Tlou Energy signs 10MW PPA with Botswana Power Corporation

BOTSWANA – Tlou Energy, an Australia-based company engaged in the exploration and evaluation of Coalbed Methane (CBM) natural gas and development of solar power generation, has signed a 10MW Power Purchase Agreement (PPA) with the Botswana Power Corporation (BPC). Under the terms of the PPA, BPC will purchase up to 10MW of power generated at Tlou’s Lesedi power project, to be sold into the local power grid. The PPA is for an initial five-year term with the 10MW project being the first phase of Tlou’s planned power project expansion. Tony Gilby,…

Read More

AfDB extends US$350,000 grant for technical assistance to deepen national capital markets in Cape Verde

CAPE VERDE – The African Development Bank Group (AfDB) has approved US$350,000 in grant funding for technical assistance to consolidate the country’s capital markets strategy and increase the liquidity of its fixed income markets.    The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank. The national stock exchange, Bolsa de Valores de Cabo Verde (BVC), will use the funds to develop a capital markets masterplan and upgrade current infrastructure to stimulate liquidity in secondary bond markets. “We are…

Read More

Liquid announces new Asia-USA global internet transit route via Africa

DRC- Leading pan-African technology group Liquid Intelligent Technologies has announced the launch of its shortest terrestrial fiber route between the East to the West coasts of Africa, connecting Mombasa, Kenya to Muanda, Democratic Republic of Congo (DRC). With the completion of this route, Liquid establishes a new global Internet transit route between Asia and the USA through Africa, avoiding high-risk bottlenecks in the Middle East and Europe. The new route will also serve tens of millions of people in Africa’s landlocked cities, towns, and villages. Access to high-speed connectivity is…

Read More

Tech startup Elmawkaa raises Seed round to expand its suppliers base

EGYPT – Cairo-based construction tech startup Elmawkaa has raised a six-figure Seed round headed by Flat6labs and joined by a group of Oqal investors from Saudi Arabia.   Elmawkaa plans to use the funds to onboard 2,000 suppliers and complete 4,000 transactions worth US$2 million in gross merchandise value.  “We are not a listing or ordinary marketplace, we are digitalising and innovating the process of buying building materials through a bidding process and our matching algorithms,” Ebrahem Anwar, the co-founder and CEO of Elmawkaa said.     “Which we built with our hands that deliver accurate and competitive quotations based on our experience in engineering,…

Read More

Rent Small Small startup to join Techstars Toronto accelerator programme

NIGERIA – Rent Small Small, a prop-tech startup, has been accepted to join the latest cohort of the Techstars Toronto accelerator programme, securing US$120,000 in funding and assistance in scaling.  It has been selected to take part in the latest Techstars Toronto accelerator, which kicks off this month, following fellow Nigerian startups TalentQL and Plentywaka (now Treepz), who took part in the same programme earlier this year.  The 13-week Techstars Toronto accelerator programme is designed to provide mentorship, funding and access to the Techstars network. It culminates with a demo day at which selected startups will pitch to a carefully curated group of investors. Startups also secure US$120,000 in equity investment. …

Read More

Life science startup Nawah Scientific offloads strategic stake to Essam Abdelhadi

EGYPT – Nawah Scientific, an Egypt-based life science startup, has sold a strategic stake to Essam Abdelhadi, the former vice president Middle East, Turkey, Africa and Pakistan (METAP) of Abbott, a US-based healthcare multinational, ahead of its upcoming Series A round.  Having concluded a US$1 million pre-Series A round earlier in the year, Nawah Scientific is now working on a Series A, and has part of that has secured backing from Abdelhadi and added him to its advisory board.   The startup recently expanded to Jordan, and is also growing its offerings to pharmaceutical companies to…

Read More

Logistics startup ILLA raises investment round to accelerate its market growth

EGYPT – ILLA, the FMCG logistics startup, has raised a seven-figure investment round to accelerate its market growth and extend its offering within the FMCG value chain.  It intends to use the funds to expand its domestic market and improve its user experience.    Watheeq Financial Services and Golden Palm Investments co-led the round. Loftyinc Capital Management, Kepple Africa Fund, Cubit Ventures, AUC Angels, Oqal Angel Network, and FLat6Labs Cairo all participated in the round, with the latter doubling down on its investment in ILLA for the third time.  “ILLA will use the funds to fuel its expansion and growth…

Read More

EDFI and GET.invest to inject US$12.34m in renewable energy in Burundi

BURUNDI – The European Union (EU) is launching its EDFI ElectriFI and GET.invest programs with the aim of encouraging private investment in renewable energy in Burundi. The aim of this funding is to support the electrification of Burundi, one of the least developed countries on the African continent. The first is the EDFI ElectriFI (Electrification Financing Initiative) program, which is an impact investment facility that finances start-up companies and private projects, focusing on new or improved electricity connections and generating capacity from clean energy sources. EDFI ElectriFI supports the development…

Read More

Digital bank PaySika secures US$349,620 startup capital to begin its operations

AFRICA – PaySika, a digital bank focusing on Francophone Africa, has received startup capital of 300,000 euros (US$349,620).   The activity marks the neobank’s first fundraising effort since its inception in February 2020.  The company, which was co-founded by Cameroonian Roger Nengwe and his colleague Stezen Bisselou, intends to use this funding to “attract new additional profiles and continue its development by creating more fluid, safe services that fulfill user expectations.”  It hopes to begin operations in the first quarter of 2022, with the help of a consortium of French, British, and Nigerian investors. It will first deploy in…

Read More

Prudential Insurance Plc appoints new team to spearhead its growth in East and Central Africa

KENYA – The United Kingdom headquartered insurance firm Prudential has appointed a new team to drive growth in East and Central Africa. In a press statement, the company said it has picked Arjun Mallik, formerly Chief Executive Officer of Prudential Uganda to oversee operations in the region that covers Kenya, Uganda, and Zambia. He is credited for steering the Prudential Insurance brand in Uganda for the past five years and was recently named the Most Innovative Life Insurer in Uganda by the Insurance Regulatory Authority of Uganda.  The firm which…

Read More