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Ethiopian Edible Oils Business Turaco Raises US$22m Growth capital From Proparco

Turaco, the Ethiopian edible oils company and owner of the brand name Tena Oil, has a new funding from the French development financial institution Proparco and the South Africa-based Ethos Mezzanine Partners. The business has announced a US$22 million investment from both investors.  The Main Points With the new investment, Turaco will fund the expansion of its manufacturing operations, carried on by Health Care Food Manufacturers SC and ZAK Ethiopia Manufacturing & Trading Plc.Some of the capital will also be applied to upgrading these facilities to meet IFC performance standards relating to Environmental, Health, Safety and Governance.According to a press-release by Proparco, the deal was structured and arranged by African...

Ethos, Proparco support Ethiopian Turaco’s expansion plan with $22mln

The South African private equity firm Ethos and French Development Agency’s private sector arm -Proparco- announced an investment of $22 million to support the expansion plan of the Ethiopian retailer Turaco, which specializes in the manufacture and marketing of consumer products. Turaco is managed by 54 Capital PE Advisors. This mezzanine financing transaction, which combines capital injections and loans, is being deployed by Proparco for the first time in Ethiopia. The beneficiary of this resource aims to expand its facilities to increase its production of edible oils and personal care products. “We are looking forward to having institutional investors like Ethos and Proparco as partners in this next...

Orange Digital Ventures launches seed challenge to invest €500k in seven startups[Update]

Seven startups from Africa and the Middle East will be able to land investment of between €50 000 and €150 000 through a new seed challenge launched by Orange Digital Ventures. Orange Digital Ventures’ Africa & Middle East Seed Challenge is aimed at tech-driven startups with high growth potential and has a pool of €500 000 to invest in startups from Cameroon, Côte d’Ivoire, Egypt, Morocco, Senegal, Tunisia and Jordan. Startups will also qualify for 12 months of business support from a local mentor. Investing in and supporting these entrepreneurs is key to the continent’s development and an important issue for Orange, which wishes to increase its co-operation with these innovation...

TANA AFRICA CAPITAL INVESTS IN EGYPTIAN HOSPITAL OPERATOR, MABARET

Leading private equity firm, Tana Africa Capital has announced its investment into Mabaret Al Asafra (“Mabaret”) a leading hospital operator in Alexandria, Egypt. The investment was done through its second fund Tana Africa Capital II (“TAC II”) and made directly into Alexandria for Healthcare Investments (“AHI”), that owns the majority stake in the Mabaret hospitals and laboratory. Mabaret currently operates two hospitals and a laboratory business in Alexandria and will launch a new hospital in central Alexandria in the second half of 2020, increasing the total beds to over 400. Tana as an active and long-term investor forms a partnership with the highly experienced operator AHI, backed by a...

2020 MISSION BILLION CHALLENGE: WURI WEST AFRICA PRIZE

How can informal sector workers in West Africa more easily participate in social protection programs? DEADLINE TO SUBMIT A SOLUTION:August 14, 2020 Challenge Overview The Mission Billion Challenge WURI West Africa Prize seeks sustainable, tech-based solutions that facilitate portable contributions to social insurance programs, such as pensions and savings accounts, by informal sector workers in West Africa. The informal sector in West Africa is a primary driver of economic activity. In Sub-Saharan Africa, 89 percent of employed women and girls are in the informal sector workforce, which accounts for 80 percent of total employment and 55 percent of total GDP. The irregular and low earnings of informal workers leave...

TELECOMSAirtel Africa at 10: yuMobile subscriber, Tigo Rwanda acquisitions, $1.25bn raise and other milestones

Airtel Africa has achieved milestones in the telecoms and mobile money industries within the last 10 years. Over the past decade, Airtel Africa with a presence in 14 countries in Africa, primarily in East, Central and West Africa, has supported social transformation across the continent by enabling millions of people to access data services and be part of the financial system. Airtel Africa’s voice, data and mobile money services are driving growth and Transforming Customers’ lives. Airtel Africa provides voice services to 110.6m customers, data services to 35.4m customers and mobile money services to 18.3m customers. The company had a turnover of $3.4 bn in the last financial year. Read...

Daily Digest Thursday, 11 June 2020

GetFundedAfrica's Guide To Fundraising For African Start-Ups Provides an overview of how African small and medium scale enterprises (SMEs) can leverage data to pitch to global investors.This guide aims to provide an understanding of the steps African SMEs can follow in raising funds for growth and development and an understanding of what investors are really looking for. Get your copy here Funding In West Africa Uber Launches Digital Top-up Feature ‘Uber Cash’ in Partnership with Nigeria’s Flutterwave Ride-hailing giant, Uber has partnered with Nigeria’s Flutterwave to launch Uber Cash, its digital wallet feature in Sub-Saharan Africa. The new feature will allow Uber riders to top-up their Uber...

[APPLY] ECOWAS Research Grant Programme 2020

The ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) and Konrad-Adenauer-Stiftung (KAS), offers the ECOWAS Research Grant Programme in 2020. They are inviting research teams to submit proposals for policy research in any of the energy fields (e.g. energy technologies, energy finance, energy economics, energy policy, energy and the environment/climate change, energy and development, energy law etc.) Download GetFundedAfrica's e-Guide to fundraising for start-up's Here The Research Grant Program is part of the ECOWAS initiative on Youth Leadership Development in Energy, which works to prepare the region’s young men and women to become globally competitive energy leaders in the future. Aligned with the initiative’s objective, the Research...

Kenya’s Raise launches end-to-end fundraising platform for African startups

Kenyan company Raise has launched an end-to-end fundraising platform that allows founders and investors to open a private virtual deal room, run fundraising simulations, and issue compliant electronic share and convertible certificates. Founded in 2018 by Marvin Coleby and Eugene Mutai, Raise launched its alpha in 2019 at the Africa Tech Summit in Kigali and silently launched its private beta to a waitlist of companies in January of this year.  Now public, the beta programme provides startups with fundraising solutions via a digital platform, designed to simplify the fundraising process and make it easier to track and close deals remotely in Africa.  Download GetFundedAfrica's e-Guide to fundraising for start-up's Here Since January 2020,...

MTN successfully issues N100billion Series I and II Notes, the largest by a Nigerian corporate

MTN Nigeria Communications PLC (“MTN Nigeria” or the “Company”) has notified the Nigerian Stock Exchange and the investing public of the successful issuance of N100 billion Series I & II Notes under the debut N100 Billion Commercial Paper (“CP”) Programme. MTN Nigeria priced the Series I 180 day CP at an effective yield of 4.90% for a N20 billion size and the Series II 270 day CP sized at N80 billion cleared at an effective yield of 5.95%. Read other: Nigerian Startups Max.ng and Releaf Group Secure $200k From Harambe Entrepreneur Alliance “We initially set out to issue up to N50 billion under the N100 billion CP Programme...