CDC Group commits US$60 investment to Mezzanine and BluePeak funds

AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has made a US$60 million commitment under its African Private Credit Fund Strategy, which aims to address a significant credit market dislocation and mid-market financing gap, a situation intensified by the Covid-19 crisis. CDC’s latest commitment covers two investments: a US$30 million investment in Vantage Mezzanine Fund IV which is managed by Vantage Capital, an established Pan-African fund manager; and a US$30 million cornerstone investment in BluePeak Private Capital Fund I, BluePeak’s maiden fund. These commitments will…

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Leadway Assurance becomes first private institutional investor member in InfraCredit

NIGERIA – Leadway Assurance Company Limited has made an equity investment of US$5 million InfraCredit, thus becoming the first private institutional investor member of the shareholder group in InfraCredit. InfraCredit which was established in 2017 and driven by the Nigerian Sovereign Investment Agency (NSIA) is an ‘AAA’-rated specialised infrastructure credit guarantee institution. “InfraCredit is bridging a significant infrastructure gap in Nigeria through the mobilisation of private capital,” Chief Executive Officer (CEO), Leadway Assurance, Mr. Tunde Hassan-Odukale said. “Through the realisation of the critical role an enabling infrastructure plays in the…

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Ergo Media Ventures set to invest and acquire 49% stake in Film Clinic

EGYPT – Ergo Media Ventures, an Egypt-based investment firm, has entered into a definitive agreement to invest and acquire 49% stake in Egyptian production company Film Clinic. This transaction marks Ergo’s first investment since its establishment. It will be used to transform the company into a professional, institutionalised, end-to-end visual media production and distribution entity. The investment will be a combination of equity that will be used to restructure and build the Company, and debt to finance its projects. “The establishment of Ergo Media Ventures, as well as this investment,…

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Global Innovation Initiative Group launches US$100m fund to fuel African tech investments

AFRICA – The Global Innovation Initiative Group (GIIG), has announced the launch of GIIG Africa Fund, a Curaçao-based private investment fund aimed at investing in early-stage tech innovation start-ups across Africa. The GIIG Africa Fund will invest annually in the winners’ pool of start-up participants from the African region of the Global Start-up Awards (GSA), an independent start-up ecosystem competition. Through its multi-platform venture-builders, GIIG says it seeks to develop the largest relationship infrastructure of mission-aligned African innovation stakeholders to accelerate the co-creation of disruptive African solutions. According to a statement, the…

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B2B e-commerce Capiter raises US$33m Series A funding round for its expansion plan

EGYPT – Capiter, a B2B e-commerce startup which brings together manufacturers, brands, wholesalers and retailers on one platform, has raised a US$33 million Series A funding round to power its rapid expansion into digital financial services and additional markets. Capiter is planning on providing more digital financial services and expanding into overseas markets after raising a US$33 million Series A funding round, led by fintech-focused venture firm Quona Capital and MSA, an independent and interdisciplinary investment company. The round also features Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and…

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Software firm Karooooo acquires Picup for US$5m as it eyes South Africa’s e-commerce space

SOUTH AFRICA – Karooooo, a global software company, has acquired a controlling stake in Picup, an on-demand delivery platform for documents, packages, parcels and incidentals, for R70 million (US$5 million). The Johannesburg Stock Exchange-listed Karooooo, which owns South African vehicle tracking and fleet management solutions company Cartrack, now controls 70.1% of the start-up. The firm says that Picup has strong growth prospects, given the acceleration of e-commerce transactions and the demand to digitalize logistics. The Picup platform allows enterprises and transporters to plan and allocate their loads and access real-time tracking…

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Mobility startup Plentywaka announces change of name to Treepz

NIGERIA – Plentywaka, a mobility startup has announced, its change of name to Treepz as it seeks to align the company name with its Pan-African expansion plan. According to the startup, the change of name would take effect immediately as it better represents the company’s vision of building the largest shared mobility platform across Africa. “This name change is a result of in-depth discussions with our stakeholders, partners and staff. After we discovered that the term “WAKA” can mean different things across Africa, which may be completely different from travel…

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Tanzania ratifies Africa free trade area treaty

TANZANIA – The government of Tanzania has ratified the agreement establishing the African Continental Free Trade Area (AfCFTA), joining a pact connecting countries with a total gross domestic product of US$3.4 trillion. AfCFTA was first opened for signing in April 2018 but came into application in 2019 after the requisite minimum of 21 of the 55 member states ratified it. Tanzania had not formally joined although former President John Magufuli signed on the agreement in 2019. After signing, parliamentary approval is required for the ratification of the agreement. Its East…

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Sanlam sells UK life and pension unit for US$54m

SOUTH AFRICA – Financial services firm Sanlam, is selling its 100 percent shareholding in subsidiary Sanlam Life & Pensions UK to Chesnara, a pensions and protection consolidator for US$54 million (R764 million). Sanlam said the sale was in line with its strategy to simplify its UK operations and reallocate capital to Africa and other selected emerging markets. The transaction is subject to regulatory approvals in South Africa and the UK and is expected to be completed in early 2022. Chesnara said Sanlam Life & Pensions UK would add US$4 billion…

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Prudential Plc partners with Invest Africa to support ESG-focused investments across the continent

AFRICA – Prudential Plc has partnered with Invest Africa, a leading trade and investment platform for African markets, to support the development of Environmental, Societal and Governance standards. The partnership will center around Invest Africa’s flagship program, The Africa Debate, which sees the Continent’s business leaders and policymakers assemble annually to discuss future investment priorities for the region. Arjun Mallik, Managing Director, East Africa, Prudential plc, will join a discussion with leading figures in risk management, finance, business and law to outline why ESG policies should be a priority for…

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