Chariot raises US$25.5M for offshore gas project in Morocco

MOROCCO – Africa-focused energy exploration company Chariot has raised US$ 25.5 million to progress its flagship Anchois offshore gas project in Morocco, as well as its other renewable energy projects across Africa. The Anchois gas development project, which falls under the Lixus Offshore drilling license, covers an area of around 2,390km², with a water depth that ranges from the coastline…

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Emirates telecommunications, Etisalat buys 9.8% of Vodafone Int’l for US$4.4B

EGYPT – Emirates Telecommunication Group Company PJSC (Etisalat) has acquired 9.8 percent stake in Vodafone International Group for US$4.4 billion. The move came days after Emirates said it was looking to expand into new markets in Africa, Europe, and Asia, and into areas outside telecoms such as financial technology, as it seeks to drive growth, according to Reuters. It added…

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Egyptian healthcare startup Doxx raises US$1.5M in a seed round for expansion

EGYPT – Doxx, an Egypt-based healthcare startup, has raised US$1.5 million in seed round and plans to expand to close the loop on patients’ requirements while becoming the preferred app for doctors and patients. Following the seed funding led by VC Openner and Elevate, the start-up has launched first fully integrated digital platform in the MENA region connecting medical professionals…

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Shell subsidiary acquires ExxonMobil’s offshore concession in Egypt

EGYPT – BG International Limited., a subsidiary of Shell plc., has signed a Farm Out Agreement (FOA) with ExxonMobil Egypt Limited to acquire a 100% stake in the ExxonMobil-operated North East El-Amriya Offshore Area. The completion of the ownership transfer process is subject to the approval of the relevant government and regulatory agencies. A Farm Out Agreement (FOA) is a…

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Lafarge Egypt signs US$93M solar energy deal with Lumika Renewables

EGYPT – Lafarge Egypt, part of cement giant Holcim Ltd, has signed a US$93 million deal with Lumika Renewables to offtake electricity from a solar park. Lumika Renewables is a joint venture of South Africa-based industrial group Reunert and A.P. Moller Capital. The joint business was created in 2021 to develop a portfolio of cost-efficient, renewable energy solutions for commercial…

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Autochek acquires Morocco’s KIFAL Auto to drive North Africa expansion

MOROCCO – Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of Morocco’s KIFAL Auto to drive its expansion into North Africa. This acquisition represents the first major expansion of a West Africa-based startup into North Africa and it will facilitate effective Pan-African collaboration to drive innovation across the continent’s growing…

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Egypt’s Instabug closes US$46M series B round to eliminate bugs within Apps

EGYPT – Egypt’s software company that provides bug reporting, and app performance monitoring, Instabug, has closed US$46 million in series B funding round to eliminate bugs within Apps The funding round was led by global software investor Insight Partners, with participation from current investor Accel and new investors Forgepoint Capital and Endeavor. The raise comes just over two years after…

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Nigerian healthtech start-up, Carepoint bags US$10M for African expansion

NIGERIA – Pan-African technology-driven healthcare startup, CarePoint has secured a US$10 million bridge round to accelerate its growth across Africa. The latest funding round was led by TRB Advisors and brings the total funding raised by CarePoint to US$30 million. It follows a US$18 million Series A round announced  mid-November last year. New and existing investors that took part in…

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Nigerian digital freight forwarding start-up Topship bags US$2.5M in seed round

NIGERIA – Nigerian digital freight forwarding start-up, Topship has secured US$2.5 million in a seed round, just months after finishing the YC winter batch, to scale operations across Africa. The round was led by Flexport with the participation of Y Combinator-Soma Capital, Starling Ventures, Olive Tree Capital, Capital X, and True Capital. Individual investors in the round include Mercury CEO…

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Nigerian fintech start-up Bridgecard secures US$440k pre-seed funding for expansion

NIGERIA – Nigerian fintech start-up Bridgecard has secured a US$440,000 pre-seed funding round to expand its user base and build out its platform in Nigeria. The pr-seed funding round was led by ABV funds with participation from Ingressive Capital, Voltron Capital, Venture Platform, Velocity Digital, and Berrywood Capita. Other angel investors in this round include Johnson Yaya, Kennedy and Duke…

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