Property startup Nomad Homes closed US$20m Series A funding round

EMEA – Nomad Homes, a property technology startup that offers an end-to-end buyer experience for real estate across Europe, the Middle East and Africa, has closed a US$20 million Series A funding round. The round is co-led by 01 Advisors, an investment fund co-founded by former Twitter executives Dick Costolo and Adam Bain, and The Spruce House Partnership, a New York based investment partnership. Nomad pairs technology with local customer service experts to equip home buyers with the confidence to buy their best home, resulting in the simplest, most customized…

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BluePeak Private Capital raise over US$100m for its flagship private credit and mezzanine fund

AFRICA – BluePeak Private Capital has raised over US$100 million for the initial closing of its flagship private credit and mezzanine fund, BluePeak Private Capital Fund I as it targets a final close of US$200 miillion with a hard cap of US$250 million. “I am particularly delighted and pleased to have reached this important milestone for BluePeak. It’s quite an achievement for a firm that was launched less than 2 years ago,” Walid Cherif, co-founder and Managing Director of BluePeak Private Capital, said. “The quality of investors who supported us…

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Egyptian state-controlled banks set to launch US$64m for start-ups in fintech space

EGYPT – Three Egyptian state-controlled banks are set to launch US$63.5 million (EGP 1 billion) fintech fund to support start-ups in the fintech space and international outfits that want to establish in the Egyptian market, concerned banks have said in a statement. The fund will be founded on President Abdel Fattah El Sisi’s orders by the National Bank of Egypt, Banque Misr, and Banque du Caire, with a minimum capital of EGP 1 billion (US$63.6m). The fund is open to participation from other financial institutions. Aside from providing support, the…

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Àrgentil Capital Management achieves final closing of clean energy company FMGSL

NIGERIA – Àrgentil Capital Management Limited has announced that it has successfully achieved a financial closing for First Modular Gas Systems Limited (FMGSL), a clean energy company founded by the firm alongside Dharmattan Gas Facilities Limited. This allows FMGSL to drawdown on equity and debt financing to develop its first gas processing plant in Anambra State, Southeastern Nigeria. The total project cost for this first plant is estimated to be US$16 million. The new investment in FMGSL is from the Africa Infra Plus Fund (AIPF), a NGN40.5 billion (US$98.11m) Special…

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Logistics startup Yobante Express raises US$1.2m funding round for its expansion plans in Africa

SENEGAL – Yobante Express, a logistics startup, has raised a US$1.2 million bridge funding round as it looks to build on its impressive growth. This round has come ahead of a Series A it will open at the end of the year. The funding comes from Grenfell Holdings, Launch Africa Ventures, R-Ventures, Libertad via its investment branch Aguila Investments and a pool of local and high international angel investors. The funding will be used to help the startup reach critical mass in South Africa and Nigeria. According to the Co-founder…

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DRC pays US$2.5m for additional stake in Shelter Afrique

KENYA – Pan-Africa housing development financier, Shelter Afrique has received US$2.5 million in additional capital subscription from the Government of the Democratic Republic of Congo (DRC). The Additional stake now takes DRC’s shareholding to 1.68% up from 0.74% held previously. While receiving the contribution, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah thanked the Government of the Democratic Republic of Congo for improving its stake in the company, the prevailing economic conditions notwithstanding. “We are grateful to the government of the Democratic Republic of Congo for making…

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Afreximbank, AfCFTA kick off pan African payment and settlement system

AFRICA – The African Export-Import Bank (Afreximbank) and the Secretariat of the African Continental Free Trade Area have announced the rollout of the Pan African Payment and Settlement System (PAPSS) aimed at enabling African countries to make instant cross-border payments in local currencies. “PAPSS would serve as a continent-wide platform for the processing, clearing, and settling of intra-African trade and commerce payments, leveraging a multilateral net settlement system. Its full implementation is expected to save the continent more than US$5 billion in payment transaction costs each year,” according to an official statement.…

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MarketForce appoints FMCG distribution veteran Arthur Bourekas as Chief Commercial Officer

KENYA – MarketForce, Kenya and Nigeria-based B2B platform for retail distribution of consumer goods and digital financial services in Africa are pleased to announce the appointment of Arthur Bourekas as the Chief Commercial Officer, effective 1st October 2021. Mr. Arthur has over 25 years of experience executing commercial growth, logistics and distribution in some of the most challenging countries in the world. He worked for A.G. Leventis (Nigeria) PLC and PZ Cussons in Nigeria, Indonesia, Malaysia and Australia. He is a veteran FMCG distribution expert in Africa, where he has…

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Fintech startup Fin-e Innovations raises US$300,000 to bridge funding gap of African energy SMEs

UGANDA – Fin-e Innovations, a fintech start-up based in Uganda, has closed pre-seed funding of US$300,000 from an undisclosed party in the United States. The company intends to address the glaring financing gap among local energy SMEs in Africa through an innovative platform connecting last-mile distributors (LMDs) directly with investors. This platform offers different advantages such as reducing investment risk, speeding up the investment cycle, and allowing for small ticket size investments and it will now run its pilot in Uganda, home to a buoyant energy SME eco-system, and later…

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Ethiopia invites bids for second telecoms license

ETHIOPIA – Telecommunications regulator Ethiopian Telecommunications Authority, has invited a request for proposals for a second national telecoms license. Marking the next phase of the widely heralded liberalization of Ethiopia’s telecoms market, the second license (License B) is due to be issued in January 2022, introducing a third telecoms operator to compete alongside Ethio Telecom and the Global Partnership for Ethiopia (Safaricom Telecommunications Ethiopia PLC), and help boost the digital transformation in the country. Since winning the first license (License A) in June 2021, the Global Partnership for Ethiopia has quickly…

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