BMCE Capital Investment launches its first venture capital for Moroccan startup

MOROCCO – BMCE Capital Investment, part of the BMCE Capital Group, has announced the launch of its first venture capital dedicated to financing Moroccan startups. The new MAD 50 million (US$4.5 million) fund underlines BMCE Capital Group’s plan to support Moroccan startups in the seed phase. Over the upcoming months, the fund is set to raise money from renowned Moroccan…

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Proptech firm Partment concludes US$1.5m pre-seed round to improve its platform

MEA – Partment, a proptech firm that provides co-owned second homes, has announced that it has successfully concluded its pre-seed round at US$1.5 million to improve the infrastructure of the platform and launch its MVP in Egypt. Nclude, a leading venture capital platform focused on investing in fintech and fintech-enabled startups in Egypt, the Middle East, and Africa, as well…

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Digital identity startup iiDENTIFii secures US$15m in funding to expand face biometric authentication

SOUTH AFRICA – iiDENTIFii, a South African-based automated platform that provides a remote digital biometric identity authentication process, has raised US$15 million in growth capital. The round was led by African investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO. This is, to date, the largest African Series A in the identity verification space. “I’m incredibly…

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Tunisian startup Kumulus raises US$0.97m pre-seed funding to further improve its product

TUNISIA – Kumulus, a Tunisian startup that extracts drinking water directly from the air, has successfully closed a €1 million (US$0.97m) pre-seed funding round to further improve its product and even deliver its first pre-ordered copies. Several institutional investors participated in the round, including Paris Techstars Accelerator, Flat6Labs, WILCO and Bpifrance, and business angels. Kumulus is a company that operates…

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Moroccan OCP Group to acquire 50% stake in Spain based GlobalFeed company

MOROCCO – Morocco’s OCP Group, one of the world’s leading fertilizer producers, is seeking to diversify its phosphate production operations and become a leading player in the animal nutrition, with the acquisition of 50% stake in GlobalFeed from major Spanish fertilizer producer Fertinagro Biotech. GlobalFeed operates in the animal nutrition segment, manufactures and distributes a wide range of products, including…

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Safaricom announces 50 per cent reduction in Fuliza interest charges

KENYA – Safaricom and KCB Bank Kenya have announced a restructuring of the popular Fuliza overdraft facility in a move that will see customers transacting on Fuliza access the overdraft facility at a free daily maintenance fee for the first three days for transactions of KSh. 1,000 and below. The move benefits more than 80% of M-Pesa customers who seek…

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Oil & gas company Shell set to acquire solar provider Daystar Power

SOUTH AFRICA – Royal Dutch Shell, a multinational oil & gas company is set to purchase African solar provider, Daystar Power, as it expands its global renewables footprint and seeks to work towards its carbon emission reduction policy. Shell is one of the most influential oil producers in Africa, but the Daystar purchase is its first power acquisition on the…

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