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Tag: Algeria

Algerian super app Yassir clinches US$150 million Series B funding for expansion 

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ALGERIA – Yassir, an Algerian multi-sided marketplace offering on-demand services such as ride-hailing, food and grocery delivery, banking and more, has raised US$150 million in Series B funding from prominent global investors.  The investment was led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other strategic investors. …

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Algerian logistics platform GroDesto raises US$1.4m in public offering

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ALGERIA – GroDesto, Algerian logistics platform, has announced that it has successfully raised 200 million DA (US$1.4M) through a public offering in order to become a joint stock company (SPA). GroDesto is an initiative to enable the distribution of consumer goods in Algeria. The startup consists of a mobile application and a website for logistics distribution. The project was awarded…

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China’s Huawei launches Huawei spark to support startups in Algeria

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ALGERIA – The Chinese telecoms company Huawei-Algeria and the public startup accelerator ‘Algeria Venture’ inaugurated the international programme ‘Huawei Spark’ dedicated to the promotion and development of startups in Algiers, according to a press release. The launch event was attended by Yacine El-Mahdi Oualid, Minister of Knowledge Economy, Start-ups, and Microenterprises, and Hocine Cherhabil, Minister of Digitization and Statistics. “The…

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Wintershall Dea expands interest in Algerian Reggane Nord gas project

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ALGERIA – Wintershall Dea has agreed to acquire an additional 11.25% participating interest in the Reggane Nord natural gas project, in Algeria, from Edison International for an undisclosed sum. After the transaction is closed, the consortium Groupement Reggane Nord (GRN), operator of the project, will comprise Sonatrach (40%), Wintershall Dea (30.75%), and Repsol (29.25%). The company currently holds a 19.5%…

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Algeria Venture partners Google to launch startup acceleration program

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ALGERIA – state-owned Algeria Ventures has partnered with Google for start-ups MENA to launch startup acceleration program in Algeria. The new program was launched in the presence of Yacine El-Mahdi Oualid, Minister Delegate to the Prime Minister responsible for the knowledge economy and start-ups. The program, dubbed ‘Boost Competencies Entrepreneurship (BCEP)’  has already promoted 14 start-ups from seven provinces across…

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Eni divests its stake in Algeria-Italy gas pipelines to energy infrastructure firm Snam

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ALGERIA – Italian oil and gas company Eni has agreed to sell a 49.9% stake of its subsidiaries that operate the gas pipelines between Algeria and Italy to energy infrastructure firm Snam for US$435.7 million. The deal includes the onshore gas pipelines that run from the Algeria-Tunisia border to the coast of Tunisia (TTPC), and the offshore gas pipelines that…

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Mobility startup Yassir raises US$30m in Series A funding round

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ALGERIA – Yassir, an on-demand mobility startup, has raised US$30 million for its Series A round led by A vast network of essential strategic investors. The investors included WndrCo, DN Capital, Kismet Capital, Spike (Stanford Alumni) ventures, and Quiet Capital. Other investors included Endeavor Catalyst (Endeavor’s co-investment fund), FJ Labs, VentureSouq, Nellore Capital, Moving Capital (AKA the Uber Alumni Investment…

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BCI Holding secures US$30m from IFC to further expand its production

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AFRICA – BCI Holding SA is set to receive a US$30 million financing package from IFC to further expand its production in Algeria, Egypt, and Nigeria, creating hundreds of direct and indirect jobs. BCI a regional manufacturer and distributor of polyurethane (PU) raw materials, systems and specialities with headquarters in the UAE. IFC’s will support the company’s expansion of its…

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Sherlock Grids SAS, GRTE secure funding from USTDA to expand and improve clean energy access

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BENIN – The U.S. Trade and Development Agency (USTDA) has announced a grant funding for technical assistance to help Beninese company Sherlock Grids SAS expand and improve clean energy access to rural communities across the country. Enoh T. Ebong, USTDA’s Acting Director said that the project embodies USTDA’s commitment to deploy innovative solutions that connect more of Africa’s citizens to…

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Algeria set to launch tenders to produce 1,000 MW of renewable energy

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ALGERIA – The Algerian government is preparing to launch a call for tenders for independent power producers (IPPs) aiming to select companies to produce 1,000 MW of renewable energy, with some conditions for foreign investors. In terms of renewable energy production, Algeria lags behind its Moroccan and Egyptian neighbours. But the country wants to diversify its electricity mix. This is…

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