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Daily Digest Wednesday, 8 July 2020

Funding In East Africa “GET IT,” Local Start-up secures additional venture capital funding Lauren Russell Nkuranga, the founder of GET IT, a commercial food distribution service company based in Rwanda, says that investors still have appetite for the country despite Covid-19 pandemic. Nkuranga’s startup completed its Series A funding – the first significant round of venture capital financing Read more Funding In Africa Africa attracted $338mln in private equity investments in June 2020  Companies operating in Africa raised a total of $337.7 million in private equity investments in June 2020, we learned. This does not include the asset management subsidiary of Investec (Ninety One) and the $597 million fund...

“GET IT,” Local Start-up secures additional venture capital funding

Lauren Russell Nkuranga, the founder of GET IT, a commercial food distribution service company based in Rwanda, says that investors still have appetite for the country despite Covid-19 pandemic. Nkuranga’s startup completed its Series A funding – the first significant round of venture capital financing – last month from Chicago-based impact investor VestedWorld. Earlier this year, Chandaria Capital, the professional early-stage investment arm of the Chandaria Group of companies based in Kenya also announced an investment in GET IT. “This is an indication that investors are still interested in Rwanda despite Covid-19,”she said in an interview with Business Times.  While the conversation with investors began before the pandemic, the...

Africa attracted $338mln in private equity investments in June 2020

 Companies operating in Africa raised a total of $337.7 million in private equity investments in June 2020, we learned. This does not include the asset management subsidiary of Investec (Ninety One) and the $597 million fund launched by the South African Ethos Private Equity. The largest fundraising over the period was the 131.7 million made by Sanlam for its three funds targeting South African companies affected by covid-19. It was followed by the $90 million raised by the fourth AfricInvest fund for Africa thanks to contributions from Proparco, the International Finance Corporation, and Development Finance Corporation. While many African countries have followed the international movement by reopening their economies, investors...

AfricInvest IV Fund mobilizes $202 million

 AfricInvest IV Fund, the fourth fund launched by Tunisia-based investment firm AfricInvest, reached a total of $202 million in mobilization. Last week, the Commonwealth Development Corporation (CDC) committed $50 million in a one-off grant, the largest to its African partner. The second contributor to this fundraising is Finland’s development finance fund FinFund, which injected $20 million. The other donors include Proparco, which is the private arm of the French Development Agency (AFD), the International Finance Corporation, and the American development finance institution, Development Finance Corporation. The fund, whose total resources are expected to reach $500 million, targets medium-sized African companies that are well-positioned and likely to become strong regional businesses. The fund’s...

LIVE: “Building in tough times

This Friday, July 10th, for the 5th episode of "Building in tough times" we are interviewing, Omowale David-Ashiru, Vice President - Global Operations at Andela, the global tech talent provider which recently pivoted to a fully remote model.Andela has had to make some tough decisions in the midst of the pandemic.Omowale's team is responsible for creating an environment that fosters effective work for its fully remote workforce across seven countries with unit economics that is viable for sustained growth and scaling of the company.Omowale will answer questions including:How Andela is navigating the crisis and lessons for business leaders.How do tech business leaders respond during this...

Daily Digest Tuesday 7 July 2020

Funding In East Africa With the acquisition of Saham Kenya, MUA confirms its ambitions in East Africa Present in Kenya since 2014, the leading insurance company in Mauritius reaches another important milestone in its expansion strategy in East Africa by completing the acquisition of Saham Kenya. Read more Funding In North Africa France Launches $33.7m Credity Facility For Startups And Small Businesses In Tunisia A new line of credit to support Tunisian SMEs and startups have been made available by the French Government to Tunisian SMEs and SMIs, including 6 million Euros in donation, as part of the acquisition of goods and services of French origin up to 70% minimum.  Read more Funding In...

With the acquisition of Saham Kenya, MUA confirms its ambitions in East Africa

Present in Kenya since 2014, the leading insurance company in Mauritius reaches another important milestone in its expansion strategy in East Africa by completing the acquisition of Saham Kenya.The Mauritian insurance company MUA Ltd ("MUA") announces the completion of the acquisition of Saham Assurance Company Kenya Limited ("Saham Kenya") , through its subsidiary MUA Insurance (Kenya) Limited (“MUA Kenya”). Present in the region since 2014, following the acquisition of Phoenix Transafrica Holdings (with a presence in Kenya, Tanzania, Uganda and Rwanda), MUA significantly strengthens its local presence through this acquisition, sending out a strong signal about the group's confidence in the Kenyan insurance sector. The transaction...

France Launches $33.7m Credity Facility For Startups And Small Businesses In Tunisia

A new line of credit to support Tunisian SMEs and startups have been made available by the French Government to Tunisian SMEs and SMIs, including 6 million Euros in donation, as part of the acquisition of goods and services of French origin up to 70% minimum.  The establishment of this line of credit is part of the joint effort to help the economic development of the country and to strengthen trade links between Tunisia and France.  The Regional Economic Service and the Agency for the Promotion of Industry and Innovation, with the support of the Business France office in Tunis and the Tunisian-French Chamber of Commerce and Industry are organizing a...

Top startup web events Africa this week

If you have any event recommendations for us to add to the list, or next week’s, please send us an email nichole@getfundedafrica.com.  Please notify us by Friday of the week before the event. Not all the events are free and some will require booking in advance. Please click on the event names to find out more information. Career Strategy during a pandemic Covid-19 has changed our lives, in a time where most people are dealing with economic instability and job insecurity, deciding what your next career move during a pandemic is possibly the most important decision you will make in your career. Lifecheq CEO Abu Addae and Senior Consultant,...

CDC Group, Finnfund Invests $70m Into AfricInvest Fund IV To Support Startups And Businesses Across Africa

The CDC Group and Finnfund have made a $70-million commitment to AfricInvest Fund IV, a generalist Pan-African fund aiming to foster the growth of African enterprises across the continent. Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial services, agribusiness, logistics, manufacturing, healthcare and education. Here Is What You Need To Know CDC, the UK’s impact investor and development finance institution, committed $50-million and Finnfund, the Finnish development financier, committed $20-million. AfricInvest Fund IV is aimed at general African enterprise growth through investing in mid-cap and growth-focused financial services, agribusiness, logistics, manufacturing, health and educational businesses, and will receive USD 50 million from CDC and USD...