Inspiring Sustainable Business in Africa
SOUTH AFRICA – Skrmiish, a Cape Town-based mobile “play-to-earn” app, has raised a US$2.5 million seed round to speed its global growth. The seed funding will enable Skrmiish to accelerate scalability by integrating additional game titles, grow monthly revenue, launch in North and Latin America, and issue its Skrmiish token. It will also look to bring on a few experienced…
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SOUTH AFRICA – MetroFibre Networx, a South African company that provides uncapped household and enterprise fibre network coverage, has secured R5 billion (US$297 million) in debt financing from Standard Bank to expand its fibre-optic data network rollout across the country. The financing, according to Standard Bank, will be used to expand MetroFibre’s connectivity into homes and businesses in under-serviced communities…
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SOUTH AFRICA – Digital Realty, the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, has completed its previously announced acquisition of a majority interest in Teraco, a data centre provider in South Africa. Digital Realty has acquired Teraco from a consortium of investors, including Berkshire Partners and Permira, that values Teraco at approximately US$3.5 billion.…
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SOUTH AFRICA – The International Finance Corporation (IFC) and Absa Bank Limited, one of the leading providers of residential mortgages in South Africa have partnered to support the expansion of housing finance targeting lower-to-middle income households IFC’s local currency loan of up to 2 billion South African rand (US$124 million) will help expand Absa’s affordable housing mortgage portfolio in South…
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SOUTH AFRICA – Qwili, a startup that offers a hybrid sales platform to micro and small merchants in South Africa, has raised US$1.2 million in seed funding, a year after concluding an undisclosed pre-seed round. The round, which included participation from companies including Strat-Tech, Next Chymia, Untapped Global, Codec Ventures, and angel investors like Ashwin Ravichandran and Kanyi Maqubela, was…
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SOUTH AFRICA – British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has partnered with Standard Bank and H1 Holdings to successfully reach financial close on the first sizable battery energy storage and photovoltaic (PV) solar project in South Africa. The partners are investing to back three unique Kenhardt projects, powered entirely by renewable sources. The…
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SOUTH AFRICA – Gumtree South Africa, an online classified ad and community website, has been purchased by Durban-based Impresa Capital from Norwegian firm Adevinta for an unknown sum. Gumtree South Africa will now have South African owners for the first time in 18 years, after having been controlled by American international e-commerce business eBay and subsequently Adevinta. The majority owner…
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SOUTH AFRICA – Liquid Cyber Security, a business of Cassava Technologies, has launched the first of its matrix of Cyber Security Fusion Centres in Johannesburg, South Africa. With this Fusion Centre, Liquid aims to bolster the cyber security industry in the country by managing the growing threat of cyberattacks to governments and enterprises of all sizes. For the first time,…
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SOUTH AFRICA – DigsConnect.com, a student housing startup, has announced the completion of its Pre-Series A seed extension round to promote worldwide expansion, with a focus on assisting African students with housing in the United Kingdom and the United States. The undisclosed multi-million Rand investment was from Launch Africa, Goodwater Capital, Five35 Ventures, and Delta Ventures. DigsConnect.com, which was launched…
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SOUTH AFRICA – Moove, mobility fintech company, has obtained R300 million (US$20 million) in funding from Absa Corporate and Investment Banking (CIB), increasing its total funding since its start in 2020 to over US$200 million. The most recent cash will be utilised to boost the company’s vehicle lending offerings for more clients in South Africa. Launched in 2020 by Ladi…
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