Egypt’s FlapKap raises US$1.2M seed round to fuel growth in the MEA region

EGYPT – Egyptian start-up FlapKap, which specializes in e-commerce solutions, has raised US$1.2 million in its latest funding round to expand into new markets and improve its technology. The round was led by Egypt-based early-stage venture capital firm A15 a top MENA venture capital firm, and one of the most prominent backers of early-stage start-ups in the region. FlapKap is…

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Air condition maker Daikin Industries launches its operations in Kenya

KENYA – Daikin Industries, the world’s largest maker of air conditioning equipment, has launched its operations in Kenya as part of its global strategy to increase footprint across the emerging markets, globally. While announcing its plan to set up the facility in a few weeks’ time, Daikin India Chairman & Managing Director, Mr Kanwal Jeet Jawa, said that the East…

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French investments in Egypt hit US$4.41Bn, PM Madbouly

EGYPT – French investments in Egypt have reached US$4.41 billion according to Egypt’s Prime Minister Mostafa Madbouly. The Prime Minister asserted that the partnership between Egypt and France is based on the key role both Egyptian and French companies and institutions play in achieving development by doing business in joint projects. Such ventures benefit the two friendly countries, stimulate genuine…

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Marriott International partners Baraka Lodges to open first luxury Safari Lodge in Africa

KENYA – Marriott International, Inc. has announced that it has signed an agreement with Baraka Lodges LTD. to enter the safari segment in Africa. JW Marriott Masai Mara Lodge will be located within the Mara National Reserve, one of Africa’s most renowned wildlife conservation and wilderness regions. Offering discerning travellers an unparalleled setting, the elegant retreat expects to welcome guests…

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TotalEnergies Tanzania launches its first solarized service station in Dar-es-Salaam

TANZANIA – TotalEnergies Marketing Tanzania has launched its first solarized service station in Dar-es-Salaam to give users an opportunity to enjoy products and services powered by solar energy. The solar powered station along Samora Avenue in the Dar es Salaam city centre is part of wider plans by TotalEnergies to solarise some 5,000 service stations in 57 countries by installing…

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Bidra Innovation Ventures launches US$50M agritech fund in Morocco

MOROCCO – Bidra Innovation Ventures, a US-based venture fund has launched a US$50 million agritech fund with the backing of Morocco’s Mohammed VI Polytechnic University (UM6P) and OCP mining group. Launched with the support of UM6P and the OCP Group, a global leader in plant nutrition. Bidra (Arabic for seed) is focused on being a dynamic partner in the global…

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Online platform Hence Technologies secures US$1.8m seed fund to grow its team

RWANDA – Hence Technologies, a Rwandan and London based online platform for lawyers, has secured a US$1.8 million seed funding, aimed at growing its team. This brings the total amount raised by the startup, so far, to US$2.6 million. The seed funding round was led by Daybreak Partners, Broad Creek Capital, Daglar Cizmeci and a number of other angel investors.…

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Powered by People startup secures US$5m seed fund to expand its global reach

KENYA – Powered by People (PBP), a Kenyan startup offering online tools and a B2B marketplace to the manufacturing and handmade sector, has secured US$5 million in seed funding to expand its global reach. Susa Ventures and Golden Ventures led the equity funding round for PBP. Investors such as Flexport Ventures, J Ventures, and the founders of DraftKings and Fabric…

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World Bank pledges US$180M for irrigation in the face of drought in Morocco

MOROCCO – World Bank has pledged US$180 million to enhance irrigation in the face of drought and strengthen water management in the agricultural sector. The pledge follows the presentation of the Resilience and Sustainability of Irrigation Water (REDI) project in January 2022. The loan will be validated by the end of March 2022. The funds are intended for the implementation…

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Tullow Oil completes pre-emption of Ghana assets for US$118M

GHANA – Tullow Oil, a multinational oil and gas exploration company has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy for US$118 million. The transaction funded from cash on the balance sheet takes the equity interests of Tullow Oil to 38.9% in the Jubilee field and…

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