Construction tech startup Jumba secures US$1m funding to expand its reach

KENYA – Jumba, a b2b construction technology platform, has secured US$1 million in pre-seed funding to fine-tune its technology and expand its reach to capture markets in major cities across Kenya. Jumba launched in April this year, is out to bridge this gap through an online platform that allows operators of hardware stores (construction materials retailers), which are found on…

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Kenya’s CrossBoundary Energy Access raises US$25m funds for solar power mini-grids

KENYA – CrossBoundary Energy Access (CBEA), a financing facility for mini-grids, has raised US$25 million in new funding commitments. The funds were from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund. This investment will leverage an additional US$25 million in senior debt to deploy US$50 million of capital into CBEA’s near-term pipeline of solar powered…

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Zurich based firm Hitachi Zosen Inova partners Sintmond Group to launch in Kenya

KENYA – Hitachi Zosen Inova (HZI), a Zurich based waste management technology provider, has announced its entry into the Kenyan market through a partnership with Sintmond Group Limited. According to HZI Emerging Markets Senior Sales Director Urs Altenburger the partnership includes the development of local waste management plants as a long-term solution for recycling waste into Electricity and Fuel. “Africa…

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Private equity fund PAPE acquires equity interest in fintech Entersekt

SOUTH AFRICA – PAPE Fund 3, a mid-market South African private equity fund, has acquired an equity interest in Entersekt, a global leader in device identity and payment authentication. This acquisition of Entersekt is PAPE Fund 3’s fifth portfolio investment. Entersekt, which was founded in Stellenbosch in 2010, currently secures over 1 billion transactions every month, protecting millions of financial…

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Digital logistics startup Khazenly raises US$2.5m seed fund to drive product development

EGYPT – Khazenly, an Egyptian-based on-demand digital warehousing and fulfilment platform, has raised a US$2.5 million seed funding round to drive product development and quadruple its facilities. The US$2.5 million seed funding round was co-led by leading regional venture capitalists Arzan Venture Capital and Shorooq Partners, Other investors include Camel Ventures, Averroes Ventures, and various angel investors. Other than developing…

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Nigeria increases its shareholding in Shelter Afrique with US$7m additional capital subscription

NIGERIA – Shelter Afrique, a Pan-Africa housing development financier, has received US$7.15 million in additional capital subscription from the Federal Government of Nigeria taking its shareholding to 15.8%, one-percentage point behind top shareholder Kenya, which currently stands at 16.85%.  The other top three shareholders of Shelter Afrique whose shareholdings now change include African Development Bank (AfDB), which now stands at…

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Guinea, Burkina Faso receive US$24m support from IFC under new partnership with Vista Bank

WEST AFRICA – The International Finance Corporation (IFC), through its Global Trade Finance Program (GTFP), has partnered with Vista Bank, which serves clients across West Africa with a wide range of financial services, to increase the availability of trade finance in Guinea and Burkina Faso and support imports of essential goods into the countries. As part of the agreement, Vista…

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Malagasy women-led agribusiness Soafiary receives US$3.6m loan from IFAD to scale farmers’ support

MADAGASCAR – Soafiary, an innovative women-led agribusiness from Madagascar, has received €3.5 million (US$3.6m) loan financing from the UN’s International Fund for Agricultural Development (IFAD), to enable its grow sustainably and orient its business model. The Malagasy company specializes in the sourcing, processing and commercialization of cereals (maize, rice) and leguminous plants (beans, cape peas, lentils, soybeans) on local and…

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