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Daily Digest Wednesday 18 November 2020

Misoprostol buy online no prescription Funding In Africa CrossBoundary Energy Raises $40M To Scale Financed Solar for Businesses In Africa This exit and new investment is a powerful endorsement for the role of distributed renewables in Africa and the potential of blended finance in unlocking new asset classes. Read more Funding In Northern Africa Egyptian Startup Wuilt Secures $535,000 Seed To Build Its Online Arabic Platform Currently, the startup claims to be serving over 30,000 free and paying users in Egypt and Saudi Arabia. Although Wuilt’s main focus is on Arabic, the platform also supports building in English. Read more Funding In Southern Africa MetroFibre Networx Raises US$97.6m In Funding Round Its investment, through its Ideas Managed and AIIF3 Funds,...

CrossBoundary Energy Raises $40M To Scale Financed Solar for Businesses In Africa

Pan African energy firm driving energy transition across the continent, CrossBoundary Energy is currently operating or delivering $57M in assets, serving 20 customers across 8 countries in Africa, including more than 40MW of fully financed solar PV and 10 MWh of battery storage projects; transaction provides an exit for initial investors at 15% IRR and provides a powerful proof of concept for blended finance, returning a profit to the US Treasury on USAID’s catalytic first-loss contribution; $40M of new funding enables the scaling of CrossBoundary Energy’s commercial and industrial solar services to provide many more African businesses with access to cheaper, cleaner power ; support from institutional investors and ongoing...

Egyptian Startup Wuilt Secures $535,000 Seed To Build Its Online Arabic Platform

Wuilt, an Egyptian startup that helps individuals and businesses to create their websites in Arabic in as little as 5 minutes has secured $535k in seed funding to enable it grow its business.  “We came across many friends and businesses struggle to get a professional website designed to their style and design especially in Arabic. This highly motivated us as a team to bridge this gap by providing a solution and hence Wuilt was created and launched,” Ahmed Rostom, the co-founder and CEO of Wuilt said.  Read also: Tunisian 3D Startup Onboard Raises 175K “Today, Wuilt’s all-in-one Arabic platform offers a range of features to fit businesses of...

MetroFibre Networx Raises US$97.6m In Funding Round

SOUTH AFRICA – Broadband provider MetroFibre Networx, which is led by former Absa CEO Steve Booysen, has raised US$97.6 million in a new funding round led by infrastructure-focused private equity fund manager African Infrastructure Investment Managers (AIIM). The deal gives AIIM, which is investing US$63.6 million, a minority stake in MetroFibre Networx, the quantum of which was not disclosed. Read also: Bank Of Alexandria Secures US$6M From Saudi Arabia To Finance Digital Transformation The investment was made through the newly incorporated Digital Infrastructure Investment Holdings. AIIM is a member of Old Mutual Alternative Investments and has been investing in the African infrastructure sector since 2000. Its investment, through its Ideas Managed and AIIF3 Funds, will support MetroFibre’s plans to densify its network in existing areas and expand its offering to an additional 300,000 residential...

Africa’s First AI-Focused Startup To Investor Matchmaking Service Launches

The AI Media Group has launched The Deal Room, Africa’s first artificial intelligence (AI) driven service that aims to connect AI-based startups with potential investors and venture capitalists.  The AI Media Group has over 1 000 companies, consisting of mainly African startups, scale-ups, and small and medium-sized businesses, on their database to which are introduced to investors. The Group reportedly has the largest trading body in the region, consisting of 4 000 community members.  Read also: How Small Businesses Can Build Employee Engagement [Opinion] The AI Media Group hosts Africa’s largest trade show and business conference, the AI Expo Africa, which focuses on Business to Business (B2B) and Business to...

Cigna Foundation Funds School Feeding in Kenya with US$200,000

Cigna Foundation has partnered with Cup of Uji Kenya, a school feeding program founded by Hope Alive Campaign, a community based organization, to reduce food insecurity among primary school children in Kenya. In line with the partnership, the Cigna Foundation has contributed US$200,000 to fund nutritious meals for children and nurture their health and well-being. The contribution is supported by Cigna’s Healthier Kids for Our Future®, a five-year global initiative launched in 2019 to improve the health and well-being of children – and to help build healthier, more vibrant communities for the next generation. Healthier Kids for Our Future is aligned with three of the 17 leading global...

Daily Digest Tuesday 17 November 2020

Funding In North Africa Elsewedy Electric Secures US$54M Tenders For Toshka Transformer Substations Ministry of Electricity and Renewable Energy and the Elsewedy Electric for Trading and Distribution signed the contracts which will see the Egyptian Electricity Transmission Company (EETC) construct the Toshka 4 transformer station of the gas-isolated type, under the turnkey system, at a value of EGP 410 million (US$28.21m). Read more Bank Of Alexandria Secures US$6M From Saudi Arabia To Finance Digital Transformation Egypt’s Minister of International Cooperation, Rania Al-Mashat, said that the Saudi Grant Management Committee funding for the Bank of Alexandria will strengthen financing mechanisms to support small, medium and micro enterprises, and create job opportunities. Read more Tunisian 3D Startup Onboard Raises 175K Onboard has raised a total of $ 250K in...

Tunisian 3D Startup Onboard Raises 175K

Onboard, a Tunisian startup that transforms the customer support experience offered by manufacturers, using intelligent 3D manuals, has raised $175K from Kepple Africa Ventures, as well as other renowned entrepreneurs including Ahmed Hentati and Karim Jouini. The fundraising will allow Onboard to develop the solution and facilitate its expansion in the French and European markets. Read also: MultiChoice Acquires 20% Stake In BetKing For US$116m Founded by Safwen Bouali, Cherif Redissi and Amine Troudi at the end of 2019, Onboard is a SaaS platform that allows manufacturers to create quality support experiences for their consumers. Say goodbye to confusing paper textbooks, archaic support systems, call centers and old-school textbook creation...

Uganda MSMEs Receive $500 000 Grant

The African Development Bank has collaborated with the Government of Uganda to sign a $500 000 grant agreement to support micro, small, and medium enterprises (MSMEs).  The aim of the grant is to drive business connections on the East African Crude Oil Pipeline Technical Assistance project. Read also: Ibnsina Pharma Secures 75% Stake In Online Marketplace 3elagi Tech The Crude Oil Pipeline Technical Assistance project aims to assist local Ugandan MSMEs by providing them with the opportunity to access new markets and build connections with regional, national, and international companies. The goal of the project is to provide 500 job opportunities for individuals along the pipeline as well as...

Bank Of Alexandria Secures US$6M From Saudi Arabia To Finance Digital Transformation

EGYPT – Saudi Arabia, through its Saudi Grant Management Committee, has given Bank of Alexandria, one of Egypt’s largest banks, a US$6.4 million grant to finance digital transformation and encourage local crafts programs in the country. Egypt’s Minister of International Cooperation, Rania Al-Mashat, said that the Saudi Grant Management Committee funding for the Bank of Alexandria will strengthen financing mechanisms to support small, medium and micro enterprises, and create job opportunities. Read also: Tech Startup Xend Finance Secures US$1.5M, Launches First DeFi Platform The Saudi Arabia Grant Committee has funded 2,180 projects so far in 27 governorates, creating about 12,000 jobs. Al-Mashat praised the Kingdom’s financial contribution to creating new jobs and achieving the goals of the National Development Agenda 2030. Under people at the core, Al-Mashat asserted...

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