African Diaspora Central Bank to invest US$9b in electric vehicle startup Mandrolli

SOUTH AFRICA – The African Diaspora Central Bank has committed to invest US$9 billion in Mandrolli, a solar and battery-powered electric vehicle (EV) startup based in Johannesburg, South Africa, and a base in the U.S. Mandrolli describes itself as an electric vehicle start-up that is set to drive electric mobility pioneering in Africa. The startup is co-founded by Tami Mase, Ndileka Mandela, and B. Taylor. The investment means that Mandrolli is the first in the EV space to raise investment for the entire full production in one round. “This move…

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Payments company Yoco raises US$83m Series C funding round to accelerate growth

SOUTH AFRICA – Payments and software startup Yoco has secured US$83 million in Series C funding to accelerate the development of its platform and expand internationally as demand grows among small businesses for its digital payments tools. Yoco builds tools and services to help small businesses accept card payments in-store and online, access loans, and manage their day to day activities and in less than six years, the startup has become the preferred payments partner for over 150,000 small businesses across South Africa, processing more than US$1 billion in card payments…

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REGMIFA secures US$10m additional funding from FMO to support growth of MSME

AFRICA – Dutch-based entrepreneurial development bank FMO has invested a further US$10 million in REGMIFA, the Regional MSME Investment Fund for Sub-Saharan Africa and a public-private partnership advised by Symbiotics SA. This additional funding will support the growth of Africa’s MSME sector and foster economic development through employment creation, income generation and poverty alleviation. The investment will finance loans to businesses and low- and middle-income households via more than 50 selected financial institutions. The investment in class B-Shares for a maturity of seven years will increase the fund’s total assets…

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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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ATI closes US$238m financing agreement for health and transportation projects in Ghana

GHANA – The African Trade Insurance (ATI), a pan-African financial institution providing credit and political risk Insurance Products to support African investments, has announced the closing of two €203 million (US$238.8m) financing agreements social loans, to fund four health and two transportation projects in Ghana. The first transaction, a €55 million (US$64.7m) financing package, relates to the construction of two new Trauma hospitals in Obuasi and Anyinam districts, a new Accident and Emergency center at Enyiresi Hospital and the rehabilitation of Obuasi’s current outdated Health Center. Once completed, the four…

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Healthtech startup RxAll raises US$3.15m funding to develop its technology

NIGERIA – RxAll, a startup based in the United States and Nigeria that uses deep technology to offer patients with high-quality medication, has raised US$3.15 million in funding to expand into other countries and develop its technology. This funding round combines a recently closed US$2 million seed round (which was oversubscribed by US$2.25 million) and a US$900,000 pre-seed round raised at the end of last year. The financing was led by Launch Africa, with participation from SOSV’s HAX and Keisuke Honda’s KSK fund. With the latest funding, the company hopes…

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Fintech startup Chaka raises US$1.5m pre-seed funding to expand its footprint

NIGERIA – Chaka, a fintech startup, has raised a US$1.5 million pre-seed funding round as it aims to expand its footprint to Ghana and other West African markets. The funding round was led by Breyer Capital and also featuring 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures. The funding will enable Chaka to continue on its mission to enable borderless investments across Africa and deliver digital investments solutions for African businesses. It will also be used towards the expansion of the startup’s footprint in West Africa to…

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Startup Ada Animation secures pre-seed funding from Unicorn Group to enable growth & expansion

KENYA – Ada Animation, an entertainment tech company, has announced a pre-seed capital raise from Nigerian venture capital firm Platform Capital through its technology firm Unicorn Group. The investment is set to elevate entertainment companies in Africa as potential partners in the VC investments realm. Founded in 2020, Ada Animation was born out of the desire to build capacity in the animation industry, tell animated African stories and catalyze the animation industry for growth. The company produces content in 2D and 3D animation, motion graphics, whiteboard animation, VFX, content creation, character design, voiceovers,…

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Fund manager Vantage Capital announces the launch of its fourth mezzanine fund

SOUTH AFRICA – Vantage Capital, Africa’s largest mezzanine fund manager, has announced the successful first close on its fourth mezzanine fund with US$207 million of commitments from European and US-based commercial investors as well as development finance institutions (DFIs), including IFC, CDC Group and SIFEM. Vantage Mezzanine Fund IV is now on track to reach its target total fund size of US$350 million. The fund will provide mid-sized African businesses with flexible capital that will enhance job creation and facilitate much-needed economic opportunities and growth – especially necessary for post-Covid-19…

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Mineworkers Investment Company launches US$10.5m early-stage investment vehicle

SOUTH AFRICA – Black-owned broad-based investment holding company Mineworkers Investment Company (MIC) that was established by the Mineworkers Investment Trust, has launched MIC Khulisani Ventures, a R150-million (US$10.5 million) early-stage investment vehicle targeting black-owned innovative, high growth businesses in South Africa. MIC Khulisani Ventures will invest in promising high-growth potential companies across all sectors, with the exception of primary agriculture and primary extractive industries. The focus is innovation, namely innovative products or services that disrupt traditional markets, improve efficiencies or respond creatively to existing problems in South Africa. MIC Chief…

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