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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...

Daily Digest Friday, 31 July 2020

Malabu Scandal: Netherland, Switzerland to send $200 million to Nigeria Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria. Funding In East Africa Dubai’s Network International to Acquire DPO Group for $288 million Dubai-based Network International, digital payments group operating across the Middle East and Africa is set to acquire Nairobi-based DPO Group for approximately USD288 million. Read more Kenya’s Data Analytics Startup Superfluid Labs Secures Investment From ShEquity Newly launched women-entrepreneurs-focused fund ShEquity has made its first investment in Nairobi-based data analytics and AI platform, Superfluid Labs, making the latest investment...

‘Entrepreneurship can come out of necessity or innovation’ – Kolawole Olajide

Entrepreuneurship is gaining more traction across the African continent as more and more youth are looking to start their own business.  Kolawole Olajide is the co-founder of BridgeLabs, his third entrepreneurial project that was founded from his interest in building high-quality technology products designed to enable forward-thinking organizations to compete and perform in the 21st century. Olajide spoke to The Africa Report about entrepreneurship on the continent, and how the coronavirus pandemic has affected entrepreneurship, and BridgeLabs specifically. Parts of this interview have been edited for length. The Africa Report: In Nigeria, more than half of the youth don’t have enough work or none at all. Entrepreneurship seems to be among...

Malabu Scandal: Netherland, Switzerland to send $200 million to Nigeria

Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria. The Minister announced this in Abuja during an interactive session on capacity with members of the Judiciary in Abuja on Tuesday. Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria. The Minister announced this in Abuja during an interactive session on capacity with members of the Judiciary in Abuja on Tuesday. The Minister said...

Kenya’s Data Analytics Startup Superfluid Labs Secures Investment From ShEquity

Newly launched women-entrepreneurs-focused fund ShEquity has made its first investment in Nairobi-based data analytics and AI platform, Superfluid Labs, making the latest investment part of series of investments into the startup in recent time. The investment ethos of ShEquity is novel given the several structural and societal inequalities that usually curtail the fulfillment of aspirations of several visionary women. The company is providing a unique platform to equalize gender gaps and will allow many female entrepreneurs to achieve their set business vision much more easily than before. We join others to celebrate ShEquity on this noble cause,” SuperFluid co-founder Winifred Kotin said. Here Is What You Need To...

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