CDG Invest PME sells majority stake in MedTech companies

MOROCCO – CDG Invest PME (CIP), a leading Morocco-based private equity firm and Techniques Science-Santé (T2S), IM Alliance, Cyclopharma and Binarios have announced the signing of an agreement for the sale of a majority stake in MedTech companies in Morocco to funds managed by Helios Investment Partners. Founded in 1992 by M. Abderraouf Sordo as well as other managers, the Group has grown to become the leading medical equipment distributor and maintenance provider in Francophone Africa, generating revenues of EUR100 million (US$118.72m) in 2020. “Today’s milestone is a testimony of…

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AI company Macro-Eyes secures US$2m funding to expand in two additional countries

SIERRA LEONE – Macro-Eyes, a machine learning company increasing access to care, has received US$2.1 million in funding to expand the deployment of STRIATA in collaboration with the Ministry of Health and Sanitation (MoHS) in Sierra Leone and to expand into two additional countries. This additional funding will support two years of STRIATA deployment in Sierra Leone. Strategic rollout and preliminary use cases are being guided by the MoHS through the Intelligent Health Systems Technical Working Group facilitated by Macro-Eyes. The expansion in Sierra Leone will focus on integrating the…

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Gaming startup GamesBandy secures US$40,000 grant from Taqadam

EGYPT – GamesBandy, a gaming startup, has received a US$40,000 grant from Taqadam, a MENA startup accelerator, to help it expand its platform and widen its horizons. Founded in 2020, Gamesbandy is the first platform in the region to provide users with a safe and simple way to buy and sell gaming accounts and related accessories. Gamers can sell their old high-level accounts to those who prefer to pay rather than start at the beginning. The startup has more than 1,500 users from 24 countries, and in June raised a…

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Fintech startup Kuda Bank raises US$55m in Series B funding in its expansion plan

NIGERIA – Nigerian fintech startup, Kuda Bank has raised US$55 million in Series B funding as it looks to expand into other African countries and launch new product offerings for its Nigerian market. The funding was made at a US$500 million evaluation and comes after raising a US$25 million Series A in March 2021 and a US$10 million seed round in November 2020. With a US$1.6 million pre-seed raise in September 2019 and a US$15,000 pre-seed in 2018, its total raise comes to US$91.6 million. The round was co-led by…

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Eight Egyptian startups graduate from 16th Flat6Labs Cairo Seed Programme

EGYPT – Eight Egyptian startups have graduated from Flat6Labs Cairo Seed Programme’s 16th cycle, which comes after over 230 hours of online business training to help them grow their customer base, refine their offerings, expand to new markets and build strategic partnerships. Flat6Labs’ seed programme in Cairo provides a steady pipeline of 18 to 20 new promising startups to the local VC market every year. In fact, the eight graduating startups have been filtered from around 1000 applications coming from all over Egypt.  “As the startup ecosystem in Egypt continues…

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Back female owned-DLO Resources acquires Conco Energy Solutions

SOUTH AFRICA – DLO Resources, a black female-owned strategic investor has acquired 51% of Conco Energy Solutions, the subsidiary of Consolidated Power Projects, to create South Africa’s first majority-black female-owned EPC and O&M in the automation and protection space. Conco Energy Solutions has been acquired by a 100% black-owned company with a 51% female majority shareholding held by Linda Mabhena-Olagunju. Mabhena-Olagunju is a Founder and CEO of DLO Resources Group, a 100% female-owned renewable energy developer and strategic investor. The move will see the company change its name to DLO…

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Fintech startup CreditFins secures Pre-Seed funding round

EGYPT – CreditFins, Credit Card management platform and fintech startup, has successfully acquired an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment. This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500,000) Egypt observed in H1 2021 YoY. Fintech startup CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower…

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Qatar Investment Authority invests US$200m in Airtel Africa’s mobile money unit

AFRICA – Telecoms operator Airtel Africa has announced that it has secured another investment from Qatar Holding LLC for its mobile money arm. Qatar Holding LLC IA is an affiliate of the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar with over US$300 billion in assets. The Middle Eastern corporation is set to invest US$200 million into AMC BV through a secondary purchase of shares from Airtel Africa. In April 2021, Mastercard invested US$100 million in Airtel Mobile Commerce BV (AMC BV) — the mobile money business of telecom Airtel Africa…

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Fintech startup Piggyvest acquires Savi.ng to build its customer base

NIGERIA – Piggyvest, a fintech startup which helps around three million users save and invest money, has acquired counterpart Savi.ng as it looks to build its customer base further. Launched in 2016 as Piggybank before a 2019 rebrand, Piggyvest is an online savings and investment platform targeted primarily at low and middle income Nigerians, allowing them to deposit and put aside small amounts on a daily, weekly or monthly basis. The startup has seen strong growth, repaying billions of naira to its users and already surpassing its 2020 figures in…

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Sibanye-Stillwater to acquire French nickel refinery Eramet for US$77m as it advances its battery metals strategy

SOUTH AFRICA – Precious metals miner Sibanye-Stillwater has taken the next step in expanding its footprint in the battery metals sector by entering into an exclusive put option agreement with French mining group Eramet to acquire the Sandouville nickel hydrometallurgical processing facility, in France, for €65 million (US$77.4 million) according to Mining Weekly. The companies expect the deal to conclude by the end of 2021, pending regulatory approvals. Eramet can exercise the put option upon the completion of the consultation process with the relevant Eramet works councils, which is standard for…

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