsidiary and the holding company for several of Airtel Africa’s mobile

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Ninety One’s EAIF Provides USD34.6m in Financing to Urbasolar Project in Burkina Faso

Ninety One’s EAIF has agreed to provide EUR29m (approximately USD34.6m) in financing to Urbasolar, the developer of a 30MW solar plant in Burkina Faso. The new solar energy plant will

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Savannah Fund II Reaches First Close with IFC Commitment

IFC has committed USD3m to Savannah Fund II, a seed fund with a focus on supporting women entrepreneurs and disruptive companies in high-growth sectors in Africa. The fund, which targets

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Avenir and Tiger Global Lead USD170m Series C for Africa-Focused Fintech Flutterwave

Avenir Growth Capital and Tiger Global Management led a USD170m Series C for Flutterwave, a digital payments platform for African businesses, at a reported valuation of ~USD1b, with participation from

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SunFunder Reaches USD70m Final Close for SET Fund

SunFunder has reached a USD70m final close for its Solar Energy Transformation (SET) Fund, a blended finance vehicle focused on distributed solar and storage investments in Africa and Asia. Investors

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AIIM and EDF Invest in Kenyan Unit of Solar Solutions Provider Bboxx

African Infrastructure Investment Managers (AIIM) and French electricity company EDF Group (EDF) have agreed to make an undisclosed investment in the Kenyan unit of solar solutions provider Bboxx. Under the

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Proparco, EAV, EDFI ElectriFi and Others Invest Series B for DRC’s Renewable Energy Company Nuru

Proparco has made a convertible note investment in Nuru, a renewable energy company based in the Democratic Republic of Congo, as part of the company’s Series B. Proparco invested alongside

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AIIM Acquires Majority Stake in Ghanaian Data Center Ngoya Etix DC

African Infrastructure Investment Managers (AIIM), through its pan-African infrastructure fund AIIF3, has acquired a majority stake in Ghana-based data center Ngoya Etix DC. The investment was made alongside the management

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Gulf Capital Exits Egyptian Oil and Gas Company ECDC

Gulf Capital has exited its investment in ECDC Holding Corp (ECDC), an oil and gas drilling and production services provider in the Middle East and Africa. Read more

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Old Mutual Acquires Solar PV Plant in Namibia

Old Mutual Investment Group has acquired a majority stake in a 5MW solar photovoltaic plant at Rosh Pinah in Namibia from AEE Power Ventures for an undisclosed amount. Read more

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Sanlam Private Equity Acquires Majority Stake in South African Red Meats Supplier Cavalier Group of Companies

Sanlam Private Equity has acquired a majority stake in Cavalier Group of Companies, a South Africa-based supplier of premium red meat products, for an undisclosed amount. Read more

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ECP Increases Stake in Tunisian Hygiene and Cleaning Products Group SAH

Emerging Capital Partners (ECP) has increased its stake in Tunisia-listed hygiene and cleaning products group Société d’Articles Hygiéniques (SAH), which trades under the Lilas brand name. ECP first invested in

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Hlayisani Capital Reaches USD23.7m First Close for South Africa SME Fund

Hlayisani Capital has reached a ZAR350m (approximately USD23.7m) first close for its Hlayisani Growth Fund. The vehicle will invest in high-growth SMEs in South Africa. Read more

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Apis Partners and JG Summit Invest USD110m in South African Digital Bank TymeBank

Apis Partners and JG Summit Holdings have invested USD110m in South Africa-based digital bank TymeBank. The proceeds will be used to expand the bank’s presence in South Africa and to

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Ninety One’s EAIF Commits up to USD50m to Mauritian Fiber Network Operator Liquid Telecomms’s Bond Issue

Ninety One’s EAIF has agreed to purchase up to USD50m of a bond issued by Mauritius-based fiber network company Liquid Telecommunications. IFC and DEG have also committed to placing orders

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Metier Invests in Africa-Focused Energy Solutions Provider Energy Vision

Metier, through its Sustainable Capital Fund, has made an undisclosed investment in Energy Vision, a provider of clean and cost-effective energy solutions for telecom towers across Africa. Read more

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DFC Invests USD1m in Rwandan Women Health Products Marketplace Kasha Global

DFC has made a USD1m equity investment in Kasha Global, a Rwanda-based e-commerce company that provides women’s health and personal care products to customers in Rwanda and Kenya. Swedfund and

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Sawari Ventures Leads USD9m Investment in Egyptian Microelectronics Company Si-Ware

Sawari Ventures led a USD9m funding round for Egypt-based microelectronics company Si-Ware Systems, with participation from Egypt Ventures. Read more

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I&P Acceleration in Sahel Invests in 11 West African Companies

The I&P Acceleration in Sahel, a program launched in July 2020 by Investisseurs & Partenaires (I&P) and the European Union, has provided seed funding to 11 companies in West Africa.

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LeapFrog to Exit Stake in Kenyan Medical Insurance Provider Resolution Insurance via Sale to Linkham Group

LeapFrog Investments has fully exited its stake in Kenya-based medical insurance provider Resolution Insurance via a sale to Linkham Group for an undisclosed amount. The transaction is subject to regulatory

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Philadelphia Board of Pensions & Retirement Commits USD50m to DPI ADP III

Philadelphia Board of Pensions & Retirement has committed USD50m to the African Development Partners III (ADP III) fund, a pan-African, consumer-focused fund managed by Development Partners International (DPI). Read more

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Cerberus and Rockstone Real Estate Commit USD25m to Develop Residential Business Project in Ethiopia

Cerberus Capital Management and Rockstone Real Estate have committed USD25m to develop a residential building in Addis Ababa’s Signal district in Ethiopia. Read more

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Mastercard Foundation Commits USD10.5m to I&P’s Education to Employment Fund

The Mastercard Foundation has committed USD10.5m to I&P Education to Employment (IP2E) Fund, which will support businesses in the education sector in Côte d’Ivoire, Ghana, and Senegal. Read more

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IFC and IFC AMC to Invest USD15m in South African Payment Platform Adumo

IFC and IFC Asset Management Company have agreed to invest up to USD15m in South Africa-based payment platform Adumo. Read more

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Phatisa Reaches USD143m Final Close for Africa Food Fund 2

Phatisa has reached a USD143m final close for Phatisa Food Fund 2 following a USD82m joint commitment from CDC Group, Norfund, Finnfund, FinDev Canada, and BIO. The vehicle will invest

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CDC and Alfa Platform Capital Invest USD100m in Egyptian Diagnostics and Medical Care Company Alfa Medical Group

CDC Group, alongside Africa Platform Capital and the family office of (Cinven co-founder) Simon Rowlands, has invested USD100m in Egypt-based diagnostics and medical care company Alfa Medical Group. Read more

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Amethis Acquires Minority Stake in Senegalese Fast Moving Consumer Goods Company NMA

Amethis has acquired an undisclosed minority stake in Nouvelle Minoterie Africaine (NMA), a Senegal-based fast moving consumer goods company focused on the production and distribution of poultry and livestock feed,

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GGV Reaches Combined USD2.52b Close Across Five VC Funds

GGV Capital has reached a combined USD2.52b final close across five funds, including: USD1.46b for GGV Capital VIII; USD366m for GGV Capital VIII Plus; USD610m for GGV Discovery III; USD80m

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Quona Capital Leads USD3m Pre-Series A for Nigerian Wealth Management Platform Cowrywise

Quona Capital led a USD3m pre-Series A for Cowryrise, a Nigeria-based fintech startup that offers digital wealth management and financial planning solutions, with participation from Tsadik Foundation, Gumroad CEO Sahil

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Mediterrania Exits Moroccan Money Transfer Company Cash Plus

Mediterrania Capital Partners has exited its stake in Morocco-based independent money transfer company Cash Plus to a group of Moroccan family offices. Mediterrania originally acquired a 49% stake in the

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TLcom Leads USD6m Series A for Kenyan Insurtech Pula

TLcom Capital led a USD6m Series A for Pula, a Kenya-based insurtech that specializes in digital and agricultural insurance to derisk smallholder farmers across Africa, with participation from non-profit Women’s

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EIB Commits USD18m to ARCH Cold Chain Solutions East Africa Fund

The European Investment Bank (EIB) has committed EUR15m (approximately USD18m) to ARCH Cold Chain Solutions East African Fund. The vehicle, which has an initial target of USD100m and is managed

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RCF and Beedie Capital Participate in USD182m Financing Deal for Burkina Faso’s Bomboré Gold Project

Resource Capital Funds (RCF) and Beedie Capital have participated in a USD182 financing deal to fund the construction of the Bomboré Gold Project in Burkina Faso, a project owned by

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Owl Ventures Leads USD7.5m Series A for Nigerian Edtech uLesson

Owl Ventures led a USD7.5m Series A for Nigeria-based edtech uLesson, with participation from LocalGlobe and follow-on from TLcom Capital and Founder Collective. Read more

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SPE Capital Reaches USD258m Final Close for SPE AIF I

SPE Capital Partners has reached a USD258m final close for SPE AIF I, surpassing its initial hard cap of USD200m. The vehicle targets investments in Egypt, Jordan, Morocco, and Tunisia.

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FinDev Canada Invests USD12m in FMO- and CDC-Backed Miro Forestry

FinDev Canada has announced a USD12m equity investment in FMO- and CDC-backed Miro Forestry, a sustainable forestry and timber business with operations in Ghana and Sierra Leone. Read more

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Finnfund and Norfund Increase Funding of West African Solar Power Provider Starsight to USD20m

Finnfund and Norfund increased their senior debt facility for Starsight, a commercial and industrial solar power provider in West Africa, from USD10m to USD20m. Read more

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Denmark’s IFU Leads USD38m Series B for Nigerian Hybrid Solar Power Solutions Provider Daystar

Denmark’s Investment Fund for Developing Countries (IFU) led a USD38m Series B for Nigeria-based hybrid solar power solutions provider Daystar Power, with participation from French impact infrastructure fund STOA, Proparco,

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Lion’s Head Facility for Energy Inclusion Reaches Final Close

The Facility for Energy Inclusion (FEI), managed by Lion’s Head Global Partners, reached a final close of USD145m, with a total potential fund size of up to USD400m. KFW contributed

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Intel Capital, TPG Growth, and EchoVC Lead USD85m Series B for Kenya’s Global Agricultural Data & Analysis Platform Gro Intelligence

Intel Capital, Africa Internet Ventures (a strategic partnership between TPG Growth and EchoVC), and the family offices of Ronald Lauder and Eric Zinterhofer led a USD85m Series B for Gro

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Actis Exits Stake in Nigerian Marine Logistics Company C&I Leasing to Peace Mass Transit

Actis has exited its stake in C&I Leasing, a Nigeria-based company offering fleet management, outsourcing, and marine services, via a trade sale to Peace Mass Transit. Read more

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