Inspiring Africa's Sustainable Business Growth
EGYPT – Sharwa, a social ecommerce platform, has announced the completion of a US$2 million pre-seed investment round to further build the technological platform and expand the team. Nuwa Capital and Hambro Perks Oryx Fund co-led the round, joined by many key angel investors. Founded in 2022 by Alaa Shalaby, Hassan Elshourbagi and Mohamed Hanafy, Sharwa offers customers low prices…
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KENYA – Barak Asset Recovery Limited, a Mauritian firm and also has operations in Seychelles, is set to acquire a 60% controlling stake in Kenyan cement producer Savannah Cement, owned by Seruji Limited. In filings made at the Comesa Competition Commission as the firms seek regulatory approvals for the deal, the firm described its principal business as an investment holding.…
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NORTH AFRICA – MaxAB, a food and grocery B2B e-commerce and distribution platform that serves a network of traditional merchants in Egypt and Morocco, has announced the completion of a US$40 million pre-series B equity transaction to drive its development across the MENAP area. Silver Lake, the global leader in technology investing, through its Long Term Capital strategy; British International…
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EGYPT – Kenzz, an e-commerce platform bringing shopping to the masses in Egypt and the Middle East, has announced a US$3.5 million seed round to expand its product categories, broaden the product categories on its platform, acquire people, and invest in technology when it releases its app. Outliers Venture Capital, a MENA-focused venture capital firm located in the United States,…
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KENYA – Moko Home + Living, a Kenyan furniture startup, has raised US$6.5 million for expansion in the Kenyan market. This Series B debt-equity funding round was co-led by U.S.-based investment fund Talanton and Swiss investor AlphaMundi Group. Other participants include Novastar ventures, Blink CV, and Kenya’s Victoria Commercial Bank which offered US$2 million in debt financing. Apart from funding…
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KENYA – Copia Global, the fast-growing B2C e-Commerce platform operating in East Africa, has undertaken several executives appointments to beef up its management as it continues to pursue its expansion strategy. The mobile commerce platform has promoted its Chief Financial Officer (CFO) Dominic Dimba to Managing Director, of East Africa. As the former CFO of the organization’s Kenya division, Dominic…
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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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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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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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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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