B2B ecommerce platform Cartona closes US$12m Series A round to accelerate it expansion

EGYPT – Cartona, an Egyptian B2B ecommerce platform, has closed a US$12 million Series A round led by Silicon Badia, a venture capital firm that invests in global technology entrepreneurs. The seed round saw active participation of the SANAD Fund for MSME, an impact investment fund dedicated to assisting entrepreneurs in the Middle East and North Africa. Arab Bank Accelerator…

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Mobility fintech startup Moove launches its services in India

AFRICA – Moove, the first mobility fintech in the world and Uber ’s first car leasing partner in EMEA, has announced that it will launch in India as part of its global expansion. Moove, which provides revenue-based financing to business owners in the mobility industry, has established itself throughout Africa and is now expanding to Mumbai, Hyderabad, and Bangalore. All…

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BII partners Standard Bank for battery storage and solar projects in South Africa

SOUTH AFRICA – British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has partnered with Standard Bank and H1 Holdings to successfully reach financial close on the first sizable battery energy storage and photovoltaic (PV) solar project in South Africa. The partners are investing to back three unique Kenhardt projects, powered entirely by renewable sources. The…

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Kasada Hospitality Fund acquires Kenya’s Crowne Plaza Hotel

KENYA – Kasada Hospitality Fund, which is backed by the Qatar Investment Authority (QIA) — the country’s sovereign wealth fund—has fully acquired Crowne Plaza Hotel for an estimated KSh4.6 billion (US$38.77m) from tycoon Nazir Ahmed Akbarali. The deal, which has received regulatory approval, adds to Kasada’s asset acquisitions on the continent after snapping hotels in Rwanda, South Africa, Senegal, Cameroon…

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Nigerian logistics provider Kwik launches ecommerce platform, KwikStore

NIGERIA – Nigeria-based start-up Kwik has expanded its offer of digital services with the launch of KwikStore, a free e-commerce storefront solution. Kwik, known for its logistics services to B2B merchants in Nigeria, describes KwikStore as “another exciting service to the already sensational offer it brings to African business owners and social vendors.” KwikStore allows any African business owner, merchant,…

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Investment platform Seedstars Capital launches its second seed fund for emerging markets

MENA – Seedstars Capital, an alternative investment platform focused in emerging and frontier markets, has announced US$20 million first closing of its second seed fund for emerging markets, Seedstars International Ventures II. Over the next three years, this vehicle intends to invest in a hundred companies in the pre-seed and seed stages across African, Asian, the Middle Eastern and North…

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Moroccan ticketing website Guichet.com expands to Senegal

SENEGAL – Guichet.com, the first Moroccan ticketing website, has announced the formal opening of its subsidiary in Senegal, in a first international expansion outside of Morocco. The new company, which has its headquarters in Dakar, was created as a result of a strategic alliance with a top Senegalese operator. The Moroccan ticketing platform intends to support the growth of the…

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VC fund FrontEnd Ventures closes US$1m to provide funding for early-stage founders

KENYA – FrontEnd Ventures, a Kenya-focused venture capital fund has closed its initial US$1 million VC fund to provide funding for early-stage founders in the East African country. Founded by Njeri Muhia and Steven Wamathai in 2021, FrontEnd Ventures, is backed by a US$5 million fund—likely to extend to US$10 million. The VC firm is issuing a US$100,000 cheque size…

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