CE-Creates completes the merger of its portfolio of startups with hatch & boost

MENA – Crescent Enterprises’ internal business incubation platform, CE-Creates has completed the merger of hatch & boost, an Abu Dhabi-based venture-builder in the first merger of its kind in the Middle East. The partnership, operating under the new name hatch & boost Ventures, will see the acceleration and growth of seven portfolio startups this year, spanning across agritech, sustainable mobility,…

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Egyptian startup Paymob closes US$50M series B funding for expansion

EGYPT – Paymob, an Egyptian fintech startup that allows businesses to accept digital payments both virtually and in-store, has closed US$50 million in Series B funding for fuel expansion. The round was led by US-based emerging markets investment company Kora Management, PayPal Ventures, and London-based Clay Point. The round also attracted new investors including Helios Digital Ventures, British International Investment…

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Computing company inq. Acquires Syrex, expanding its coverage to South African market

SOUTH AFRICA – inq., a leading Edge computing company, has announced that it has reached an agreement to acquire Syrex for an undisclosed amount. With a presence in 9 countries, this strategic acquisition will see inq., part of Convergence Partners, expand its coverage to the South African market to ultimately facilitate and operate its African divisions, and integrate Edge Computing…

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Draper Startup House partners with innovation hub BongoHive to launch in Zambia

ZAMBIA – Draper Startup House (DSH) has established its first location in Southern Africa in Lusaka, Zambia through a partnership with BongoHive, the country’s first technology and innovation hub. Founded in Singapore in 2018 by Vikram Bharati as Tribe Theory, a hostel concept for digital nomads, Draper Startup House (DSH) has grown into a global network of spaces connected to…

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Inspired Evolution partners Schneider Electric for energy related solutions in Africa

  AFRICA – Inspired Evolution and Schneider Electric have agreed to collaborate on various energy-related solutions for the African region. The partnership will explore these opportunities across identified priority countries, industries, and market segments, through a combination of Schneider Electric’s technical expertise and EaaS solutions with offices across Africa, and Inspired Evolution’s deep networks, business model and financing expertise. The…

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EXEO Capital acquires majority stake in Chemical Process Technologies

SOUTH AFRICA – EXEO Capital, an alternative investment partner in Africa, has acquired a majority stake in a chemical synthesis company, Chemical Process Technologies (CPT). CPT is currently the only manufacturer of animal active pharmaceutical ingredients (APIs) on the African continent. As is the case with human APIs, South Africa, in particular, is heavily reliant on imported animal APIs manufactured…

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Luxembourg-based Ardagh acquires OMPE’s stake in glass packaging company Consol Holdings

SOUTH AFRICA – Old Mutual Private Equity (OMPE), a division of Old Mutual Alternative Investments, has sold its stake in Consol Holdings to Luxembourg-based Ardagh Group, one of the largest glass producers in the world, for an equity value of approximately R10 billion (US$616.21m) and enterprise value of approximately R17 billion (US$1.05bn). All conditions precedent have now been met and…

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Air Botswana resumes direct flights to Zambia and Zimbabwe

BOTSWANA – Air Botswana has announced that it has resumed direct flights from Gaborone to Zimbabwe’s capital Harare and Zambia’s Lusaka, two years after it had stopped them following the Covid-19 pandemic. Air Botswana stopped flights to some countries in April 2020 following the announcement of the coronavirus pandemic, as states took measures to prevent spread of the virus. The…

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Fidelity Bank Ghana appoints Atta Yeboah Gyan as Deputy Managing Director

GHANA – Fidelity Bank Ghana has announced the appointment of Mr. Atta Yeboah Gyan as its Deputy Managing Director in charge of Operations and Support functions. Atta Gyan is a hands-on executive and ascends to this new role with a wealth of experience in several aspects of banking, including Finance, Corporate Strategy, Risk Management, Operations, Audit and Control, and Regulatory…

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Stellantis reports US$43.57B net revenues in first quarter of 2022

MOROCCO – Stellantis, a multinational car manufacturer present in Morocco, has reported a turnover of US$43.57 billion in the first quarter (Q1) of 2022, up 12% compared to last year’s US$38.94billion. According to Stellantis’ reporting, its shipment volume decreased by 12% in Q1 2022, due to the global shortage in semiconductor chips, an essential micro-electric component for cars. Over the…

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