Norfund and UKCI fund BEE investments into 700 MW wind portfolio in South Africa

SOUTH AFRICA – Norwegian development finance institution, Norfund, and the UK Climate Investments (UKCI) have announced that they will jointly finance the 40% equity participation of H1 Holdings and Pele Green Energy into a 700 MW portfolio of onshore wind farms in South Africa.  A joint venture of H1 Holdings and Pele Green Energy will invest in wind energy projects alongside Enel Green Power. The deal is one of South Africa’s largest renewable energy equity deals valued at around US$100 million. Enel Green Power is set to retain a 60%…

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Ardagh Group acquires Consol Holdings Proprietary for US$635m

SOUTH AFRICA – Ardagh Group S.A. has announced the acquisition of Consol Holdings Proprietary Limited, the leading producer of glass packaging on the African continent, for an equity value of ZAR10.1 billion (US$635 million). Completion of the acquisition is subject to certain conditions, including regulatory approvals that are expected to be obtained in the second quarter of 2022. “We are very pleased to expand our European and North America presence in glass packaging into Africa with the acquisition of Consol, a high-quality business, led by an excellent management team,” Ardagh…

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Endeavor raises US$8m for its Harvest Fund to fund startups in South Africa

SOUTH AFRICA – Endeavor South Africa, a community of high-impact entrepreneurs, has raised R130 million (US$8.19m) to date in its Harvest Fund II, doubling the fund size since its first close in late February. The firm says the fund is on track to be fully invested by 2022, a year ahead of plan, and has invested in six technology companies to date, with a further four in the immediate pipeline. Harvest Fund II is a founder-aligned, rules-based fund, investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs. The fund…

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Transport company DKN Transport secures funding from Edge Growth for its expansion plans

SOUTH AFRICA – Edge Growth, through the Engen Convoy Fund, an Enterprise and Supplier Development Fund to promote broad-based black economic empowerment (B-BBEE), has invested in DKN Transport, a level 1 B-BBEE contributor with a 30% black female shareholding. Through this funding, DKN will be able to expand their fleet size and market offering, with additional job creation as a result. Headquartered in Johannesburg since 2004, DKN Transport provides road freight logistics solutions across various industries, nationally and cross-border into Africa. “Traditional logistic companies are still critical enablers to achieving…

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Education finance company Fundi acquires edtech company EduOne

SOUTH AFRICA – Fundi, an education finance and education fund management solution specialist, has acquired EduOne, a South African education technology company. Started in 2015 in Cape Town by Jason Basel and co-founders James Kieser, Pieter Strydom and Ben Rath, EduOne was developed in response to their own challenges and experiences of accessing and moving through the education system.   Today the company operates South Africa’s largest career guidance website, engaging students on their post-school options. It also builds software such as a mentorship platform and fund disbursement tool, both aimed…

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Fintech firm Crossfin set to be acquired by consortium of investors for US$94m

SOUTH AFRICA – Crossfin Technology Holdings, a fintech investment firm, has been acquired by a consortium of investors, including Patrice Motsepe’s African Rainbow Capital (ARC), for R1.5 billion (US$ 94.71m). The consortium is led by Ethos’s Mid-Market Fund I and includes the founding Crossfin executive management team, EMMF I co-investors Ethos Artificial Intelligence Fund I, and empowerment investor ARC. Fairview Partners acted as financial advisors for the transaction, which will see the exit of founding investors Capital Eye Investments and the Multiply Group. “The transaction is considered a landmark deal…

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Kenya Airways and South African Airways sign strategic partnership framework

SOUTH AFRICA – Kenya’s national carrier, Kenya Airways (KQ), has signed a Strategic Partnership Framework with South African Airways (SAA), a key milestone towards co-starting a Pan African Airline Group by 2023. The partnership framework follows the Memorandum of Cooperation (MoC) that the two airlines signed two months ago to foster the exchange of knowledge, expertise, innovation, digital technologies, and best practice between the two airlines. The signing of the Strategic Partnership Framework by the two African airlines will see both airlines work together to increase passenger traffic, cargo opportunities,…

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CDC Group appoints Thithi Kuhlase-Maseko South Africa Head of Office and Coverage Director

SOUTH AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, is pleased to announce the appointment of Thithi Kuhlase-Maseko as its new South Africa Head of Office and Coverage Director. Thithi will lead CDC’s Johannesburg office, deepening the firm’s deal and portfolio-related activities in South Africa and further strengthening stakeholder relationships in the market. “I am pleased to have the opportunity to help drive CDC’s investment goals in South Africa. My role comes at an exciting time when South Africa is taking a bold step in…

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Blockchain startup NFTfi raises US$5m seed round to expand its platform

SOUTH AFRICA – NFTfi, a blockchain startup, has raised US$5 million in a seed round to continue pioneering the financialization of NFTs. The round was headed by 1kx, with participation from Ashton Kutcher’s Sound Ventures, Maven 11, Scalar Capital, Kleiner Perkins, and others. NFTfi intends to use the new funding to expand its workforce, introduce new product features, expand the platform to other blockchains, invest in its community, and fund its decentralization. “Our main focus is that we want to do for NFTs what DeFi did for cryptocurrencies. As soon…

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VoxCroft Analytics raises US$2m Series A funding from Knife Capital

SOUTH AFRICA – VoxCroft Analytics, an open-source intelligence company, has raised close to US$2 million in Series A funding from Knife Capital, a South African venture capital company specialized in helping brands build a global presence. VoxCroft Analytics will use the funding to expedite its already-rapid expansion in the United States and other international markets. Founded in 2018, VoxCroft specialises in open-source intelligence (OSINT), an oft-neglected source of insight differentiated from the other forms of intelligence such as human intelligence (HUMINT) or signals intelligence (SIGINT) in that it relies on…

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