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South African Startup LifeCheq Raises Funding From VC Firm Futuregrowth

South Africa’s Futuregrowth Asset Management through the Futuregrowth Development Equity Fund (DEF) has invested in LifeCheq, a digitised holistic personal finance business that aims to make expert advice accessible to professionals and entrepreneurs who are currently not served well by the existing financial advice industry. The business has two target markets, mainly individuals for their personal use; and employers, who are interested in offering their employees a financial wellness programme. These potential markets give it diverse sources of revenue and expand the reach of the business across a variety of individuals and company employee bases, says the company. Download GetFundedAfrica's e-Guide to fundraising for start-up's Here Futuregrowth notes that LifeCheq’s competitive edge...

Kenyan Solar Startup d.light Secures $65 Million Debt Funding From Solar Frontier Capital

Solar Frontier Capital Limited and solar energy startup d.light, a leading global innovator of solar energy products, have jointly announced the establishment of a KSh6.5 billion ($65 million)financing vehicle to be known as Brighter Life Kenya 1 (BLKI) Limited. The off-balance sheet financing vehicle is dedicated to acquiring pay-as-you-go solar home system accounts receivables from d.light’s Kenyan subsidiary to provide the company with flexible, working capital to finance its continued growth.BLK1 is expected to finance the provision of improved energy access to 1.2 million people in Kenya, coming on the heels of d.light celebrating its 100 millionth customer. Download GetFundedAfrica's e-Guide to fundraising for start-up's Here Part of BLK1...

Nigerian health startup Mobihealth, four others win Sanofi AfricaTech challenge 2020

Sanofi, a biopharmaceutical company, has announced five winners in the finals of AfricaTech Healthcare Challenges 2020. The finals held online on Thursday, June 11 and saw Mobihealth International, a Nigerian startup and telehealth platform, emerge as winner in its category of challenge. The challenge on ‘How to help healthcare systems leapfrog from manual to smart logistics solutions at point of care’ was aced by Mobihealth International which is Africa’s first fully integrated telehealth electronic medical records and video app. Its mission is to use telemedicine to provide people in developing countries with access to quality healthcare services in the most cost and time effective way, anytime, anywhere. A total...

[Opinion] 10 Tips For Entrepreneurs To Get A VC Funding Round Closed

Closing a round of venture funding is extremely hard work. Many entrepreneurs fall at the first hurdles, either making mistakes approaching investors or during their first pitch meeting. For those entrepreneurs who are invited back for a second meeting and start to engage more deeply with a VC, new challenges start to present themselves. Every round is unique. Myriad internal and external factors impact the outcome. Some things are within your control, many are not.   To give yourself the best chance of a positive outcome, here are some tips that apply to every round. Raise as early as you can. Going out to raise when you are nearly out of cash...

Making Finance Work For Agriculture in Africa [Part 1]

IntroductionAgriculture as a wealth sectorAgricultural imports and exportsAgriculture’s contribution to employment in AfricaUnlocking agriculture value chainsTaobao Villages?The profile of a typical e-commerce shop ownerWhere to go from here Introduction On Tuesday 9th, June 2020, Co-Founder of GetFundedAfrica (GFA Capital) - Debo Omololu, participated as a Guest Panelist at the Agric Investment Summit alongside Onyeka Akuma (CEO FarmCrowdy). These types of corporate events now hold particular significance when we consider recent developments in the global economic landscape, with the almost default shift in focus to "other" sectors such as Agriculture, because of the plunge experienced by the Oil Industry. The Agric Investment Summit , focused on areas such as...

Daily Digest Friday, 12 June 2020

Funding In East Africa TELECOMSAirtel Africa at 10: yuMobile subscriber, Tigo Rwanda acquisitions, $1.25bn raise and other milestones 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. Read more 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. Read more Funding In...

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...

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