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Naspers Foundry invests R100 million in agritech business, aerobotics

Naspers announced a R100 million investment in agritech business Aerobotics, through its early-stage business funding initiative Naspers Foundry. Aerobotics is a subscription-based artificial intelligence (AI) company that provides intelligent tools for the agricultural industry to manage its crops.  Aerobotics, founded by James Paterson and Benji Meltzer in 2014, is a leader in the application of artificial intelligence in agriculture. The insights Aerobotics provides to its clients include tree counts, the identification of missing trees, and the size and health of trees. The company has progressed its technology to engineer fruit counts, and to provide data on fruit size and colour. Farmers use the intelligence to manage...

Daily Digest Thursday, 21 May 2020

Funding In West Africa Tomato Jos Raises €3.9M in Series A Funding Tomato Jos, a Kaduna, Nigeria-based agro-processing company focused on the local production of high-quality tomato paste for the African market, raised €3.9m in Series A funding. Read more Groupfarma Boost Food Security In Nigeria, Cultivates 2,500 Hectares Of Premium Rice In order to drive food security in Nigeria, an agricultural technology company, Groupfarma, a brand owned by Timesellers Limited, is cultivating a total of 2,500 hectares of premium rice in Ogun State. Read more...

1K1V provides funding to HEPSA

Higher Ed Partners South Africa, an online education company in Johannesburg, South Africa, has secured an undisclosed amount of funding. The investor was One Thousand & One Voices. One Thousand & One Voices® (1K1V®), a private family capital fund backed exclusively by industry-leading families from around the globe, today announced its investment in Higher Ed Partners South Africa (HEPSA), a leading online education company based in Johannesburg, South Africa. The investment marks 1K1V’s first investment in the education sector in Africa. Other Articles: South Africa: Pharmaceutical group Dis-Chem bids $23mln for Baby City HEPSA is an integrated provider of online program management services to leading tertiary educational institutions in...

GROUPFARMA BOOST FOOD SECURITY IN NIGERIA, CULTIVATES 2,500 HECTARES OF PREMIUM RICE

In order to drive food security in Nigeria, an agricultural technology company, Groupfarma, a brand owned by Timesellers Limited, is cultivating a total of 2,500 hectares of premium rice in Ogun State. Due to the ban on importation of rice into the country, the company, which makes local cultivation and production of rice more attractive, has identified arable land for the cultivation of rice in various locations in Ogun State. The journey had been implemented earlier this month when the Ogun State Government, represented by the Commissioner of Agriculture, Mr Adeola Odedina, visited one of the locations at Eggua Yewa North, Ogun State. Next Article: Tomato Jos Raises...

SA fintech Peach Payments nets new investment to help it expand into Africa

SA fintech Peach Payments has raised new investment to drive its expansion into Africa, in a round led by Umkhathi Wethu Ventures (UW Ventures), in partnership with Allan Gray. A number of industry executives from Europe and South Africa, as well as existing investors also participated in the round. It comes after an announcement earlier this week that the two investors had, together with SA venture capital (VC) company 4Di Capital, invested in another SA fintech, CompariSure Other Articles: Nigerian Fintech Company Interswitch And Workers Co-Raise $782k For Its COVID-19 Response Fund Peach Payments operates a B2B online payments platform for businesses in South Africa and was founded in 2012...

MFS Africa Raises $4.5m in Series B Funding

MFS Africa is the first African FinTech funded by a China-based VC in $4.5M Series B round led by LUN Partners Group  MFS Africa, a leading Pan-African FinTech company, announced a $4.5m Series B funding round led by LUN Partners Group, a China-based global investment management group. Goodwell Investments, an Amsterdam based investment firm focused on financial inclusion, fintech and inclusive growth, as well as several angel investors completed the round. MFS Africa is the first African FinTech to receive funding from a China-based global investment management group. The investment is in-line with China’s ‘Belt and Road’ strategy, and follows wider interest from global investors in African FinTech,...

Tomato Jos Raises €3.9M in Series A Funding

Tomato Jos, a Kaduna, Nigeria-based agro-processing company focused on the local production of high-quality tomato paste for the African market, raised €3.9m in Series A funding. The round was led by Goodwell Investments, via its West Africa partner Alitheia Capital, with participation from Acumen Capital Partners and VestedWorld. There’s a top-line statistic on tomato farming in Nigeria which captures the state of the sector: around 45% of harvested tomatoes go to waste in Africa’s most populous country. That reality is down to a mix of fundamental infrastructural gaps including inefficient cross-country transport systems and a lack of storage facilities which means local farmers can neither store the crops or distribute...

Daily Digest Wednesday, 20 May 2020

Funding In West Africa Niger’s govt sets $250mln credit line to support affected businesses  The government of Niger has initiated a financing mechanism to give a helping hand to businesses affected by the coronavirus pandemic. According to authorities, the strategy is based on two lines: one for SMEs (CFA50 billion) and the second for large companies (CFA100 billion), for a total amount of CFA150 billion ($249.6 million). Read more Funding In Southern Africa South Africa: Pharmaceutical group Dis-Chem bids $23mln for Baby City South Africa’s pharmaceutical group Dis-Chem announced it has entered in talks to buy the baby care product retailer Baby City. The group, co-founded in 1978...

Niger’s govt sets $250mln credit line to support affected businesses

 The government of Niger has initiated a financing mechanism to give a helping hand to businesses affected by the coronavirus pandemic. According to authorities, the strategy is based on two lines: one for SMEs (CFA50 billion) and the second for large companies (CFA100 billion), for a total amount of CFA150 billion ($249.6 million). “The government will make available to banks CFA25 billion in the form of a non-interest-bearing cash deposit guarantee for SMEs. In return, the banks undertake to inject CFA50 billion in the form of credit in favor of SMEs with annual turnover between CFA25 million and CFA1 billion,” according to an official statement. Related Articles:...

South Africa: Pharmaceutical group Dis-Chem bids $23mln for Baby City

South Africa’s pharmaceutical group Dis-Chem announced it has entered in talks to buy the baby care product retailer Baby City. The group, co-founded in 1978 by Ivan and Lynette Saltzman, proposes to pay R430 million ($23.2 million) for the acquisition. The transaction includes a loan to Baby City's shareholders and a guarantee to ensure the company's liquidity in a context marked by the spread of the covid-19 pandemic. The closing of the transaction is subject to the approval of the South African Competition Authority and is expected to take place by the end of October 2020. Other articles: CTA awards digital solutions at SARA in Abidjan At the...

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