PE firm Adenia acquires life sciences distributor Africa Biosystems

KENYA – Adenia Partners, a private equity firm investing in Africa, has announced it has completed the acquisition of Africa Biosystems Limited (ABL), a leading distributor of life sciences and clinical diagnostics equipment in East Africa. Financial terms of the deal were not disclosed.  Established in 1999, ABL is headquartered in Kenya with subsidiary offices in Uganda and Tanzania. The Company’s instruments are used to conduct research and diagnosis across the animal, human and crop sectors with product applications that span molecular, cell and protein biology and DNA forensics. ABL’s…

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Private equity Ascent Capital raises US$102m to invest in SMEs across East Africa

KENYA – Private equity fund Ascent Capital has raised from US$102 million from the World Bank and top sovereign funds for investment in local companies across Eastern African. The capital was raised from the World Bank Group’s private sector arm, the International Finance Corp (IFC), the UK government-owned finance agency, the CDC Group, Dutch development financier FMO, and the French development finance institution, Proparco alongside other high net worth investors. The fund said it will invest between US$5 million and a maximum of US$19.5 million in firms across growth sectors…

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South Africa’s edtech iXperience raises US$2.5m in Series A funding

SOUTH AFRICA –  Education-technology start-up iXperience, also known as Ix, has secured US$2.5 million in series-A funding from South African investment firms Kalon Venture Partners and Caleo Private Equity. iXperience partners with high schools, universities and the private sector to provide “progressive education programmes and services that equip students with industry-focused skills”. The company plans to use the funding to grow its team, continue to invest in its proprietary technology platform, launch programmes in new markets, and build its global partnerships division that is focused on working with companies, governments…

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Private equity fund ADP III secures US$26m from Finnfund to expand regionally across Africa

AFRICA – Finnfund, a Finnish development financier and impact investor, has announced a US$26 million commitment to African Development Partners III (ADP III), a pan-African private equity fund. ADP III aims to support established and growing consumer focused businesses to improve their processes and expand regionally across Africa. The fund provides companies with growth capital and know-how aiming to contribute to job creation, climate change mitigation, and gender balance. In addition, the fund will bring liquidity to developing markets, helping African businesses to recover from the economic and social consequences…

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Hlayisani Capital hits close of first SMEs-focused fund at US$24m

SOUTH AFRICA – Hlayisani Capital, a manager of private equity and venture capital funds targeting high-growth opportunities in South Africa and the rest of sub-Saharan Africa, has announced the first closing at US$24 million of its first Hlayisani Growth Fund vehicle. The fund focuses on companies with the potential to generate sustainable returns and socio-economic impact with priority sectors for investment being ICT, manufacturing, agriculture, education, and health. “Finding growth in the current global economic climate is challenging, and not backing SMEs with the right investment is a missed opportunity.…

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TymeBank secures US$110m investment from Apis Growth Fund II

SOUTH AFRICA – Digital retail bank TYMEBANK has secured an investment of US$110 million from new investors in the UK and Philippines to bolster growth and secure path to commercial success. TymeBank said the investment represents a strong endorsement for both TymeBank as one of the world’s fastest growing digital banks and for South Africa’s banking sector overall. TymeBank is the first bank in South Africa to be operated fully off a cloud-based infrastructure network and is also the first bank to be granted a commercial banking licence since 1999.…

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Taxi hailing firm Bolt raises US$180.9m, to launch e-scooters

KENYA – Taxi hailing services company Bolt Kenya, is set to launch e-scooter rental business and expand to smaller towns and peri-urban centres in Kenya after raising US$180.9 million US private equity firm D1 Capital Partners. Bolt Kenya country manager Olaoluwa Akinnusi said the company will expand its network beyond the 16 urban centres it currently operates and introduce the electric scooters. The move comes after Bolt, the global company, headquartered in Tallinn, Estonia received US$180.9 million from private equity firm, D1 Capital Partners, which will also be for invested…

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United Kingdom’s CDC Group targets US$1b of African investments in 2021

AFRICA – CDC Group, a development finance institution owned by the UK government is planning about US$1 billion in Africa investments this year in sectors including infrastructure and finance and is part of a consortium considering a bid for a new telecommunications license in Ethiopia. The U.K. development-finance institution is matching a similar outlay made on the continent in 2020, Chief Executive Officer Nick O’Donohoe said in an interview with Bloomberg.  CDC will target markets such as Egypt, Ethiopia, Kenya, and Nigeria, while also considering putting money into more remote, frontier…

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Private equity firm Emerging Energy Corp partners with (B) Energy for biogas supply in Africa

AFRICA – Emerging Energy Corp (EEC), a Frankfurt private equity firm focused on financing energy companies that pursue compelling growth opportunities in the African energy sector, has partnered with German social biogas start-up (B) Energy, a social start-up, to bring portable biogas to Africa’s rural areas. The distinctive feature of (B) Energy is an aid-free business model that supports local African entrepreneurship. (B) Energy’s business partners participate in biogas business training and start with importing a number of systems. Once the new importer has started to make the biogas systems…

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Private equity fund Ascent Rift Valley Fund II LP receives US$10m from IFC

KENYA – The International Finance Corporation (IFC) says it will make a US$10 million equity investment in East African based Private Equity fund Ascent Rift Valley Fund II. Ascent Rift Valley Fund II L.P. is a 10-year closed-end generalist private equity fund targeting small and medium companies in Ethiopia, Kenya, Uganda, Tanzania, and Rwanda. The fund aims to invest in and develop small and medium-sized enterprises in East Africa and contribute to economic growth in the region. Ascent Rift Valley Fund II is seeking to raise US$120 million total committed…

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