E-commerce platform Copia Global launches new manufacturing unit

KENYA – Copia Global, the B2C e-commerce platform designed to serve the rapidly growing middle and low-income African consumer market, has launched a new manufacturing unit that will enable it to enhance its output of affordable sugar and rice to the Kenyan market. The new machine doubles the capacity offered by Copia to supply the goods to the Kenyan market,…

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HR startup Crew HR &Payroll rebrands and secures funding to grow it business

KENYA – Kenyan startup Crew HR &Payroll has rebranded to FaidiHR after it received an undisclosed amount of funding from SprintX, a US-based Venture Capitalist (VC) for early-stage startups. The startup, which offers digital human resource solutions to African companies, said they would use the investment to expand their business in East Africa, eyeing entry into Uganda, Tanzania and DRC.…

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AfDB and AfCFTA sign US$11.24m institutional support grant agreement

AFRICA – The African Development Bank (AfDB) and the African Continental Free Trade Area (AfCFTA) Secretariat have signed a US$11.24 million institutional support grant agreement. The Protocol of Agreement is an US$11.24 million support package meant to enhance the Secretariat’s effective implementation. The AfCFTA Secretariat, currently in phase II of its implementation phase, will benefit from this support package, which…

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Mobile game app Skrmiish raises US$2.5m seed round to expand globally

SOUTH AFRICA – Skrmiish, a Cape Town-based mobile “play-to-earn” app, has raised a US$2.5 million seed round to speed its global growth. The seed funding will enable Skrmiish to accelerate scalability by integrating additional game titles, grow monthly revenue, launch in North and Latin America, and issue its Skrmiish token. It will also look to bring on a few experienced…

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InsurTech start-up Evolutics secures US$250k to add digital infrastructure in its offering

NIGERIA – EvoluticS, an InsurTech start-up that offers software solutions, has secured US$250,000 in funding to offer digital infrastructure to insurance companies in Africa. The funding round led by Mercurial Advisory and Dinku Transnational of Dubai will enable Evolutics provide digital support to help drive penetration in both life and general insurance as well as healthcare in the continent. The…

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Venture Studio Qurious Labs secures funding to back entrepreneurs in MENA region

EGYPT – Qurious Labs, a Web3-focused venture studio, has raised funding from Openner as it bids to back bold entrepreneurs in the MENA region building Web3 companies that utilise blockchain, digital currencies, NFTs, and gaming to explore the Metaverse. Openner is a venture capital firm operating in Egypt, and according to it, is confident more VCs will realise the value…

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Zener SA secures financing from IFC to promote cleaner energy solutions in Togo

TOGO – IFC, a member of the World Bank, has announced a financing package for Zener SA, a leading integrated energy provider, to help reduce the use of polluting fuels for cooking in the country and mitigate climate change. The EUR16.2 million (US$16.50m) IFC-led financing package for Zener, which operates across Togo’s full liquified petroleum gas (LPG) value chain, comprises…

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Insurance firm Britam appoints Tom Gitogo as Managing Director

KENYA – Britam, an insurance group, has appointed Tom Gitogo as the new managing director, marking a return to the firm he once served as finance director. Mr Gitogo takes over from acting MD Charles Njuguna on September 1. Mr Njuguna, the finance director, took over from Tavaziva Madzinga in April, following his exit after just 10 months in office.…

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VC firm Oui Capital completes US$30m second fund to support Sub-Saharan African firms

NIGERIA – Oui Capital, an Africa-focused venture capital firm based in Lagos and Massachusetts, has announced the completion of the first close of its US$30 million second fund, Oui Capital Mentors Fund II, as part of its efforts to strengthen its footprint on the continent. Angur Nagpal’s Vibe Capital, D Global Ventures, Boston-based One Way Ventures, and Ground Squirrel Ventures…

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Global investor Actis to acquire controlling stake in solar energy provider Yellow Door Energy

MEA – Actis, a global investor in sustainable infrastructure, is set to acquire a controlling stake in the distributed commercial and industrial (C&I) solar platform, Yellow Door Energy Limited (YDE). YDE’s platform is in the Middle East and Africa region with around 200MW of secured production capacity. Closing of the transaction remains subject to obtaining the relevant regulatory approvals. YDE…

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