B2B marketplace Sabi secures US$6m to support its growth

NIGERIA – Sabi, a B2B marketplace serving the informal sector, has received US$6 million bridge round led by CRE Venture Capital to support its continued fast-paced growth in Nigeria and beyond. This bridge round financing will help fuel the company’s rapid growth as it eyes new markets including South Africa, which is also home to a multi-billion dollar informal sector. Sabi’s bridge round follows the company’s seed round closed in mid-2020 which also attracted leading international investors including Janngo Capital, Atlantica Ventures, and Waarde Capital. “We are excited to have…

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DriveWealth partners Chipper Cash to enable affordable access to investing

UGANDA – DriveWealth, LLC, a provider fractional investing and embedded finance, has announced a partnership with Chipper Cash, a fintech startup enabling peer-to-peer money transfers and cross-border payments for nearly four million users. DriveWealth’s real-time fractional trading technology and API-based brokerage infrastructure will enable the Ugandan population to gain affordable access to investing in U.S. equities for the first time. Approximately 66% of Sub-Saharan Africa’s population did not have access to a bank account in 2020, according to the World Bank. Through its partnership with DriveWealth, Chipper Cash is empowering…

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Endeavor raises US$8m for its Harvest Fund to fund startups in South Africa

SOUTH AFRICA – Endeavor South Africa, a community of high-impact entrepreneurs, has raised R130 million (US$8.19m) to date in its Harvest Fund II, doubling the fund size since its first close in late February. The firm says the fund is on track to be fully invested by 2022, a year ahead of plan, and has invested in six technology companies to date, with a further four in the immediate pipeline. Harvest Fund II is a founder-aligned, rules-based fund, investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs. The fund…

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Transport company DKN Transport secures funding from Edge Growth for its expansion plans

SOUTH AFRICA – Edge Growth, through the Engen Convoy Fund, an Enterprise and Supplier Development Fund to promote broad-based black economic empowerment (B-BBEE), has invested in DKN Transport, a level 1 B-BBEE contributor with a 30% black female shareholding. Through this funding, DKN will be able to expand their fleet size and market offering, with additional job creation as a result. Headquartered in Johannesburg since 2004, DKN Transport provides road freight logistics solutions across various industries, nationally and cross-border into Africa. “Traditional logistic companies are still critical enablers to achieving…

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Education finance company Fundi acquires edtech company EduOne

SOUTH AFRICA – Fundi, an education finance and education fund management solution specialist, has acquired EduOne, a South African education technology company. Started in 2015 in Cape Town by Jason Basel and co-founders James Kieser, Pieter Strydom and Ben Rath, EduOne was developed in response to their own challenges and experiences of accessing and moving through the education system.   Today the company operates South Africa’s largest career guidance website, engaging students on their post-school options. It also builds software such as a mentorship platform and fund disbursement tool, both aimed…

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Fintech firm Crossfin set to be acquired by consortium of investors for US$94m

SOUTH AFRICA – Crossfin Technology Holdings, a fintech investment firm, has been acquired by a consortium of investors, including Patrice Motsepe’s African Rainbow Capital (ARC), for R1.5 billion (US$ 94.71m). The consortium is led by Ethos’s Mid-Market Fund I and includes the founding Crossfin executive management team, EMMF I co-investors Ethos Artificial Intelligence Fund I, and empowerment investor ARC. Fairview Partners acted as financial advisors for the transaction, which will see the exit of founding investors Capital Eye Investments and the Multiply Group. “The transaction is considered a landmark deal…

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Ecobank Group secures US$112m credit facility from EIB to support SMEs

AFRICA – Ecobank Group, the pan-African banking group, has signed an agreement for a €100 million (US$112.22m) long-term credit facility over 9 years with the European Investment Bank (EIB) to support the recovery of African SMEs from the COVID-19 pandemic. The facility is split into three regional facilities: West & Central Africa, Eastern Africa, and Southern Africa. Funding will be provided through Ecobank affiliates, for investment projects undertaken by private sector companies. The EIB made the facility available through its COVID-19 Rapid Response Facility, for private sector entities active in…

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