Last-mile delivery start-up Mylerz closes US$9.6 million seed funding to scale operations

EGYPT – Egyptian last-mile delivery and fulfillment innovation company, Mylerz has secured US$9.6 million seed funding to scale and expand its operations in Egypt and North Africa. The latest seed funding round was led by Lorax Capital Partners, an Egypt-based private equity firm with participation from Fawry. The start-up will use the funds to fuel expansion plans in North Africa…

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Jambo startup secures US$30m Series A funding to expand its business

CONGO – Jambo, a Congo-based startup that is democratizing access to crypto-based income-generation opportunities through ‘learn, play, earn,’ has received US$30 million in Series A funding led by Paradigm, a firm known for backing disruptive crypto and Web3 firms and protocols. ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital,…

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B2B marketplace Sabi appoints two new Advisory Board Members

AFRICA – Sabi, a B2B marketplace serving Africa’s informal economy, has announced the appointment of two new Advisory Board members to help bolster the company’s network. The new Advisory Board members, Sapna Goyal and Bame Pule will help improve the infrastructure for informal business. Sapna is currently the Corporate Development Director (strategic investments, partnerships, and M&A) at udaan.com, the leading…

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Forestry company Komaza raises US$10m funding to develop innovative tech infrastructures

KENYA – Komaza, an innovative smallholder forestry platform which provides scalable and sustainable nature-based solutions to climate change, has announced that it has raised US$10 million from Mitsui & Co. and Sobrato Philanthropies. The new funds will be used to scale field operations, support value chain expansion, and develop innovative tech infrastructures, reinforcing Komaza’s key initiatives set forth in the…

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Egypt signs US$145.6M grant agreements with European Union for development

EGYPT – The Ministry of International Cooperation has signed development financing grants with the European Union worth US$145.64 million to develop several sectors. The signing took place in a ceremony organized by Egypt’s Ministry of International Cooperation and the EU in Egypt, marking Europe Day. The year 2022 marks 45 years of EU-Egypt bilateral relations and 50 years of regional…

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Cocoa processing start-up Koa secures US$3.5M for sustainable cocoa fruit production

GHANA – Swiss-Ghanaian cocoa processing start-up Koa has secured US$3.5 million from The Landscape Resilience Fund (LRF) and IDH Farmfit Fund to boost cocoa fruit production. This investment will support Koa to set up a new processing facility in the country, increasing production capacity more than tenfold by 2024 and creating additional income for up to 10,000 cocoa farmers. The…

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Standard Bank appoints Nonkululeko Nyembezi-Heita as the bank’s Chairman

SOUTH AFRICA – Standard Bank Group (SBG) has named Nonkululeko Merina Cheryl Nyembezi-Heita as the bank’s first Black female chairman-designate for SBG and Standard Bank of South Africa (SBSA), effective June 1. Nyembezi–Heita will replace Thulani Gcabashe, who is slated to retire later this month. Nyembezi–Heita, born in Pietermaritzburg, South Africa, holds a bachelor’s degree in electrical engineering from the…

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Dutch Development Bank to increase loan lending operations in Africa

AFRICA – The Dutch development banking group Entrepreneurial Development Bank (FMO) is poised to boost loan guarantees in Africa’s vulnerable countries through the Nasira program. FMO plans to broaden the range of its pre-existing Nasira program, a financing tool dedicated to young women entrepreneurs in Sub-Saharan Africa and countries with border proximity to Europe. By extending the program’s outreach, FMO…

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IFC becomes Equity Group’s second largest shareholder after acquiring 6.71% stake

KENYA – The International Finance Corporation (IFC), a member of the World Bank Group, and the IFC Financial Institutions Growth Fund has acquired a 6.71% stake in financial service company Equity Group, becoming the second-largest shareholder after Arise BV of Norway and Netherlands. The acquisition was revealed during a partnership agreement which will see IFC inject KSh19 billion (US$165 million)…

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