Construction-tech startup ConDigital raises pre-seed funding round

EGYPT – ConDigital, an Ethiopian construction-tech startup, has raised an undisclosed amount in pre-seed funding round to help it cement its presence at home and expand into the wider East African region. The pre-seed funding round was piloted by an angel investor in the United States of America and included other angel investors from East Africa, Asia and Europe. “We created ConDigital to serve real issues that have dire effects on our country and continent. Infrastructure is at the heart of the African renaissance; we envision that ConDigital will play…

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Amped Innovation secures US$6m working capital facility from EDFI ElectriFI

NIGERIA – EDFI ElectriFI, an impact investment facility funded, is injecting a US$6 million revolving working capital facility to Amped Innovation, a company designing and supplying high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world. US$4 million will come from EDFI EectriFI’s global facility and US$2 million from the Nigeria Country Window. Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold-chain appliances and DC-AC inverters. The company’s products offer high quality, reliable technology solutions that are also affordable…

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Hospitality group Accor announces plans for Fairmont Djibouti

DJIBOUTI – Accor, a globally renowned hospitality group, is including a brand-new flagship property to its portfolio in Africa with Fairmont Djibouti. Set to open in 2024, the resort will function 155 rooms and ten serviced residences, with 5 meals and beverage retailers mixed with 1,398 sqm of occasions amenities. Situated in Djibouti Metropolis, the capital of Djibouti and one of many nations’ most prosperous areas, the property can be strategically positioned by the seaside in Plateau Du Serpent providing its guests handy proximity to the port of Djibouti. As…

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Electronics company LG launches its new brand shop at TRM

KENYA – LG Electronics (LG), a South Korean multinational electronics company, has unveiled a new brand shop at Thika Road Mall (TRM) in its campaign to take its products and services closer to consumers. The new shop is the latest outlet in LG’s strategy to increase its market footprint in the East African region with new stores in strategic locations that have high sales potential, backed by technical expertise before and after sales to attract and retain customers. This brings to four the number of Brandshops the company has so…

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Mastercard launches new Sustainability Innovation Lab to empower businesses and consumers

GLOBAL – Mastercard, an American multinational financial services corporation, has announced the launch of its new Sustainability Innovation Lab, which will spearhead the further development of the company’s portfolio of environmentally conscious digital products and solutions. The Lab will focus on ways to empower businesses and consumers to transform how they produce, distribute and purchase products and services, ensuring both people and the planet can thrive as the global economy rapidly digitizes.  In support of the EU Green Deal, Mastercard selected Stockholm, Sweden as the home of the global Lab…

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Swvl partners various Egyptian banks to fund the provision of 14-passenger vehicles

EGYPT – Swvl, an Egyptian ridehailing startup, has announced a partnership with various Egyptian banks to fund the provision of 14-passenger vehicles to independent drivers working on Swvl’s unfixed transportation routes. This would help young people earn more money while also supporting the state’s efforts in this area. It will also help the transportation sector, which is expanding rapidly. Swvl’s head of city trips, Ahmed El-Demerdash, said the company has achieved an agreement with Nasser Social Bank to finance passenger vehicles of various brands and models in the Egyptian market…

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