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Daily Digest Tuesday 4 August 2020

Funding In Africa New early-stage Venture Capital Fund to back cohort companies launches South African based business accelerator, Grindstone has launched a new Venture Capital Fund, Grindstone Ventures, dedicated to providing early-stage equity funding to its cohorts of companies and alumni. Read more Through AFAWA, the Bank seeks to bridge the $42 billion financing gap faced by women-empowered businesses Marieme Esther Dassanou is the Coordinator of Affirmative Finance Action for Women in Africa (AFAWA) the African Development Bank’s flagship pan-African initiative, which aims to bridge the $42 billion financing gap facing women entrepreneurs in Africa Read more Kenya’s Ride Hailing Firm Gets $3 Million Boost With the expectant competition in ride hailing...

New early-stage Venture Capital Fund to back cohort companies launches

South African based business accelerator, Grindstone has launched a new Venture Capital Fund, Grindstone Ventures, dedicated to providing early-stage equity funding to its cohorts of companies and alumni. Grindstone Accelerator is a structured entrepreneurship development programme that is jointly owned by leading venture capital fund manager Knife Capital and market access specialist Thinkroom Consulting. The programme assists South African SMEs with proven traction through an intensive year-long review of their strategies and provides them with the necessary support to build a foundation for growth to become investable, sustainable and exit-ready. Grindstone Ventures is an open-ended venture capital fund structure, set to invest up to R5-million per opportunity During the programme, key growth gaps...

“Through AFAWA, the Bank seeks to bridge the $42 billion financing gap faced by women-empowered businesses”

(AfDB) - Marieme Esther Dassanou is the Coordinator of Affirmative Finance Action for Women in Africa (AFAWA) the African Development Bank’s flagship pan-African initiative, which aims to bridge the $42 billion financing gap facing women entrepreneurs in Africa. She previously led IFC’s Gender Secretariat's work on advancing women's inclusion in the insurance and financial sectors. In this interview, she outlines progress made with the AFAWA initiative and its future plans. You recently joined the African Development Bank as AFAWA coordinator. Can you tell us more about the initiative? AFAWA is a pan-African initiative launched by the African Development Bank at its Annual Meeting in Lusaka, Zambia in May...

Top startup web events in South Africa this week

Startup financing  Hosted by Waxdale Ecosystem Inc, the webinar focuses on their ventures initiative, FndrVestr. The new platform which has launched allows entrepreneurs to pitch their idea to investors through audio. The webinar focuses on how to access financing for startups and will expand on how to use the new platform. The platform serves to create endless opportunities for those seeking financing for their startup.  Date: 3 August, 7pmLocation: Zoom  Startup launcher programme  Waxdale has created a Certified Launcher Programme and will be hosting a webinar at the necessary software tools with weekly online meet ups. The launcher programme is free to join and aims to help startups launch their business within 60 days. The weekly...

Kenya’s Ride Hailing Firm Gets $3 Million Boost

With the expectant competition in ride hailing business subsector across the continent, existing operators are working on boosting the competitive edge of their brands. This probably informs the latest investment worth $3 million (Kshs 324 million) by Craft Silicon in its ride hailing  subsidiary, Little for expansion. With this boost, Little will use the additional funding to launch operations in West Africa, where they are piloting the app service in Accra, Ghana. There are also talks that Nigeria is on the radar. Craft Silicon and Little CEO, Kamal Budhabatti “We have already started testing the product in Accra. Since travel may be an issue, we are taking an...

Daily Digest Monday 3 August 2020

Funding In Southern Africa Vantage provides R82m of funding for Alleyroads Vantage Capital, Africa’s largest mezzanine fund manager, has provided R82m of mezzanine funding for the development of Kayalane Heights, a first-of-its-kind affordable housing development located in Lebowakgomo, Limpopo. Read more Funding In Africa REMITLY ANNOUNCE AN $85M FINANCING ROUND LED BY PAYU Remitly is an international digital remittance company established in 2011 and headquartered in Seattle, USA. It transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, and South America. Read More Funding In West Africa InfraCo Africa commits $6m to Bumbuna Hydro II The funding forms part of a...

REMITLY ANNOUNCE AN $85M FINANCING ROUND LED BY PAYU

Remitly has announced an $85 million financing round led by PayU joined by returning partners DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures, and Top Tier. Remitly is an international digital remittance company established in 2011 and headquartered in Seattle, USA. It transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, and South America Remitly intends to use the funds to expand its suite of financial services products and digital solutions. “As the current health crisis continues to devastate the global economy and disproportionately impact developing countries around the world, immigrants are increasingly turning to digital...

Vantage provides R82m of funding for Alleyroads

Vantage Capital, Africa’s largest mezzanine fund manager, has provided R82m of mezzanine funding for the development of Kayalane Heights, a first-of-its-kind affordable housing development located in Lebowakgomo, Limpopo. Johnny Jones, Partner at Vantage Capital, said: “We are proud to support one of South Africa’s leading black developers who is seeking to narrow the country’s housing shortage in Lebowakgomo by providing high quality homes at an economical price.” The promoter of the transaction is the Alleyroads Group, a South African black-owned property development company led by Ivan Pretorius. Since its inception in 2009, Alleyroads has built more than 3,000 residences across South Africa including over 1,500 affordable homes. Warren...

InfraCo Africa commits $6m to Bumbuna Hydro II

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Joule Africa to provide $6m of funding to the 143MW Bumbuna Hydro II initiative in Sierra Leone. The funding forms part of a package involving the private sector and development finance institutions designed to ensure that Bumbuna Hydro II can go the “last mile,” reaching construction and operations to deliver year-round, renewable baseload power in Sierra Leone. Gilles Vaes, InfraCo Africa’s CEO, said: “As part of the PIDG, InfraCo Africa is uniquely positioned to be nimble and flexible, providing timely development capital and expertise at any point in the lifecycle of a...

AFRICA: Med’Innovant Africa 2020 will award innovations for the sustainable city

Euroméditerranée, a French public urban development institution, is launching the 2020 edition of its Med'Innovant Africa competition dedicated to sustainable cities. Start-ups interested in this innovation competition are invited to apply before August 31, 2020. The Med’Innovant Africa 2020 is launched. The second edition of this innovation competition is dedicated to the sustainable city, more than ever at the heart of urban development strategies in Africa. The aim of this competition is to stimulate the search for innovative solutions to imagine the resilient African and Mediterranean sustainable city of tomorrow. “By putting resilience at the heart of this second edition, the objective of Med’Innovant Africa is to...