Boabab raises US$11.7m for its solar home systems and digitalization

AFRICA – Pan-African company Baobab+, has just raised US$11.7 million from Norwegian fund Norfund to finance electrification and digitalization in several African countries. The fundraising will allow the company to develop its markets and expand its network. The sum will also allow Baobab+ to expand its activities in the southern part of Africa with the main objective of serving one million households over the next five years. The funding will also facilitate the company’s development in the Democratic Republic of Congo and Nigeria. The targeted areas are those with little…

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Vodacom eyeing additional stake in Safaricom Telecommunications Ethiopia

ETHIOPIA – Vodacom Group has signed a deal that could see it buy an additional 10.9 percent stake in Safaricom Telecommunications Ethiopia from UK’s sovereign wealth fund CDC Group at a cost of US$1.74 billion in the coming years. The deal, if completed, will raise Vodacom’s interest in the newly formed telco to 17.1 percent. The South African telco currently owns a 6.2 percent stake in the Ethiopian firm through the Netherlands-registered investment vehicle Vodafamily Ethiopia Holding Company. “As part of the transaction agreements, Vodacom has granted a put option…

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Tanzania ups its stake in Shelter Afrique to 1.54%

KENYA – The Government of Tanzania has increased its stake in Shelter Afrique after paying US$2.7 million in additional capital, the pan-African housing development financier has disclosed. The additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously. Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively. Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence…

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James Finlay divests from flower business with sale of Kericho farm

KENYA – Black Tulip Group has bought Kericho-based flower farm from James Finlay Kenya for an undisclosed amount as the latter focuses on its tea and coffee business. The sale will see workers at the Lemotit farm in Londiani, Kipkelion East, which produces roses and cut flowers for the United Kingdom and European markets, declared redundant. “The sale of Lemotit farm marks the end of Finlay’s restructuring to concentrate fully on the beverage market,” said Stephen Scott, Finlay Flowers General Manager. Black Tulip is expected to take over the business…

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Afreximbank’s FEDA makes inaugural investment into Liquid Intelligent Technologies

AFRICA – African Export-Import Bank (Afreximbank) has announced that its subsidiary, Fund for Export Development in Africa (FEDA), has taken a minority investment in Liquid Intelligent Technologies (Liquid), a pan-African telecommunications technology group. This is the first investment made by FEDA, a development impact-oriented subsidiary of Afreximbank, which provides equity and quasi-equity funding to companies developing trade and value-added export of goods and services in Africa. This investment enables FEDA to become a stakeholder in Africa’s fast-growing technology infrastructure landscape, in which Liquid is a leading player. With fibre optic…

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Nigeria’s Decagon raises seed round to finance and train software engineers

NIGERIA – Decagon, a software engineering, has announced its US$1.5 million seed round and a student loan financing facility of US$25 million from Nigerian financial institution Sterling Bank. Founded in 2018 by Chika Nwobi, Decagon aims to address the underrepresentation of black people in tech globally, starting with Nigeria. The West African country is the most populous on the continent and the most populous black nation globally. Decagon runs a six-month software engineering program and selects its candidates based on merit. It’s a paid program, and the software engineers are…

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Egypt’s contactless grocery delivery platform GoodsMart raises US$3.6m for further expansion

EGYPT – Egyptian grocery delivery platform GoodsMart, has raised US$3.6 million in a funding round led by Sawari Ventures. Founded in 2014, GoodsMart allows customers to browse thousands of premium grocery and home products from a variety of shops and suppliers, place orders, and have goods delivered to their door. On the surface, the company may look like any other grocery delivery startup but the overall user experience and operating model GoodsMart has is completely different. According to reports by Menabytes, its grocery delivery service is contactless as the users receive…

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