Amethis Mena Fund raises US$100m to finance small and medium-sized enterprises

MOROCCO – Amethis Mena Fund II (AMF II), a fund by investment fund manager Amethis, has announces a fundraising of US$100.81 million for growing small and medium-sized enterprises (SMEs) in Africa, five months after its first commitment in Morocco. Amethis’ fundraising aims to finance small and medium-sized enterprises (SMEs) with a strong economic, social and environmental impact. Amethis will reinvest the funds in SMEs based in Morocco, Egypt, Tunisia and Jordan. Amethis Mena Fund II (AMF II) is the second North African investment fund launched by Amethis this year. The…

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Stellantis extends partnership with Morocco to produce electric cars

MOROCCO – Stellantis (formerly PSA), a Dutch-domiciled multinational automotive manufacturing corporation, has extended its partnership with Morocco to produce electric cars in the Citroen Ami assembly plant in Kenitra. The Kenitra plant will also produce the Opel Rocks-e, an electric car recently launched on the international market by German carmaker Opel, a subsidiary of the Stellantis group. It is a short two-seater of 2.41 metres, which can be driven by young people from the age of 15, especially in Germany, with an AM1 driving licence. The Opel Rocks-e is actually…

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Beauty startup Glamera launches B2B management system for beauty businesses

EGYPT – Glamera, a beauty service booking platform, has launched a new Business to Business (B2B) product that helps customers with beauty salon, gyms and spas, management. Launched in September 2019, Glamera allows users to book appointments with hundreds of contracted providers covering all beauty sections, including salons, clinics, spa, gym, and dental. Co-founders Mohamed Hassan, Omar Fathy and Zafer Al Shehri, sees as a potential game-changer in a local industry that has been crying out for easy-to-use, automated management systems. The startup has tens of thousands of users and…

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Arise B.V invests US$75m in Ecobank Transnational to meet its general corporate obligations

TOGO – Ecobank Transnational Incorporated (ETI), the Togo based parent company of the Ecobank Group, has announced a US$75 million Additional Tier 1 (AT1) investment by Arise B.V, a leading equity investor in Africa. This Basel III compliant instrument is the first AT1 instrument issued by ETI and a landmark transaction in the sub-Saharan Africa region. The investment will optimise and improve ETI’s Tier 1 capital by US$75 million. Basel III is an international regulatory accord rolled out by the Basel Committee, which introduced a set of reforms intended to…

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Tech startup Bumpa secures US$200,000 pre-seed funding round to build e-commerce solutions

NIGERIA – Bumpa, a tech startup, has closed a total of US$200,000 in pre-seed funding round to build e-commerce solutions that help retailers manage and grow their businesses from their mobile phones. Angel investors who participated in the round included Greencap Equity, HOAQ Club, Whogohost Venture Arm, Rizq Investment Group, Microtraction, DFS Labs, Aidi Ventures, Prosper Otemuyiwa, Oo Nwoye, Perfect Makanju, among others. Formerly known as Scalescabal, Bumpa was established in February 2020 – in the wake of the COVID-19 lockdown which made managing a small business in Nigeria more…

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Endeavor Nigeria unveils inaugural cohort of entrepreneurs to support business leaders

NIGERIA – Endeavor Nigeria, the global community of high-impact entrepreneurs, has unveiled the inaugural cohort of entrepreneurs for its new 10-week Endeavor ScaleUp Program that aims to support Nigeria’s most promising, high-impact business leaders. Leveraging Endeavor’s extensive global network, participating entrepreneurs will have access to mentorship, fundraising support, partnerships, and a strong peer network of high impact entrepreneurs who have built and run successful businesses. Seven entrepreneurs from four Nigeria-based start-ups have been selected to participate in the program, which will also provide an opportunity to receive tailored support and…

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Digital continuity solutions Vertiv launches its million-dollar hub in Morocco

MOROCCO – Vertiv, a global provider of critical digital infrastructure and continuity solutions, has announced the launch of its million-dollar hub in Morocco. Vertiv has been operational in Africa for over 35 years, serving its channel partners by offering holistic technology solutions that bring together hardware, software, analytics and ongoing services to enable continuous and optimal running of vital applications for data centers and communication networks, as well as commercial and industrial facilities. The ability to now offer supply of products from Morocco, permits the company to stay true to…

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Egypt joins Africa Finance Corporation as the 32nd member, US$1bn potential investment

EGYPT – Africa Finance Corporation (AFC), a pan-African Multilateral Development Financial Institution, has welcomed Egypt as its newest member state. Egypt’s accession expands AFC’s footprint in North Africa, after Morocco joined in June 2021. As a member, Egypt will enjoy benefits including increased investment allocation, preferred access to AFC’s structuring and lending solutions, reduced debt costs for projects, and access to advisory and project development services. Egypt’s Prime Minister, H.E. Dr Mostafa Madbouly, committed North Africa’s most populous nation to become the 32nd member of the region’s leading infrastructure solutions…

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