Benin invests in 11 startups under Oumandéra funding scheme

BENIN – The government of Benin has invested in eleven startups under the Oumandéra funding scheme, after several phases of selection. The funding will enable them to boost their businesses. The eleven startups are part of the first class of 2020–2021 under the Digital Entrepreneurship Support Fund (FAEN). The eleven Beninese startups received checks worth 10 million to over 29 million CFA francs (US$ 18,430 – 53,460), depending on the relevance of their development needs. “Housed under the Digital Entrepreneurship Support Fund (FAEN), Oumandéra is a grant worth between 5…

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Sasol agrees to sell 30% interest in ROMPCO to an acquisition vehicle

MOZAMBIQUE- Energy and chemical company Sasol South Africa (SSA), a subsidiary of Sasol, has concluded a sale and purchase agreement (SPA), to sell a 30% equity interest in the Republic of Mozambique Pipeline Company (ROMPCO), subject to pre-emptive rights by other shareholders. In a statement, Sasol said ROMPCO is a joint venture between SSA (50%), Companhia Mocambiçana de Gasoduto S.A. S.A.R.L (CMG) (25%) and South African Gas Development Company (SOC) Limited (iGas) (25%). The joint venture owns the 865km gas transmission pipeline from Mozambique to South Africa. The company said…

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Investment firm Convergence Partners gets green light to acquire Ctrack

SOUTH AFRICA – The Competition Commission of South Africa has granted investment firm Convergence Partners regulatory approval to acquire Ctrack, vehicle tracking, fleet management, and insurance telematics solutions company. Convergence Partners, a tech investor in Africa, initially announced in February 2021 that it had entered into an agreement with Inseego to acquire 100% of Ctrack’s operations in Africa and the Middle East. The Ctrack investment was conducted though the Convergence Partners Digital Infrastructure Fund (CPDIF) and required customary conditions, including approval by the Competition Commission (CompCom), which has now been granted. Announcing…

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Econet’s Cassava Fintech partners Mastercard to advance digital inclusion across Africa

AFRICA – The Econet Group, through its subsidiary, Cassava Fintech International has entered into a strategic partnership with Mastercard to advance digital inclusion across Africa and collaborate on a range of initiatives including expansion of the Africa Centres for Disease Control (CDC) TravelPass. TravelPass is a digital health pass developed by Cassava Fintech and offered in conjunction with the Africa Centres for Disease Control and Prevention (Africa CDC). It is accessible to users of Cassava Fintech’s Sasai SuperApp, and is recognised as one of the leading initiatives in the fight…

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Trinitas foundation to invest in 10 startup ventures in various industries

NIGERIA – Trinitas Foundation, one of Nigeria’s charity foundations, is set to give out an investment fund of N20 million (US$48,760) to 10 startups ventures across Technology, Agriculture, Small Scale Manufacturing, Entertainment and Media, Fashion, Beauty and Lifestyle and Food Industries. The new initiative is the Trinitas Investment Programme, an annual startup pitch competition. The project is a strategic approach to highlight one of the key missions of the foundation, which is to empower and foster opportunities and possibilities for emerging African ventures across the target six industries. “Overtime we…

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Kuehne+Nagel completes acquisition of Apex Logistics

WORLD – Global transport and logistics company Kuehne Nagel, has completed the acquisition of Apex International Corporation, following the satisfaction of all closing conditions. Apex is an Asian freight forwarder, especially on the transpacific and intra-Asia trade routes. In 2020, the company generated turnover of CHF 2.2 billion (US$2.4 billion), gross profit of CHF 296 million (US$327 million) and earnings before taxes of CHF 126 million (US$139 million) and ranked seventh in terms of global air freight forwarding volume. In the first quarter of 2021, Apex has continued to perform…

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Maviance secures US$3m from MFS Africa to expand into other countries

CAMEROON – MFS Africa, a pan-African fintech company operating a digital payments hub on the continent, has provided seed investment of US$3 million to Maviance, a Cameroon-based fintech provider. Maviance will be using the new funding to increase its footprint in its Cameroon and to expand into other countries in the central African economic region (CEMAC).   “The rapid development of digital financial services that we have seen in Cameroon over the past few years is poised to spread across the CEMAC region. This will further accelerate the demand for domestic…

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Hospitality investment platform Kasada Capital Management acquires the largest hospitality complex in Namibia

NAMIBIA – Sub-Saharan hospitality investment platform Kasada Capital Management, has announced the acquisition of the 414-key Safari Hotels and Conference Centre in Windhoek, Namibia. The transaction will be made through Kasada Hospitality Fund LP and remains subject to approval by the Namibian Competition Commission. The hotel complex is strategically located within ten minutes of Windhoek’s city centre and adjacent to Eros Airport. It consists of the 215-key Safari Court Hotel, the 199-key Safari Hotel and Namibia’s foremost Meetings, Incentives, Conferencing, Exhibitions (MICE) venue, the Safari Court Conference Centre that includes a…

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Investor Transactional Capital begins WeBuyCars takeover discussions

SOUTH AFRICA – Investor group Transactional Capital has opened formal negotiations with WBC Holdings to acquire controlling shares in online, vehicle retailer WeBuyCars. The Johannesburg Stock Exchange -listed Transactional Capital announced that it’s seeking to increase its stake in WeBuyCars from the current 49.9% shareholding to 74.9% and take charge of the online retailer. WeBuyCars is a dealer in used vehicles in South Africa. The car dealer purchases used vehicles mainly from private sellers and then on-sells them to used car dealers and private consumers. In a note to shareholders,…

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E-tourism startup Wantotrip raises funds from business angels for its development

TUNISIA – Wantotrip, an E-tourism startup that aims to revolutionize travel, has announced that it is raising the funds from investors and Business angels, for its development. Created in 2019, Wantotrip is a travel platform that uses the power of influencer marketing to promote themed, small-group trips operated by partner travel agencies and supported by community leaders. Chahrazed Remadi and Makrem Hermassi, the co-founders of Wantotrip, have succeeded in successfully carrying out their young startup hit by the health crisis and which – not only comes out more solid –…

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