Inspiring Africa's Sustainable Business Growth
EGYPT – Seqoon, an Egyptian real estate co-ownership firm, has secured US$500,000 in a pre-seed round from Banque Misr’s pilot initiative to encourage creative entrepreneurs. Several renowned angel investors also participated in the round. Seqoon is using this funding to expand its staff and has already opened its first co-ownership location in El Gouna. “I can’t describe the energy we…
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AFRICA – Shelter Afrique, a pan-African finance institution, has announced plans to develop a Sovereign Lending product that will supplement its traditional products that attend to both the demand and supply sides of the housing value chain. Shelter Afrique Ag. Managing Director Kingsley Muwowo said Africa’s GDP contraction resulting from the Covid-19 pandemic was an alarming sign of a slump…
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KENYA – Acorn Holdings, through its subsidiary Acorn Project (Two) LLP, has announced its intention to exercise an early redemption option of KSh800.2 million (US$6.6m) of its KSh5.7 billion (US$47m) green bond, being a portion of outstanding notes issued under the bond program. According to Acorn, the redemption will be effected on or before the 31st of this month, at…
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NIGERIA – Spleet, a real estate technology startup, has successfully received a seed round of US$2.6 million to extend its residential rent-focused solutions across Africa. The funding was spearheaded by MaC Venture Capital. Noemis Ventures, Plug and Play Ventures, Metaprop Venture Capital, HoaQ Fund, Assembly Fund, Ajim Capital, Francis Fund, and Eduardo Campos are some of the investors in this…
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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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SOUTH AFRICA – International Financial Corporation (IFC) and Redefine Properties Ltd., a leading South African-based Real Estate Investment Trust (REIT) announced the issuance of a green bond, with IFC as anchor investor, to help promote sustainability and climate-smart commercial real estate in South Africa. Redefine will use the bond’s proceeds to improve the environmental sustainability of eligible buildings in its…
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SOUTH AFRICA – TSK Interiors, a black-owned commercial interior fitout and construction company, has secured investment from the Vumela Fund, established by FNB Business and Edge Growth. The funding is expected to help unlock additional liquidity to allow TSK Interiors to capitalize on larger and more resource-intensive opportunities in the market, with job creation being a direct result of more…
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SOUTH AFRICA – Mergence Investment Managers, through its Infrastructure and Development Equity Fund, has acquired a controlling equity stake in a portion of the innovative affordable rental housing group, Live Easy. Mergence acquired the majority stake in Live Easy from funds advised by Stockdale Street, with one of South Africa’s largest commercial banks and Westbrooke Alternative Asset Management respectively providing…
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KENYA – Shelter Afrique, a housing development financier, has appointed Thierno-Habib Hann as the new Chief Executive Officer, succeeding Mr. Andrew Chimphondah who left the company in February this year. Mr Hann currently serves as the Asia-Pacific Lead for housing finance at the International Finance Corporation (IFC), based in Bangkok, where he leads the strategy development and implementation of He…
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AFRICA – Pan African housing development financier Shelter Afrique has posted an operating profit of US$1.04 million up from operating loss of US$0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures. The Company contained its operating expenses at US$8.04 million in 2021 down from US$8.44 million in 2020, representing a 10% decline. It…
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