LoftyInc Capital launches third fund at US$10m support for African startups

AFRICA – LoftyInc Capital, a pan-African Venture Capitalist firm,  has announced the launching of its  LoftyInc Afropreneurs Fund Three, at US$10 million for tech startups in Africa.This is according to a statement by Founding Partner, LoftyInc Capital Management, Idris Bello.The firm has reached the first close of US$5.5 million with some of the limited partners in the vehicle including those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook and ExxonMobil; and Andela CEO Jeremy Johnson, among others. According to Bello, LoftyInc…

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Mergence Investment Managers Lesotho launches two unit trusts

LESOTHO – Mergence Investment Managers Lesotho has launched two unit trust investment products – the Mergence Lesotho Equity Unit Trust Fund and the Mergence Lesotho CPI + 4% Fund. Both unit trusts are available for retail and institutional investors. Semoli Mokhanoi, Managing Director of Mergence Lesotho, said that the unit trusts will go a long way to opening up investments for the Basotho people who wish to save for their future. “The main saving that most people make is into their company’s retirement fund, but if you have spare cash…

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AgDevCo expands portfolio to develop banana industry in Mozambique

MOZAMBIQUE – Social impact investor AgDevCo has announced its latest investment in Mozambique’s agribusiness sector. The UK-based social impact investor has closed a US$3 million debt investment in Quinta da Bela Vista Limitada (QBV), an irrigated banana estate located in the Boane area in Mozambique. QBV was established in 2016 as a joint venture between Silverstreet Capital’s Silverlands I Fund and Crookes Brothers Limited (JSE: CKS) and currently comprises 128ha of irrigated bananas. QBV’s strategy is to expand the operation to 260ha over the next two years. Crookes Brothers have a proven track record in…

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PE Convergence Partners raises US$120m to drive Africa’s digital inclusion

SOUTH AFRICA – Convergence Partners, the private equity investment firm has announced the first close of its third fund after raising US$120 million. The Convergence Partners Digital Infrastructure Fund (CPDIF) is targeting a final size of US$250 million. The investment company now has more than US$400 million of capital under management. Investors in CPDIF include the CDC Group (the UK’s development finance institution), the US International Development Finance Corporation, the European Investment Bank, the International Finance Corporation and Proparco (the private sector arm of the Agence Française de Développement — AFD…

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Acorn Holdings sees oversubscription of final tranche of its Green Bond

KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched in October 2019 for KSh5 billion (US$46.2 million), becoming the first of its kind in Kenya. In the process, the first tranche of the issue raised KSh4.262 billion (US$39.4 million)…

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Kenya’s Penda Health is raising US$1m for expansion across the country

KENYA – Nairobi-based private health care provider Penda Health is raising Kshs100 million (US$ 925,925) plans to expand to other parts of Kenya, mainly targeting households seeking quality and affordable health care services. Penda Health will spend Ksh100 million (US$925,925) to put up three more branches in Nairobi and build five others in the Coastal, Central, Eastern and Rift regions, bringing to 30 the total number of outlets by the end of next year. The funding will be sourced from Penda’s investors and partners. In a statement, Penda Health CEO Stephanie Koczela…

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UAE company Investera opens Kenya office to link start-ups with global funds

KENYA – UAE-based business intelligence and investment firm Investera has launched operations in Kenya that will see it guide foreign investors seeking to invest locally and link-local firms to foreign opportunities. The entry is through a partnership deal with their local counterparts, Investera Plus Africa. The firm will provide market research, due diligence, investment advisory and financial intelligence services to investors, businesses, and entrepreneurs. Raising start-up capital and access to markets are some of the biggest challenges for budding Kenyan entrepreneurs, with banks requiring collateral that most of them do…

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Imvula Education Empowerment Fund acquires 23% of Ellies Holdings for US$1.3m

SOUTH AFRICA – Imvula Education Empowerment Fund Trust has concluded its first investment in a Johannesburg Stock Exchange-listed company through its BroadBased Black Economic Empowerment (B-BBEE) agreement with Ellies Holdings. The transaction will see Imvula invest R18.5 million (US$1.3 million) of its capital to acquire more than 185 million ordinary Ellies shares at 10 cents a share, representing a 23 percent stake in the company. Additionally, unlike other B-BBEE agreements, Imvula’s share purchase did not attract any discount to the prevailing market price at the time of closing the deal,…

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Family Bank eyes expansion after a successful corporate bond issue

KENYA – Family Bank plans to expand its presence to all 47 counties in Kenya as it gears up for tier-1 status in the next three years, with the drive being funded by the proceeds of its corporate bond that started trading on the Nairobi Securities Exchange (NSE) on 30th June 2021. The tier-II lender said it would use the funds to increase its branch network from the current 92 outlets in 37 counties, widening its presence and customer base as it also considers an initial public offering proposal. “We…

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InfraCo Africa partners with fund manager Cardano Development to develop credit enhancement facility in Kenya

KENYA – InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed a Joint Development Agreement (JDA) with Cardano Development (CD), an incubator and fund manager committing up to US$1 million to the development of a credit enhancement facility in Kenya. The investment is being made through the company’s dedicated investment vehicle which is backed by the UK Government’s Foreign Commonwealth and Development Office (FCDO). The facility will be designed to unlock local currency investment from institutional investors and once established, is expected to support infrastructure development across a…

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