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East Africa Tag

DPA & Mettle Solar Invest US$1.2 million Into East Africa Data Centre Solar Plant

Distributed Power Africa (DPA) and Mettle Solar have finalised a US$1.2 million investment to install a 1MW solar plant for Liquid Telecom’s East Africa Data Centre (EADC) in Nairobi Kenya. A brief background on the players in the deal Distributed Power Africa (DPA) We have covered DPA here on a few occasions. The company has been very active on the continent when it comes to solar power. DPA’s has been behind solar power plants in South Africa, Ivory Coast, DRC and Zimbabwe. They have also been in partnership with local companies, for example, solar loan facility they ventured into with BancABC. Mettle Solar Mettle Solar is a Gridworks investee company that is financed by CDC Group, the UK’s development finance institution. If...

African Music Service Mdundo Raises $6.4M By Listing On Danish Stock Exchange

African music service Mdundo has listed on the Danish stock exchange (the Nasdaq First North Growth Market) to accelerate its growth in sub-Saharan Africa. Established in Kenya in 2013 and headquartered in Denmark, Mdundo claims to have over 5 million active users (via its website and Android app) as well as a combined 20 million-plus downloads and streams per month. The company’s first day of trading was Friday, September 4 under the symbol MDUNDO. Mdundo issued 4,000,000 new shares at an offer price of DKK 10 per share, raising DKK 40.0 million (approximately $6.4m). Based on the offer price, Mdundo’s market cap value is DKK 102.0m (approximately $16m). The company’s share offer was...

Tanzania, Uganda Sign Deal On $3.5bn Crude Oil Pipeline

TANZANIA – Tanzania and Uganda have signed an agreement to commence construction on a 1,445-kilometre crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said. The project focuses on oilfields in landlocked Uganda discovered in 2006 near Lake Albert and proposes pumping the crude to the coast via a pipeline across Tanzania. The pipeline is estimated to cost of $3.5 billion. Read also; Senegal’s First Major Gas Pipeline Gets US Government’s Funding According to Mr. Hassan Abassi, the Tanzanian government spokesman, 80% of the pipeline will run through Tanzania. The multi-national plan is led by French petroleum giant Total in partnership with China...

IFU and Norfund back safari operator in East Africa

IFU and Norfund have jointly provided $9m in debt financing to Asilia Africa, a safari operator in East Africa, to fund the company during the COVID-19 crisis and sustain the impact until the safari tourism is back to normal. IFU and Norfund have jointly provided $9m in debt financing to Asilia Africa, a safari operator in East Africa, to fund the company during the COVID-19 crisis and sustain the impact until the safari tourism is back to normal. Emil Sierczynski, Senior Investment Manager, IFU, said: “Asilia is a very professional and well-managed safari operator with a high degree of social responsibility and a sustainable approach to tourism,...

With the acquisition of Saham Kenya, MUA confirms its ambitions in East Africa

Present in Kenya since 2014, the leading insurance company in Mauritius reaches another important milestone in its expansion strategy in East Africa by completing the acquisition of Saham Kenya.The Mauritian insurance company MUA Ltd ("MUA") announces the completion of the acquisition of Saham Assurance Company Kenya Limited ("Saham Kenya") , through its subsidiary MUA Insurance (Kenya) Limited (“MUA Kenya”). Present in the region since 2014, following the acquisition of Phoenix Transafrica Holdings (with a presence in Kenya, Tanzania, Uganda and Rwanda), MUA significantly strengthens its local presence through this acquisition, sending out a strong signal about the group's confidence in the Kenyan insurance sector. The transaction...

Webinar : Launch of the East Africa Regional Economic Outlook

The East African Regional Office of the African Development Bank will launch the 2020 Regional Economic Outlook virtually on Wednesday, 8 July 2020, at 14:30 East Africa Time. The report is part of the Bank’s flagship African Economic Outlook publication. The theme of the East Africa Regional Economic Outlook 2020 is Developing East Africa’s Workforce for the Future, which aligns with the Bank’s High 5 priority areas. This report discusses the impact of COVID-19 on the region’s economic outlook, its economic performance and implications for poverty reduction and job creation. The Outlook proposes multiple policy interventions to mitigate the socio-economic impact of COVID-19 on the region, and to harness growth...

How Tanzanian agri-tech startup East Africa Fruits plans to scale after $3.1m Series A round

Tanzanian agri-tech startup East Africa Fruits hopes to with more than 10,000 farmers and 15,000 businesses, and expand into new verticals, after raising US$3.1m Series A funding last month. Founded by social entrepreneur Elia Timotheo in 2013, East Africa Fruits addresses food distribution challenges to improve efficiencies in the farm-to-market sector via a B2B e-commerce platform. The company trades and markets fresh fruits, vegetables and rice for supply to hotels, restaurants and cafes, supermarkets and shops, local vendors and export customers.  “For smallholder farmers who need access to markets at good prices and consumers of fresh produce who need affordable high-quality produce, we are a fresh produce distribution company that...

Daily Digest Friday, 5 June 2020

Funding In Southern Africa South Africa: Spear Capital invests R100mln in RunwaySale In South Africa, the private equity firm Spear Capital announced an investment of R100 million (about $5.7 million) in the fashion e-tailer RunwaySale. The investment conditions were not disclosed. See more SA cashless payment platform Sticitt lands R3m from new VC Cape Town based cashless payment platform Sticitt has landed a R3-million investment from a new SA venture capital (VC) company, Crucis VC. Sticitt was founded in 2018 by Mitch Dart, Dennis Wevell and Theo Kitshoff (pictured above, from left to right, respectively) and today has nine employees. See more Funding In West Africa Nigeria: Sanlam Emerging Markets acquires full stake in...

Novastar Ventures fund closes at $108m for investments in East, West African startups

The Novastar Ventures Africa Fund II has held its final close at US$108 million, which will be used to back breakthrough businesses in both East and West Africa. With offices in Nairobi and Lagos, Novastar is one of the largest platforms dedicated to financing early and growth stage businesses in Africa. The firm backs startups that address proven demand for basic goods and services with innovative business models. The company’s first fund of US$80 million, together with a US$12.5 million co-investment facility, backed 15 companies and continues to invest follow-on capital into the successful businesses in its portfolio.  Other Articles: 6 Rising FinTech Startups from East African Worth Following NVAF II...

Tanzania’s East Africa Fruits nets over $2m in equity round led by Goodwell Investments

Tanzanian social enterprise East Africa Fruits has closed a $2.05-million Series-A round. It raised a further $950 000 in debt funding. The round was led by Dutch impact investment firm Goodwell Investments with participation from US based impact investor Finca Ventures and Swiss headquartered foundation Elea. Founded by Elia Timotheo in 2013, East Africa Fruits, helps farmers to sell to informal markets. The business uses a web-based system to record and process client orders. Other articles: African Food Prize for Innovation in Agriculture - $100,000 In an announcement on Wednesday (6 May), Goodwell Investments said the funding will help the business to build essential supply-chain infrastructure. East Africa Fruits uses a web-based system to record and process client orders They...

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