Copia Global deepens focus on regional growth with new executive appoints

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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BNPL Lipa Later partners Lami Technologies to offer its consumers affordable credit insurance

AFRICA – Buy now, pay later (BNPL) company Lipa Later has announced a partnership with Lami Technologies insurtech to offer its consumers access to reliable and affordable insurance against all products purchased using the Lipa Later platform. Founded in 2017, Lipa Later is a trusted BNPL company operating in Kenya, Rwanda, Uganda and Nigeria, with the sole purpose of providing…

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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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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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Online retailer Carzami completes pre-seed round to expand its existing operations

EGYPT – Carzami, an online retailer for quality used cars and vehicle financing, has completed a pre-seed round led by Contact Financial Holding to expand its inventory and improve organisational efficiency and expand existing operations such as auto finance. It has also established a scalable inventory financing facility, which it intends to use to transform Egypt’s used car market, with…

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Walmart doubles down commitment on Massmart, seeks to buy out minority shareholders

SOUTH AFRICA – American multinational retail corporation, Walmart, plans to acquire all of the outstanding shares of South Africa based Massmart that it does not already own, excluding treasury shares, and if successful delist from the JSE, with CEO Mitchell Slape stepping down at year-end. The majority owner, Walmart, has offered to purchase the remaining stake in the owner of…

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Private Equity firm Ezdehar Management acquires 60% stake in Egyptian grocery retailer Zahran Market

EGYPT – Zahran Market, Egyptian retail supermarket chain, has agreed to offload 60% its stake to private equity firm Ezdehar Management, to spearhead its future growth plan. Zahran Market, founded in 1987 as a family business, is accredited for being the first chain to open supermarket outlets in North Coast in 1997. Currently it boasts of operating 16 branches in…

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#DEALSTREETNEWS; Taaply raises funding, Yango Partners with Bee Group, WamiAgro Raises US$227k, Tana Africa and Sango Capital back Sundry Markets

Cameroonian digital business card provider Taaply raises US$500k The Cameroon-based Taaply, which began life digitising business cards, has raised US$500,000 in funding as it announces the release of a new app and website update. Launched in 2021, Taaply is a digital business card solution aimed at cutting down on carbon emissions in Africa. The recent funding, app and website updates and improvements…

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Retail-tech startup Omnibiz secures US$15m pre-Series A round to accelerate growth

NIGERIA – Omnibiz, a retail-tech startup, has secured a US$15 million pre-Series A round of funding led by Timon Capital to accelerate retailer growth and retention, and boost its revenues four-fold. Ventures Platform, LoftyInc Capital Management, Chapel Hill Denham, Chandaria Capital and Musha Ventures also participated in the round, which was structured as US$5 million equity and US$10 million debt.…

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Amethis bows out of Naivas International, sells stake to Mauritius investor IBL Group

KENYA – French private fund Amethis and World Bank’s International Finance Corporation (IFC) have sold an estimated 30 per cent stake in Naivas Supermarket, a retail chain in Kenya. According to a press-release by Naivas, IBL Group, largest conglomerate in Mauritius has led a consortium of investors i.e., Proparco, a subsidiary of Agence Francaise de Developpement (AFD) and DEG, subsidiary…

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