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Daily Digest Tue, Apr. 14, 2020

Africa African Cleantech Deals Stand Over Regular VC Funding Like A Familiar Solar Tower In a report released last November, the agency predicted a sun-enabled boom in countries across the continent. This forecast could provide hundreds of millions of African homes with clean electricity for the first time. East Africa Venture Fund Launches $20M Venture-Debt Fund To Help Businesses Survive COVID-19 EquaLife Capital, which claims to be Africa’s first venture-debt fund, is committing to what it calls a ‘Relief Fund’ by April 15th for venture businesses, starting with East Africa. Southern Africa 27four Bbgf Ii Hits Second Close At R710m ...

Iyinoluwa Aboyeji’s Future Africa Set to Invest Up to $50k in Innovative African Startups

Iyinoluwa Aboyeji, the co-founder of Andela and Flutterwave, has established the Future Africa Fund with the aim of investing up to $50,000 to support up to 20 founders annually. Aboyeji alongside Olabinjo Adeniran and Adenike Sheriff, launched Future Africa last year to provide capital, coaching and community for mission driven innovators building an African Future where purpose and prosperity is within everyone’s reach. However, with African startups in dire need of seed capital, the Future Africa Fund was set up to cater for this lacuna and to help lead the team in a new direction an additional co-founder, Chuba Ezekwesili, has been added to the team. The fund it...

27four BGGF II Hits Second Close At R710m

27four Black Business Growth Fund II (27four BBGF II), a blended finance partnership between the South African Government through the Jobs Fund, and South African institutional investors, has announced a second close with total capital of R710m. The fundraising is expected to reach final close through the course of the year. The second close includes commitments from Consolidated Retirement Fund for Local Government (CRF), and Rand Water Provident Fund (RWPF), as well as further unlock of capital from the Jobs Fund. Managed by 27four Investment Managers, BBGF II invests into Black Private Equity Funds focused on investing into mid-sized South African businesses for growth and job creation. Rory Ord,Head of...

Venture Fund Launches $20M Venture-Debt Fund To Help Businesses Survive COVID-19

East Africa-focused venture builder, EquaLife Group, has announced a USD 20 Mn a Debt Relief Fund to assist businesses hit by the economic ramifications of the COVID-19 crisis. EquaLife Capital, which claims to be Africa’s first venture-debt fund, is committing to what it calls a ‘Relief Fund’ by April 15th for venture businesses, starting with East Africa. As stated in a post on EquaLife’s official website, “The Relief Fund is created and structured by Entrepreneurs for Entrepreneurs as we understand the need to act quickly to ensure businesses can survive, and then thrive again, minimizing impact and economic development opportunity lost to unforeseen business cycle pressures.” These past few weeks, the need for...

African Cleantech Deals Stand Over Regular VC Funding Like A Familiar Solar Tower

Africa has all the makings of the world’s cleanest economic revolution. By leveraging renewable energy sources to brighten an extensive stretch of urbanization, the continent’s sunshine is not entirely going to waste. Even though the installations so far are less than half of what’s in place in the UK, cleantech is playing a significant role is supporting the region’s double-swelling populace. According to the International Energy Agency, renewables form part of what will make industrialization in Africa a reality, over the next two decades. In a report released last November, the agency predicted a sun-enabled boom in countries across the continent. This forecast could provide hundreds of millions of African homes...

Daily Digest Mon, Apr. 13, 2020

Africa African Development Bank Group approves $10 million equity in Razorite Healthcare Fund for Africa The 10-year deal, approved on 26 February, will resource the Fund to address growing demands for affordable and quality healthcare services in several countries of Sub-Saharan Africa faced lack of  access to low cost, first-class healthcare. RHAF1, to be registered in Mauritius, will provide growth capital to operating healthcare infrastructure facilities which show high potential for growth, as well as build new facilities, where identified as necessary.  East Africa Kenyan Logistics Startup Amitruck Secures Funding From GreenTec Capital Kenyan logistics startup, Amitruck, has secured an undisclosed amount of funding from GreenTec Capital. Amitruck...

LifeBank launches Quip to crowdsource equipment for COVID 19 patients

LifeBank, a healthtech firm delivering blood and other essential medical products has launched QUIP, a national register that makes needed medical equipment to help manage COVID-19. QUIP is a platform for hospitals to list their unused equipment such as respirators, defibrillators, ICU beds to rent them out whenever needed. The open-source platform aims to help hospitals to join hands in preventing further spread of the disease and proper management of those infected. We know that Nigeria will need ventilators, respirators & ICU beds. The firm says the equipment will be made available to Nigeria Centre for Disease Control (NCDC) as well as other state governments. “We believe all hands must...

Kids’ Learning Platform, Play Sense, Raises USD 458 K And Goes Full Edtech

South African children’s education venture, Play Sense, has morphed into a proper edtech startup after securing USD 458 K (ZAR 8.25 Mn) in funding from US-based VC firm, Enygma Ventures. Play Sense launched in Cape Town in 2016 as of 2018, the business had 22 little home-based schools up and running. Responding to demand in Gauteng, the company had also said it would launch its first Play Sense schools there in June 2018. Play Sense was co-founded by Meg Faure and Lara Schoenfeld, and it had set itself apart from other programs as a small home-based school for up to six 2-to-3-year-olds. But in the wake of realities of the COVID-19 pandemic which...

African Development Bank Group approves $10 million equity in Razorite Healthcare Fund for Africa

The Board of Directors of the African Development Bank has approved a $10-million equity investment in Razorite Healthcare Africa Fund 1 (RHAF1) to help improve healthcare infrastructure delivery across the continent. The 10-year deal, approved on 26 February, will resource the Fund to address growing demands for affordable and quality healthcare services in several countries of Sub-Saharan Africa faced lack of  access to low cost, first-class healthcare. RHAF1, to be registered in Mauritius, will provide growth capital to operating healthcare infrastructure facilities which show high potential for growth, as well as build new facilities, where identified as necessary.  To date, there have been over 9,000 cases of...

Kenyan Logistics Startup Secures Funding From GreenTec Capital

Kenyan logistics startup, Amitruck, has secured an undisclosed amount of funding from GreenTec Capital. Amitruck was co-founded by brothers, Mark and Timothy Mwangi in January 2019 as a vehicle-hailing company which connects traders to trucks, pick-ups, and motorcycles for goods delivery. The startup describes itself as “an innovative mobile and web-based trucking logistics platform that brings together cargo owners and transporters for their mutual benefit.” By matching cargo owners with trucking logistics professionals through a digital competitive bidding process, Amitruck is looking to bring trust and transparency into the USD 160 Bn African logistics sector.  Amitruck’s solution cuts out expensive middlemen whilst increasing security as all drivers and vehicles are...

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