DPI sells its minority stake in Egyptian retailer B.TECH to Saudi Public Investment Fund

EGYPT – Development Partners International (DPI) has sold ADP II’s 33.4% stake in Egyptian retailer B.TECH to the Saudi Egyptian Investment Company (SEIC), a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF). ADP II’s exit comes following a successful partnership with B.TECH, during which the business has accelerated its digital transformation efforts and cemented its position as the leading…

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Britannia Industries acquires Britania Foods, buys controlling stake in Kenafric

KENYA— Britannia Industries, India’s largest bakery firm, has acquired a 51% stake in Nairobi-based Kenafric Biscuits and acquired full control of Britania Foods. In a filing with the Bombay Stock Exchange, Britannia Industries noted the deal was instigated by its subsidiary Britannia and Associates (Dubai), or Badco, for INR92m (US$1.1m). Concurrently, Britannia Industries has fully acquired all of the shares…

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Social-commerce platform Tushop secures US$3m in pre-seed funding round

KENYA – Tushop, a Kenyan social-commerce platform that enables communities in Nairobi to buy groceries more cheaply with free delivery, has secured US$3 million in a pre-seed funding round. The round is aimed at growing Tushop’s team, investing in tech to make its platform as easy to use as possible and to further expand across Nairobi before rolling the service…

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E-commerce platform Mazaya completes US$5m pre-seed round to scale up its operations

EGYPT – Mazaya, the first B2B e-commerce platform that is focused on electronics, has announced that it has completed a pre-seed round of funding in the amount of US$5 million. The round was headed by Raya Trade & Distribution, which is a subsidiary of Raya Holding for Financial Investments. Mazaya will be able to scale its operations in Egypt, as…

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Nigerian B2B digital marketplace Vendease secures US$30m funding to expand operations

NIGERIA – Vendease, a Nigeria based online marketplace that allows restaurants and other food businesses to stock up their supplies, access financial services and power their business operations, has raised US$30 million in an equity and debt funding round. This comes after the Y Combinator-backed digital platform raised a US$3.2m seed round last October, with a focus to consolidate its…

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UM6P Ventures invests in De Novo Dairy’s precision fermentation milk production technology

SOUTH AFRICA – De Novo Dairy, the first African company to use precision fermentation technology to produce nature identical, animal-free dairy proteins that replicate mammalian immuno-protein’s function and nutrition, has clinched an investment from UM6P Ventures, an early-stage venture capital firm headquartered in Morocco. De Novo Dairy based in South Africa, specializes in the production of milk proteins using precision…

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Egyptian online marketplace Exits.me secures US$1m pre-seed round

EGYPT – Exits.me, an Egyptian online marketplace for fintech investment banking, has secured US$1 million in a pre-seed round. The round is backed by Exits.me of the United Kingdom, a group of prominent Egyptian angel investors, Baseeta Investments Holding and Mawelni Holding for Financial Investments, and the company’s founders. Among the participating Egyptian angel investors are Omar Amer, Abdulmuguid Amer,…

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Bidorbuy, uAfrica join forces to launch new e-commerce platform

SOUTH AFRICA – Online marketplace Bidorbuy has joined forces with e-logistics firm uAfrica to form Bob Group, a new e-commerce platform with a special focus on small businesses. Bob Group, a new merchant- and consumer-focused company, will offer everything e-commerce to all local consumers and companies operating online, whether they are looking to sell, buy – or both. Bidorbuy says…

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ECC acquires controlling stake in Egyptian beauty platform Source Beauty

EGYPT – Source Beauty, the first beauty platform located in Egypt, has acquired an investment from ECC in exchange for controlling ownership in the company. ECC is one of the major producers of beauty and personal care products in Egypt and gives a significant potential for Source Beauty to deliver an upgraded service to its clients, including new product creation…

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ARISE Integrated Industrial Platforms set to develop industrial zone in Rwanda

RWANDA – ARISE Integrated Industrial Platforms (ARISE IIP), a developer and operator of world-class industrial ecosystems across Africa, in partnership with the Government of Rwanda, has announced the signing of a framework agreement for the development of an industrial zone in Bugesera District, Rwanda. This agreement, in line with ARISE IIP’s ambition to unlock Africa’s industrial potential, will support the…

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