Inspiring Sustainable Business in Africa
KENYA – Nigerian investtech startup GetEquity has expanded to Kenya as it looks to connect more African startups with funding opportunities. The East African growth is led by Eve Mumbiwho says that providing knowledge-sharing opportunities was high on GetEquity’s agenda as it made expansion plans in the market. “Businesses do not exist in a vacuum, therefore having first-hand knowledge of…
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KENYA – Moringa School, an intensive tech education program, has received an investment from Proparco to support its expansion outside Kenya. Moringa has been training high school/university graduates to be software engineers and data scientists for the past 7 years in Kenya and has trained over 4,000 students with an employment rate of over 85%. The investment from Proparco will…
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KENYA – Kazera Global, a UK company, has signed a deal to acquire a 71% stake equivalent to US$919,353 (£750,000) in Great Lakes Graphite-a Canadian firm that has vast interests in rare metal mines in the Nyanza region, Kenya. Kazera will pay £250,000 (US$306,451) in the first tranche at 1.5p per share, and £250,000 (US$306,451) in the second tranche at…
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KENYA – The Zambia Development Agency (ZDA) and the Kenya Investment Authority (KenInvest) have signed a five-year Memorandum of Understanding (MoU) aimed at enhancing the cooperation of the two institutions in investment promotion and exchange of investment-related information. Through the MoU the two institutions have established a practical framework for the development of stronger business relations and strengthening of institutional…
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NAMIBIA – Namibian state-owned utility, NamPower, has inaugurated the utility’s first fully owned 20MW photovoltaic (PV) power plant in Omaruru in the Erongo region. The Omburu PV project which took 15 months to complete, was constructed through a joint venture between Hopsol Africa and Tulive Private Equity. According to Nampower, the plant, which occupies 40 hectares, is expected to supply…
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TANZANIA – Nomanini, a fintech platform, has launched a new supply chain finance solution called StockNow that connects Fast-moving consumer goods (FMCGs) and financial service providers to serve Africa’s informal retailers at scale. StockNow, an app for retailers developed by Nomanini, makes it possible for informal micro and small retailers to purchase stock digitally. The StockNow app connects informal retailers…
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EGYPT – valU, an Egypt-based Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, has announced that Fawaz Abdulaziz Alhokair, Salman Abdulaziz Alhokair, and Abdul Majeed Abdulaziz Alhokair – Alhokair Family- have agreed to acquire a 4.99 percent stake in valU for US$12.4 million, valuing the company at US$247.4 million. The transaction, which is currently subject to relevant regulatory approvals and the fulfilment…
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KENYA – French private fund Amethis and World Bank’s International Finance Corporation (IFC) have sold an estimated 30 per cent stake in Naivas Supermarket, a retail chain in Kenya. According to a press-release by Naivas, IBL Group, largest conglomerate in Mauritius has led a consortium of investors i.e., Proparco, a subsidiary of Agence Francaise de Developpement (AFD) and DEG, subsidiary…
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MOROCCO – Jodop, the Casablanca-based temporary staffing startup, has announced that it has secured US$1 million in seed funding from Azur Innovation Fund, a Moroccan innovation-focused fund. Jobop raised the funds from Azur Innovation Fund through the Plug and Play program, a Silicon Valley-based initiative aiming to stimulate the growth of the global startup ecosystem by connecting startups to venture…
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CAMEROON – The Board of Directors of the African Development Bank (AfDB) has approved a €39.62 million (US$41.73m) loan to Cameroon to improve road access to the industrial and port areas of Kribi, in the south of the country. Designed for implementation of the second phase of the Kribi Industrial and Port Area Access Roads Development Project, the funds will…
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