InfraCo, DOB and Mobility54 invest in Zembo’s Electric Motorcycles

UGANDA – Investment firm InfraCo Africa has partnered with Dutch investor DOB Equity and Mobility 54 to invest €3 million (US$ 3.43m) in Zembo Motorcycles SMC’s electric mobility solution, to improve its operations. InfraCo Africa continues to roll out its green finance in Africa. The Private Infrastructure Development Group (PIDG) investment company is entering into an agreement with DOB Equity, an impact investor dedicated to East African countries, and Mobility 54, a venture capital firm operating in Africa under the umbrella of Toyota Tsusho Corporation and CFAO (Corporation For Africa…

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Insurtech startup Root secures US$3m seed funding for its expansion plans

SOUTH AFRICA – Root, a South African insurtech API startup that helps businesses and developers launch insurance products more quickly than the traditional approach, has acquired US$3 million in seed funding to expand outside of South Africa and establish the infrastructure for the global digital insurance industry. The round included venture capital firms Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID, as well as several high-impact angel investors. “We’ve got quite a strong feeling that insurance is stuck in the 1900s. There’s still a lot of paper being…

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Kibo Capital divests its stake in logistics and distribution company General Cargo Group

KENYA – Kibo Capital Partners, a private equity management company, has sold its interest in the Kenyan logistics and distribution company, General Cargo Group (GCG), to logistic company Velogic. The Kibo shares were sold to Velogic, the logistics subsidiary of the Mauritius services and investment group Rogers Group. Velogic was also the majority shareholder of General Cargo Group. The divestment marks the second exit of Kibo’s sophomore fund Kibo II. Financial details of the transaction were not disclosed. Kibo first backed GCG in 2016 when the company was a Mombasa-based…

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IFAD to invest US$67m in SACP to sustainably transform small-scale farming sector

ZIMBABWE – The International Fund for Agricultural Development (IFAD) has announced support for a new US$67.43 million investment programme that seeks to increase productivity and rural incomes for 78,000 vulnerable rural households in Zimbabwe. The Smallholder Agriculture Cluster Project (SACP) will increase productivity and household incomes by sustainably transforming the small-scale farming sector and increasing farmers’ participation in market-oriented and climate-smart value chains. It will provide technical assistance, matching grants and infrastructure investments to agricultural production groups (APGs), rural micro-enterprises and value chain lead enterprises that can take advantage of…

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Madkour secures US$54m from NBK-Egypt for its national duties

EGYPT – National Bank of Kuwait – Egypt (NBK-Egypt) has provided a finance of EGP 850 million (US$54.05m) to Madkour for Projects Company, one of the national companies in the field of energy and infrastructure projects. Madkour will use the financing to carry out the works assigned to the company by the Ministry of Housing to replace and upgrade medium and low voltage electricity networks in some villages of Markaz Esna and Markaz Armant in Luxor Governorate. The financing agreement was signed at NBK-Egypt’s head office in the presence of…

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Airtel Money launches virtual payment solution in Zambia to improve e-commerce payments

ZAMBIA – Airtel Money, a telecommunication company, has launched the Airtel Money Mastercard virtual payment solution in Zambia, to improve e-commerce payments in the country. The Airtel Money Mastercard will Airtel Money customers in the country, even those without a bank account, to make global e-commerce payments safely and securely, underpinned by a growing demand for digital payments. This forms part of Airtel Africa’s strategic partnership with Mastercard to give over 100 million Airtel Africa mobile phone users across 14 African countries access to Mastercard’s global network. The virtual (non-plastic,…

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