Solar Frontier Capital partners d.light to launch US$238m financing vehicle

KENYA – Solar Frontier Capital Limited (SFC), a wholly-owned subsidiary of African Frontier Capital Mauritius LLC (AFC), and d.light design Inc., a leading global innovator of solar powered transformational products for low-income families, have jointly announced the establishment of a US$238 million financing vehicle, Brighter Life Kenya 2 Limited (BLK2). BLK2 is an off-balance sheet financing vehicle that provides d.light…

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Fintech platform Tugende closes pre-Series B investment to expand its offering

UGANDA – Tugende, a fintech platform that offers asset financing and digital services to small businesses, has closed a pre-Series B investment round led by Partech Africa, a current investor. Existing investors, such as Mobility 54, Enza, and Global Partnerships, were joined by new investors, such as the global financial inclusion fund Women’s World Banking Capital Partners II (WWBCP II).…

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KenGen installs electric vehicle charging station in Nairobi, launches 83MW plant

KENYA – Kenya Electricity Generating Company (KenGen) has installed an electric vehicle charging station in Nairobi as the State agency joins other actors steering the push for e-mobility. Catherine Nyambala, an engineer at KenGen, said the power producer will in the coming days ship in electric cars to test the station and help with data that is key to boosting…

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EFC Hermes Holding acquires ecommerce startup Fatura

EGYPT – Fatura, a startup that connects wholesalers and manufacturers with retailers across different industries, has been acquired by Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance solutions. EFG EV Fintech, EFG Hermes Holding’s fintech investment and acceleration arm, has been a Fatura investor since 2020, and its subsidiary Tanmeyah has…

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Private education group Advtech raises stake in Makini Schools to 94%

KENYA – South African private education group Advtech has raised its stake in Makini Schools to 94 percent from 90 percent previously and introduced the Cambridge International Curriculum to complement the local syllabus. The firm has progressively raised its direct and indirect stake in the school, which currently operates seven facilities in Nairobi and Kisumu. Advtech, which disclosed the higher…

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Mirova acquires solar energy fund manager SunFunder, expanding its investment platform

KENYA – SunFunder, a fund manager and intermediary for solar energy investments, has been acquired by Mirova, an affiliate of Natixis Investment Managers dedicated to impact investing, to accelerate emerging market clean energy and climate investment. Financing the environmental and energy transition is a key objective for Mirova, and the acquisition marks an expansion of its investment platform in emerging…

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Egyptian e-grocery marketplace ON Market raises pre-seed funding for expansion

EGYPT – Egyptian e-grocery marketplace ON Market has raised US$215,000 in pre-seed funding to further expand its operations in Cairo, Alexandria, Tanta, Mansoura, and multiple other cities across the country. Founded in June 2020 in Tanta by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk, ON Market empowers grocery retailers with tech solutions to build and sustain online commerce. The…

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