UNDP-Togo, FAIEJ launch US$476,000 per year fund for young entrepreneurs

TOGO – The Support Fund for Economic Initiatives for Young People (FAIEJ) and the United Nations Development Program (UNDP-Togo) has launched a new fund for the benefit of young Togolese entrepreneurs. The 265 million FCFA per year (US$476k) Togolese Facility for the Acceleration and ‘Innovation (FTAI), will help companies who are innovative and ambitious. The fund will also provide financial assistance to startups and incubators, with the goal of assisting in the formation of new enterprises and jobs for young people. “It is a fund that functions as a catalyst…

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Orange Côte d’Ivoire launches US$415m investment fund to support innovative startups

CÔTE D’IVOIRE – Orange Côte d’Ivoire, a telecommunication company, has launched a €350 million (US$415m) technological investment fund to promote the growth of innovative startups in the fields of networking and information technology, digital industries, and cybersecurity. This fund, known as Orange Venture, was announced during an information session and aims to target startups that provide solutions to the Ivorian market’s fundamental challenges as well as promote the emergence of future technological champions at the service of the transition to a more digital and responsible world. The fund’s administrators emphasize…

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Marketplace platform Homzmart raises US$15m Series A fund for its growth

EGYPT – Egyptian startup Homzmart, the Middle East’s leading furniture and home goods marketplace platform, has closed a US$15 million Series A funding round to help it speed up its already impressive growth. The capital raise was led by MSA Capital, a global investment firm with over US$1.5 billion in assets under management, and Nuwa Capital. Other participating investors include Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures. The investment takes Homzmart’s total raised capital to a total of US$17.2 million. The Egyptian startup helps customers by providing them with…

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FiveT Capital Holding launches world’s first clean hydrogen investment fund

 AFRICA – FiveT Capital Holding, an independent asset manager, has launched a private infrastructure fund, FiveT Hydrogen Fund, dedicated to delivering clean hydrogen infrastructure projects at scale. The Euro-denominated Fund intends to raise a total of US$1,189 billion (€1 billion) from a combination of financial and industrial investors. It will make largely minority co-investments into greenfield projects with key industrial players. The Fund has already received combined commitments intentions of US$218,7 million (€260 million) from Plug Power, Chart Industries Inc and Baker Hughes. In addition, Francisco Fernandez, founder and former…

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Fidelity Bank Ghana launches young entrepreneurs fund to support existing businesses

GHANA – Fidelity Bank Ghana has launched the Fidelity Young Entrepreneurs Fund (FYEF) to support existing businesses and startups of young entrepreneurs with financial and non-financial resources to harness social impact potential, build capacity and guide youth-related businesses to grow and scale up their businesses. The Fidelity Young Entrepreneurs Fund is a project which will provide both financial and non-financial support to enable youth-related businesses to survive and thrive. The focus of the fund is on businesses that are solving a problem in society, employing climate smart adaptation or mitigation…

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Nuwa capital raises US$75m first close for its debut fund, a year after launch

MENA – Dubai and Riyadh-based Nuwa Capital has announced the first close of US$75 million for its debut fund (Nuwa Ventures Fund I – NVFI), after a year of its launch, making it one of the largest venture capital (VC) funds in the region. Nuwa will invest in startups in the Middle East, North Africa, Turkey, Pakistan, and Sub-Saharan Africa while is aiming for a final close of US$100 million within this year. The firm was founded in early 2020 by Khaled Talhouni, Sarah Abu Risheh, and Stephanie Nour Prince,…

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Female-focused angel fund FirstCheck Africa launches its US$25k investment plan

NIGERIA – FirstCheck Africa, a Female-focused angel fund and investor community, has launched operations and plans to invest up to US$25,000 in women who have ideas for technology startups. Launched by Endeavor Nigeria managing director Eloho Omame and PiggyVest co-founder Odunayo Eweniyi, FirstCheck launches with a mission to advance equity, capital and leadership for a generation of women in Africa through technology and entrepreneurship. The fund is also working on developing the middle tier of female angel investors, by building a community of millennials and mid-career women that want to…

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Attijari Bank secures funding from EBRD to strengthen access to finance for MSMEs

TUNISIA – The European Bank for Reconstruction and Development (EBRD) has announced in a press release its plan to strengthen access to finance for Tunisian micro, small and medium-sized enterprises (MSMEs). The Bank is providing Attijari Bank of Tunisia with an unfunded risk-sharing guarantee of 50 per cent on a loan to Enda Tamweel, the leading microfinance institution in the country. Under the EBRD’s Risk Sharing Framework (RSF), Attijari Bank of Tunisia is extending a loan of up to TND20 million (US$7.33m) to Enda Tamweel for on-lending to local MSMEs…

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Fintech startup Cowrywise raises US$3m pre-Series A funding to expand its product offering

NIGERIA – Cowrywise, a digital wealth management and financial planning solution startup, has raised US$3 million in pre-Series A funding to expand its product offering, support the onboarding of more fund managers, and build out its investment management infrastructure. Launched in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise offers easily accessible, goal-oriented savings and investment products with more competitive performance rates than traditional alternatives. The startup currently has 19 different mutual funds available through its platform, which allows users to get started saving and investing with as little as…

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Scheduling startup Calendly raises US$350m funding to continue product development

NIGERIA – Cloud scheduling startup, Calendly LLC announced it has raised US$350 million in new funding to provide liquidity for early shareholders and employees and continue product development. This funding round was led by OpenView Venture Partners, a Boston-based expansion-stage firm and existing investor, with participation from San Fransisco-based Iconiq Capital and has now valued the company at more than US$3 billion. Founded in 2013 by Tope Awotona, Calendly simplifies the way meetings are scheduled by creating simple rules such as availability preferences, share links, or embed calendars and allows…

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