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Daily Digest Friday, 9 October 2020

Funding In North Africa Egypt’s Milango Raises Six-Figure Seed To Help Residential Communities And Clubs Go Digital The startup had originally started as a service that Cairo-based digital agency Kijamii used to offer to some of its clients (since 2016) but was spun out as an independent platform earlier this year, with Amr Mostafa, who was previously with Endeavor Egypt, joining it as the CEO. Read more Funding In Emerging Markets European Fund InfraCo Africa Snaps Up $10 million Acorn Hostels Stake Documents availed the Business Daily, a daily local newspaper show that InfraCo, owned by the governments of UK, Netherlands and Switzerland is among the investors approached by Acorn...

SA Entrepreneur Wins Student Entrepreneur Of The Year Award 2020

A 22-year-old South African entrepreneur, Denislav Marinov, has won the prestigious  Stars From All Nations (SFAN) Student Entrepreneur of the Year Award 2020. The award has been created by Stars From All Nations (SFAN), the education company that unlocks the potential of the youth, in partnership with Southern Africa venture builder Founders Factory Africa and Spain-based digital incubator BridgeForBillions to support student entrepreneurs.  Read also: Africa Esports Championship Calls On African Developers To Participate In Game Showcase Event After hosting the first-ever Global Student Entrepreneurship Week, hosted from 28-29 September, SFAN selected the top three winners from the numerous submissions received from all over the world. South Africa takes first place Securing first place, Marinov aims to revolutionise the...

Egypt’s Milango Raises Six-Figure Seed To Help Residential Communities And Clubs Go Digital

Milango, a Cairo-based startup that enables offline communities to offer different services to their residents and members through mobile apps, has raised a six-figure (USD) seed investment in a round led by A15, it announced in a statement to MENAbytes today, without disclosing the exact size of investment. The startup had originally started as a service that Cairo-based digital agency Kijamii used to offer to some of its clients (since 2016) but was spun out as an independent platform earlier this year, with Amr Mostafa, who was previously with Endeavor Egypt, joining it as the CEO. Milango works with residential compounds, sports, and social clubs, and some other types of...

European Fund InfraCo Africa Snaps Up $10 million Acorn Hostels Stake

KENYA – European fund InfraCo Africa is set to buy a $ 10 million stake in student hostels developed by property developer Acorn Holdings. Documents availed the Business Daily, a daily local newspaper show that InfraCo, owned by the governments of UK, Netherlands and Switzerland is among the investors approached by Acorn to invest in new vehicles that will own the properties. Acorn is creating a development real estate investment trust (D-Reit) which will build the student hostels. Read also: Axia Corporation up its stake in automotive spares distributor Transerv It is also establishing an investment real estate investment trust (I-Reit) that will acquire the properties and hold them for...

Daily Digest Thursday, 8 October 2020

Funding In North Africa Vantage Capital Acquires Minority Stake In Moroccan Hospital Group, CIM Santé In Morocco, CIM Santé Group is Vantage’s second investment in Morocco after its investment in Equity Invest, an IT group last year, and it’s the third investment in Francophone Africa. Read more Funding In West Africa Easy Solar Raises US$5m To Enhance Access To Clean Energy In West Africa Of the funds raised, US$3 million was obtained in a Series A fund-raising exercise with Acumen and FMO, the Dutch development finance company. Read more Call For Application & Other Web-Events The Women Entrepreneurs Program Launches Call For Applications In Tunisia The program is launching its second phase of...

The Women Entrepreneurs Program Launches Call For Applications In Tunisia

In order to support female entrepreneurship in Tunisia, Tunisian Startups and GIZ Tunisia have launched the Women Entrepreneurs program, with goals to strengthen women entrepreneurs, founders and co-founders of startups. The program is launching its second phase of selecting 10 women entrepreneurs, after a series of live sessions with organizations working to strengthen female entrepreneurship in Tunisia and elsewhere. Read also: Zebu Investment Partners Takes Majority Stake In SA AgTech Platform They will have the opportunity to participate in an online Bootcamp and mentoring sessions. In addition, supervised startups will pitch their projects to program partners and investors in order to claim funding. Women entrepreneurs will also have access to support opportunities...

Easy Solar Raises US$5m To Enhance Access To Clean Energy In West Africa

WEST AFRICA – Solar home systems provider Easy Solar has secured $5 million to accelerate the spread of its renewable energy solutions in West Africa, a region where more than 70% of inhabitants have no access to electricity. Of the funds raised, US$3 million was obtained in a Series A fund-raising exercise with Acumen and FMO, the Dutch development finance company. Read also: Egyptian Private Equity Fund LCP Fund II Raises US$140m In Funding Round Led By EIB The balance of US$2 million was raised from credit line opened by the Trine investment platform. In Sierra Leone where Easy Solar energy is based, the power sector is small, with less...

Vantage Capital Acquires Minority Stake In Moroccan Hospital Group, CIM Santé

MOROCCO – Vantage Capital (VantageCapital.co.za), Africa’s largest mezzanine fund manager, has announced a $28.0 million equity investment in Moroccan hospital group, Cliniques Internationales du Maroc Group (“CIM Santé Group. This transaction represents Vantage Capital’s 30th transaction across three generations of mezzanine funds with its portfolio of investments spread across ten countries in Africa. Read also: SA SME, Lumkani Wins Prestigious Humanitarian Award And €1-million In Morocco, CIM Santé Group is Vantage’s second investment in Morocco after its investment in Equity Invest, an IT group last year, and it’s the third investment in Francophone Africa. Following the investment, Vantage Capital now becomes a minority with “significant shareholding,” in the Cliniques Internationales...

Daily Digest Wednesday, 7 October 2020

Funding In Africa Africa’s Mobile industry contribution to GDP to expand to US$184Bn by 2024- GSMA The GSMA further noted that that as of 2019, 477 million people in Sub-Saharan Africa subscribed to mobile services, accounting for 45% of the population. Read more Funding In South Africa Axia Corporation up its stake in automotive spares distributor Transerv The acquisition, effective January 1, 2020 was done through the group’s wholly owned subsidiary domiciled in Mauritius, Excalibur Mauritius Limited for a purchase consideration of US$900,000. Read more Funding In East Africa Kenya’s Mabati Rolling Mills commissions new manufacturing plant MRM’s SAFBUILD brings to the market a new way of building quality steel framed buildings using...

Axia Corporation up its stake in automotive spares distributor Transerv

ZIMBABWE – Specialty retail and distribution group Axia Corporation Limited, has increased its stake in automotive spares company Transerv to an effective 51 percent shareholding from 26,01 percent. The acquisition, effective January 1, 2020 was done through the group’s wholly owned subsidiary domiciled in Mauritius, Excalibur Mauritius Limited for a purchase consideration of US$900,000. Read also: Sasol To Sell Part Of Lake Charles Business To LyondellBasell For $2bn Group chairman Mr Luke Ngwerume, indicated that goodwill amounting to $15,63 million was recognised at the date of the transaction. “This acquisition will enable Transerv to pursue strategies that maximise shareholder value with further alignment and support from the Axia group which will...

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