Renewvia Energy gets US$1m funding from Social Investment Managers and Advisors for off-grid power in Kenya

KENYA – Green off-grid provider Renewvia Energy Corporation, has signed an agreement with Social Investment Managers and Advisors LLC (Sima) for US$1 million in funding to enable the electrification of several rural communities via solar off-grid in Kenya. The solar energy provider is supported by SIMA Off Grid Solar and Financial Access Senior Debt Fund I, B.V. The fund is a US$90 million, five-year fund that finances decentralised solar system providers in sub-Saharan Africa and South Asia. Renewvia’s funding will go towards the expansion of access to electricity on the…

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E-learning platform Almentor secures US$6.5m funding round led by Partech

MENA – Almentor.net, a leading video e-learning platform in the MENA region, has secured US$6.5 million in a funding round led by Partech with participation from Sawari Ventures, Egypt Ventures, and Sango Capital. According to reports, the recent raise of funding brings the total financing that the company has garnered since its inception to a total of US$14.5 million. Cyril Collon, General Partner at Partech attributes their investment into the startup to its unique business model and offering. “We are very proud to lead this latest round of financing. Since…

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Fintech startup Chipper Cash raises US$100m Series C funding to create new products

AFRICA – Chipper Cash, an African fintech startup, has achieved unicorn status after raising US$100 million in a C-Series funding round to create new products and to hire new employees. The round was headed by the investment division of the American Silicon Valley Bank — SVB Capital. Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital and Brue2 Ventures also took part in financing the startup. Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, (two college students brought together by their academic adventures at Grinnell…

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Three agribusinesses secure loans from ABC Fund to support their working capital

AFRICA – The Agri-Business Capital Fund (ABC Fund) has provided loans to three agri-businesses to support their working capital needs and their expansion, enabling higher rural employment and securing market access for farmers in their respective sectors. The two loans in the mango sector enable the provision of financing to SMEs that usually do not have access to local finance, with financial institutions being reluctant to finance the mango activity due the short harvest season, lasting only 3-4 months a year. The ABC Fund provided a loan of EUR450,000 (US$546,421)…

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Biometrics and Health Information Pioneer LifeQ secures US$47m investment funding

SOUTH AFRICA – LifeQ, a provider of biometrics and health insights, has raised US$47 million in a Series A funding round led by One Bio Venture Studio, a Cape Town-based VC. With the funds received, LifeQ will enable hospitals and physicians to develop remote monitoring as well as the consumer-device monitoring. The biotech’s startup’s first remote patient monitoring solution will be channeled at both hospitals and general applications near the end of this year. The services offered will enable hospitals track vitals such as heart rate and breathing rate in…

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Agri-Fintech Mozare3 closes pre-seed funding round led by Algebra Ventures

EGYPT – Egyptian Agri-Fintech platform Mozare3, has closed a seven-figure pre-seed funding round led by Algebra Ventures and Disruptech Ventures, with participation from EFG-EV, and a group of reputable angel investors. Mozare3 aims to roll out multiple fintech offerings, one of which is the launch of credit solutions to finance purchases of different products for farmers and their families. Mozare3 was founded in 2020 by Hussein Abou Bakr and Tamer El-Raghy to serve over 20 million small farmers in Egypt by providing them with access to markets and credit. They…

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Network platform Tays raises pre-seed funding round for its expansion plans

EGYPT – Cairo-based Tays, a professional network platform that lets users to connect based on business interests, said it has raised a seven-figure pre-seed funding round from a group of angel investors. Tays said it will use the money to push its operations in Egypt and other countries in the Middle East and North Africa region. Tays didn’t disclose the names of the investors or the quantum of funding. Some of the angel investors chose to join Tays’ executive board. Among these board members are the Business Development Manager at…

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Ascent announces first rolling close of ARVF II at more than US$100m

KENYA – Ascent Capital Africa, a Kenya-based private equity firm, has announced the first rolling close of its Ascent Rift Valley Fund II (ARVF II) at more than US$100 million, significantly exceeding its initial target of US$80 million. The final close of ARVF II, with a target of US$120mn, is expected in December 2021. ARVF II will invest equity in leading small and medium-sized enterprises (SMEs) in Eastern Africa, looking to take large minority or majority stakes. The fund will provide funding to scalable SME businesses, helping to drive wider…

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Renewable energy provider SolarX completes Series A round with funding from EAV

SolarX secures series A financing from EAV

MALI – SolarX, a West African renewable energy equipment provider, has raised additional funding from Energy Access Ventures (EAV), an early-stage fund that invests in decentralized energy companies across Sub-Saharan Africa. The company has also announced that it has completed its Series A round with this tranche, hinting at a staggered close. SolarX Africa said it will utilize this new equity and quasi-equity funding to finance a pipeline of projects for commercial and industrial clients in Mali and Burkina Faso. The firm develops, finances, and offers operations and maintenance services…

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Energy start-ups from Rwanda and Zambia secure funding from an impact investor Opens-LCEF

ZAMBIA – Rwanda’s Munyax Eco and Zambia’s WidEnergy have secured investment from female-focused fund Opens-LCEF, an impact investor that provides catalytic capital to early-stage social enterprises in  emerging markets. Open-LCEF has a portfolio of 17 investments across 11 countries, seven of which operate in East Africa, and has established the Restart East Africa initiative to address the issue of female underrepresentation in the renewable energy sector. Supported by the DOEN Foundation and the Good Energies Foundation, Restart East Africa supports innovative impact organisations which have been impacted by COVID-19 or…

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