InfraCo Africa commits additional US$2.4m in Bonergie Irrigation SAS, acquires large minority shareholding

SENEGAL – InfraCo Africa, an investment company and part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement and a Loan Agreement with Bonergie Irrigation SAS to continue supporting the scale-up access to solar-powered irrigation solutions in Senegal. Under the new agreements, InfraCo Africa will hold a large minority shareholding in Bonergie Irrigation, committing an additional US$2.4 million to scale up farmers’ access to solar-powered irrigation solutions in Senegal. “We are excited to continue working with our partners at Bonergie Irrigation to substantially scale up our offering…

Read More

Blockchain startup Pravica secures direct investment from Crypto Valley Venture Capital

EGYPT – Pravica, a B2B communication startup based in Cairo, has secured an undisclosed direct investment from Crypto Valley Venture Capital (CV VC), the leading Swiss venture capital firm and incubator specialising in global blockchain business investment. The latest investment from CV VC will be used to expand Pravica’s messaging app to more users, with a goal to bring onboard 5000+ enterprises with approximately 500,000 users combined by the end of FY 2022. CV VC announced its investment in Pravica ahead of the first cohort demo day of Stacks Accelerator,…

Read More

Crypto exchange Yellow Card secures US$15m Series A for its expansion plan

AFRICA – Yellow Card, the Pan-African cryptocurrency exchange, has announced a US$15 million Series A, to expand its personnel, develop new products, and expand into more African countries. The round, which is the largest ever by an African cryptocurrency exchange, was led by Valar Ventures, Third Prime, and Castle Island Ventures with participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more. Third Prime was appointed to the crypto company’s board of directors as a result of the latest investment.…

Read More

Last mile delivery Gokada expands its services to Ibadan

NIGERIA – Gokada, the last mile delivery, logistics and transportation start-up, has launched in Ibadan following consolidated growth in Lagos, as part of its expansion strategy. Following the recent successful launch of its Super App, the company is rolling out operations in Ibadan across its food delivery (GFood) and logistics services (GSend), with plans to resume ride-hailing (GRide) and e-commerce (GShop) later in the year. As one of Nigeria’s crucial commercial centres with a close proximity to Lagos, Ibadan offers significant demand for Gokada’s unmatched last mile delivery services. The…

Read More

KQ and South African Airways plan to start a pan-African airline

KENYA – National carrier Kenya Airways (KQ) and South African Airways (SAA), have signed a co-operation strategic partnership with the ultimate goal of co-starting a Pan-African Airline Group, reports Capital FM. The co-operation is among others, aimed at addressing the significant contraction witnessed in the history of the African air transport market which shrunk 50 percent in the wake of COVID-19. In a press statement, Kenya Airways noted that the memorandum of cooperation will be based on mutual benefits which seek to see an increase in passenger traffic, cargo opportunities,…

Read More

Investment firm Sakhumnotho buys stake in EV firm Everlectric

SOUTH AFRICA – Investment firm Sakhumnotho Group has invested in Everlectric, a start-up that deploys globally imported electric vehicle (EV) technology in the logistics value chain in South Africa. South African-based Everlectric offers commercial electric vehicles and EV components to organizations in the transport industry, as well as EV financing solutions to reduce the barrier to EV adoption for clients. Black-controlled Sakhumnotho has a diversified portfolio, including interests in mining and resources, oil and gas, property, green energy, manufacturing and various other sectors. The investment firm says it has entered…

Read More

Credit Immobilier et Hotelier secures US$29m from EBRD, GCF, EU to support green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.20m) to Credit Immobilier et Hotelier (CIH Bank) to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.90m) will be provided by the EBRD and €6.25 million (US$7.30m) by the GCF, will be extended as sub-loans by CIH Bank to local citizens, small and medium-sized enterprises (SMEs) and corporates for investments in climate…

Read More

Azur Innovation Fund invests US$390,000 in transport and logistics startup Cloud Fret

MOROCCO – Azur Innovation Fund, a public-private seed fund aimed at providing money to creative Moroccan entrepreneurs has invested US$390,000 in Cloud Fret. It is the fund’s second investment following that of Epicerie Verte. Cloud Fret is a transport and logistics startup founded in 2020. Its platform connects loaders and transporters as it aims to eliminate empty returns of trucks between the two ends of the Mediterranean. Its aim is to optimise the transport of trucks with the help of artificial intelligence which can track the movement of empty cargo…

Read More

2Africa becomes world’s longest subsea cable system

SOUTH AFRICA – The 2Africa consortium, comprising of China Mobile International, Facebook, MTN GlobalConnect, Orange, STC, Telecom Egypt, Vodafone and WIOCC, has announced the addition of a new segment – the 2Africa PEARLS branch – extending to the Arabian Gulf, Pakistan and into India. This extension will bring the total length of the 2Africa cable system to over 45,000 kilometres, making it the longest subsea cable system ever deployed. Now connecting three continents, Africa, Europe and Asia terrestrially through Egypt, 2Africa creates unique connectivity by adding vital landing locations in Oman…

Read More

Kenya Airways commences direct Johannesburg – DRC cargo services

DRC – The flag carrier airline of Kenya, Kenya Airways (KQ), has launched direct cargo flights between South Africa and the Democratic Republic of Congo. The move comes after the airline signed a Memorandum of Agreement (MoU) with fly Congo Airways that would increase air connectivity and strengthen operations amid the effect the COVID-19 pandemic had on the aviation industry. Previously, all traffic departing from Johannesburg had to pass through Nairobi. “We are delighted to mark our newly launched direct cargo flights between South Africa & the DRC at a…

Read More