The International Finance Corporation has disclosed a proposed investment of up to $30 million in the Capital Alliance Private Equity Fund V (CAPE V), alongside a $20 million co-investment envelope.

The fund’s sponsor, African Capital Alliance (ACA), is a private equity firm founded in 1997 and based in Lagos, Nigeria. Okechukwu Enelamah is a founder and the chairman of the firm.

The fund is targeting $500 million in total commitments, with a hard cap of $750 million. It will invest exclusively in Africa, primarily in sub-Saharan Africa.

CAPE V will seek controlling or significant minority stakes in mid-cap companies, with investment sizes ranging from $20 million to $80 million. It plans to build a portfolio of 10 to 15 companies.

ACA has raised more than $1.2 billion across four private equity funds and one real estate fund.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Africa-focused private equity firm Mediterrania Capital Partners (MCP) has completed an investment in AFG Assurances, the insurance arm of Atlantic Group, the pan-African group founded by Ivorian entrepreneur Koné Dossongui.

The transaction will support the next phase of AFG Assurances’ growth across Francophone Africa through a development plan that aims to double its network to 14 insurance companies.

Built over the past decade through acquisitions and the creation of new subsidiaries, the insurer’s network today comprises seven life and non-life insurance companies across West Africa, Central Africa and the Indian Ocean. It offers individuals and businesses a range of products – motor, third-party liability, property, industrial risks, health and life – distributed through brokers, general agents and direct offices.

Through its affiliation with AFG Bank, the insurer has access to an established banking distribution network, as well as bancassurance and cross-selling opportunities.

The development plan includes the creation of five new subsidiaries, targeted acquisitions and capital increases to support the growth and financial strength of existing subsidiaries.

Maty N’Diaye, partner at MCP, said: “Our investment in AFG Assurances reflects our strong conviction in the growth potential of insurance in Francophone Africa and in its role as a driver of resilience for households and businesses. With its established footprint, clear regional ambitions and access to AFG Bank’s distribution network, the group is well positioned to build a leading insurance platform. We look forward to supporting its expansion through organic growth, entry into new markets and targeted acquisitions, while broadening access to insurance for individuals and businesses across the region.”

Hatim Ben Ahmed, managing partner at MCP, commented: “Insurance is a powerful yet still underused lever for financial inclusion: it protects livelihoods, safeguards small businesses and allows families to plan for the future. Through this partnership, we will support AFG Assurances in growing its base of active policyholders, with a particular focus on first-time policyholders, women and small businesses. Alongside this growth, we will work with the group to strengthen its governance, its ESG and impact management systems, and its customer protection standards.”

Abissa Kouakou Anzoua, chief executive officer of Atlantic Group, added: “Mediterrania Capital Partners’ investment in AFG Assurances marks a milestone for our insurance business. We are welcoming a long-term strategic partner that shares our conviction that insurance is a pillar of financial inclusion and economic resilience in Africa. This partnership will enable us to accelerate the execution of our development plan, deepen our bancassurance model with AFG Bank and make simple, affordable formal protection available to a growing number of households and businesses in our markets. Our ambition is clear: to make AFG Assurances a leading insurer in Francophone Africa.”

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Aruwa Capital Management, a Lagos-based private equity firm focused on Nigeria and Ghana, has announced its investment in Polysmart Packaging, a Nigerian plastic recycling and packaging company.

Aruwa made the investment in December 2025 through its second fund, Aruwa Capital Fund II, to support Polysmart’s expansion.

On 29 October 2026, Polysmart commissioned Phase 1 of its expanded recycling facility in Mowe, Ogun State.

Founded in 2013 as a flexible packaging business, Polysmart has expanded into PET recycling to address Nigeria’s growing plastic waste challenge and increasing demand for sustainable packaging. It produces food-grade rPET flakes and resin pellets for beverage and fast-moving consumer goods (FMCG) manufacturers.

“Aruwa’s backing during our expansion reflects the strength of the partnership we have built and our shared conviction in Polysmart’s long-term potential,” said Wasiu Balogun, founder and chief executive officer of Polysmart. “This timely support helped us bring Phase 1 to commissioning and positions us for the next stage of our growth, building the food-grade recycled resin supply that Nigeria’s beverage and FMCG brands will increasingly need in light of new regulations. Aruwa is far more than a capital partner. The governance and hands-on strategic support the team provides has made a real difference to how we are scaling the business.”

“Polysmart is proof that world-class manufacturing can be built, owned and run in Nigeria,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa. “It sits at the intersection of environmental sustainability, manufacturing excellence and import substitution, which is exactly the kind of business Aruwa exists to back.”

* Read more: In-depth interview with Adesuwa Okunbo Rhodes, managing partner of Aruwa Capital.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Beyond Capital Ventures (BCV), a venture capital firm that invests in early-stage companies in East Africa and India, has reached the first close of its Debt Opportunities Fund II.

The fund provides senior secured credit to early growth-stage companies in healthcare, financial services and mobility in Kenya, Rwanda and Uganda. Loans range from $500,000 to $2.5 million.

Its predecessor, Debt Opportunities Fund I, made 15 loans across seven companies, with a 100% repayment rate and no non-performing or underperforming loans.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

TLG Capital has closed a credit facility for Koolboks, which sells solar-powered freezers and appliances to traders, small businesses and corporate customers in Nigeria and beyond.

The facility gives Koolboks the working capital to fund the inventory it needs to meet growing demand across African markets, and to grow its retail and appliance partnerships.

It combines TLG’s private credit with a guarantee from Cascador, a Nigeria-focused platform for growth-stage founders, delivered in partnership with Morgan Stanley.

The deal brings TLG’s commitments to $65 million across 16 Nigerian small and medium-sized enterprises (SMEs) over the past two years.

Koolboks was founded in Paris, France, in 2018 by Ayoola Dominic and Deborah Gaël to make reliable cooling accessible and affordable in markets where unreliable electricity remains a major barrier to economic activity. Across Africa, small businesses and informal traders lose income every day because they cannot properly preserve food, beverages and other temperature-sensitive products.

The company’s solar-powered freezers combine solar panels, patented ice-battery technology and connected pay-as-you-go capabilities, providing cooling day and night, including during power outages. They also help customers reduce their dependence on costly diesel generators and ice blocks.

Koolboks has sold more than 15,000 units to date. The company, which assembles its products in Lagos, employs around 400 people across Nigeria, Kenya and Uganda, and has shipped to more than 25 markets. Its Koolbuy platform also extends the pay-as-you-go technology to household appliances from major brands.

Isha Doshi, co-founder and partner at TLG Capital, said: “Koolboks has built an incredibly innovative product that addresses critical challenges for individuals and SMEs. Its ability to scale in recent years is a testament to the ingenuity of its cold chain solution, and its ability to meet the demand across many African markets. Along the way they’ve assembled a fantastic set of partners who recognise that, and Cascador stands out among them: their partnerships run deep, and they keep showing up with the right structure to back businesses they believe in. Having completed our second deal with them in the span of a few weeks, we are proud to have such a proactive and impact-aligned partner.”

Ayoola Dominic, chief executive officer of Koolboks, commented: “TLG recognised what our product means for our customers, and found the right kind of financing to back it at the pace that we needed. We have serious ambitions to address cold-chain infrastructure across Africa, and this facility gives us the capital and support to chase them. The Cascador team has stood behind us since well before this transaction, and having them and Morgan Stanley guarantee this funding gives us a strong base to keep building from.”

Trish Thomas, chief executive officer of Cascador, added: “We’ve partnered with Koolboks for several years now, and watching what Ayoola, Deborah, and the team have built in that time has been one of the most rewarding parts of our work. Their product clearly solves a real problem that exists across countless markets, and they are building at a scale we always believed was possible. TLG Capital is why we can move on these deals: Cascador finds local champions, but the question is always around positioning them with the right type of financing. With two deals closed in a matter of weeks, TLG and Cascador have identified a scalable product that will allow us to reach the businesses, countries, and sectors that matter most.”

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Africa Private Equity News is pleased to share the latest update to our Dealmaker’s Log, which tracks African private equity/debt and venture capital transactions.

In October 2026, we added 41 new transactions from firms including: Infinite Partners, Climate Fund Managers, Tanmiya Capital, DPI Venture Capital, Helios Investment Partners, Admaius Capital Partners, RMBV, Mediterrania Capital Partners, AfricInvest, Camco, RMB Ventures, AfricaWorks Investment Partners, Old Mutual Private Equity, and more!

Access the Dealmaker’s Log here (also accessible from the navigation menu)

Egyptian climate technology company NoorNation has raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures.

NoorNation is making clean energy and water solutions more accessible to farmers and underserved communities. Through its LifeBox technology and pay-as-you-go solar irrigation model, the company is helping farmers reduce their reliance on diesel-powered pumps and access affordable, sustainable irrigation without high upfront costs.

The new funding will help NoorNation expand its operations, scale its clean technology solutions and bring solar-powered irrigation to more farmers and communities.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Tanzania-based Medikea has raised $1.2 million in pre-seed funding. The company combines 24/7 virtual consultations with physical clinics, pharmacies, and diagnostic services to make healthcare more accessible and affordable.

The round was raised through successive closes, with early backing from Baobab Network, Catalyst Fund, and develoPPP Ventures. Madica, Impacc, Hustle Fund, O’Shaughnessy Ventures, Madiro, the Boehringer Ingelheim Foundation, and an angel investor followed.

Medikea has already served over 50,000 patients. It plans to use the funding to expand its clinic network, strengthen its technology, and introduce additional specialist services to reach more patients across Tanzania.

Medikea is led by co-founder and chief executive officer Dr Elvis Silayo.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

By PwC

PwC advised Sustainable Agro Solutions (SAS Group) on its acquisition of a majority stake in Afrikelp Holdings.

Afrikelp is a South African specialist in seaweed- and plant-based biostimulants.

The acquisition expands SAS Group’s biostimulants portfolio and represents its first acquisition in South Africa.

PwC provided buy-side financial and tax due diligence, tax structuring and the earn-out review.

Teams from PwC South Africa and PwC Spain collaborated on the transaction, combining local market knowledge with specialist capabilities from across PwC’s global network.

The transaction represents an important milestone in SAS Group’s international expansion and further demonstrates the role of cross-border investment in South Africa’s agricultural sector.

Moroccan healthtech company ABA Life, the healthcare arm of ABA Technology, has signed a $40 million investment agreement with Admaius Capital Partners. The deal is subject to customary closing conditions and clearance by Morocco’s Competition Council.

Founded five years ago, ABA Life has built an integrated and profitable model combining artificial intelligence, medical technology, telemedicine, connected health infrastructure and healthcare operations.

Selim Ettriqui, head of Morocco and West Africa at Admaius, said: “From our very first discussions, we were impressed by what ABA Life has built: an integrated healthcare operator combining medical devices, connected infrastructure, care operations and proprietary technology developed in Morocco.”

“ABA Life has the qualities we look for in our investments: an ambitious entrepreneurial team, a proven business model, strong technology foundations and significant potential to scale. We are convinced of its ability to become an international healthtech reference and are pleased to support this ambition,” commented Marlon Chigwende, managing partner at Admaius.

Admaius is a pan-African private equity firm based in Kigali, Rwanda, with offices in Casablanca, Nairobi, Johannesburg, Tunis and Cairo, and a presence in London. It invests in sectors including healthcare, digital infrastructure, financial services, consumer goods and education.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

EDFI Management Company (EDFI MC), global impact investor Acumen and a network of angel investors have made a €1.8 million equity investment in Vitara Agritech, a Ghanaian agri-tech company building more traceable and sustainable shea value chains.

EDFI MC invested through the AgriFI Ghana Country Window, a €10 million vehicle dedicated to increasing the production and incomes of smallholder farmers in Ghana. AgriFI is managed by EDFI MC.

Founded in 2020 and formerly known as Sommalife, Vitara connects smallholder shea producers to international manufacturers. Its proprietary digital platform, TreeSyt, supports farmer profiling, sourcing, training and tree monitoring, helping to bring greater traceability to a value chain that has traditionally relied on informal intermediaries.

Vitara’s growth is closely connected to Europe, where its main clients include companies specialising in plant-based oils and fats. Shea sourced in Ghana is used principally in cocoa butter equivalents for chocolate and confectionery products.

Rodrigo Madrazo, chief executive officer of EDFI MC, said: “Vitara combines a commercially strong model with clear benefits for smallholder producers, particularly women, and for the landscapes on which the shea sector depends. We are pleased that AgriFI’s first direct equity investment in Ghana will support a Ghanaian company that is creating a more transparent, resilient and inclusive shea value chain.”

Chris Maranga, Africa director at Acumen, said: “For generations, the women who harvest and process Ghana’s shea have been shut out of reliable markets. Vitara is changing that, opening the door to higher, more stable incomes through a rapidly growing network of farmers and community agents. As the company scales toward one million farmers by 2030, it is showing how technology, transparent markets, and climate stewardship can reshape West Africa’s agricultural supply chains. We’re proud to invest alongside AgriFI to help it get there.”

Mawuse Gyisun, chief operating officer and co-founder of Vitara, said: “With the support of AgriFI, Acumen, and SIG our angel investors, Vitara can expand its work with women producers, strengthen the reach of our solutions and build a more transparent and sustainable shea supply chain.”

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

EDFI Management Company, through the European Union-funded Agriculture Financing Initiative (AgriFI), has signed a $2.5 million convertible-note investment in Tomato Jos, a vertically integrated tomato farming and processing business in northern Nigeria.

Tomato Jos produces and sells consumer-packaged tomato paste nationwide in Nigeria. Its model combines farm operations, smallholder sourcing and local processing, helping to convert fresh tomatoes into value-added products for the domestic market.

The funding will finance packaging equipment, factory upgrades and the expansion of drip irrigation.

Rodrigo Madrazo, chief executive officer of EDFI Management Company, said: “Tomato Jos combines a compelling commercial model with tangible development impact. Its integrated approach links farmers to reliable offtake while providing access to land, irrigation, inputs and technical support that can help raise productivity and incomes. AgriFI’s investment through the ACP Regional Window will enable targeted investments in drip irrigation and packaging capacity, helping to expand the product offer, reduce production costs, and catalyse further private investment for its next stage of growth.”

By 2029, Tomato Jos expects to increase annual fresh-tomato production to approximately 16,000 tonnes, compared with just over 4,500 tonnes today.

Mira Mehta, founder and chief executive officer of Tomato Jos, said: “AgriFI’s investment supports important next steps in building a resilient tomato value chain in northern Nigeria. It will enable investments that expand our production and market reach, reduce our energy costs and carbon footprint, and deepen our work with smallholder farmers. Our objective is to make locally produced, high-quality tomato paste more accessible to Nigerian consumers while creating better and more reliable economic opportunities for the farming communities we work with.”

The investment is also expected to catalyse a $6 million equity round in 2028.

** Read more from How we made it in Africa: Producing tomato paste in Nigeria – Tomato Jos’ seven-year journey

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Here are summaries of the most widely read stories from the past week on Africa Private Equity News.

1. Harith consortium gets Competition Tribunal approval for FlySafair acquisition

Harith Aviation Consortium, led by Johannesburg-based infrastructure investor Harith General Partners, has received Competition Tribunal approval for its acquisition of a 100% stake in South African low-cost airline FlySafair. The airline will continue to operate independently under its existing management team. Read the full article

2. IFC discloses proposed $15m investment in Verod fund

The International Finance Corporation has disclosed a proposed equity investment of up to $15 million in Verod Capital Growth Fund IV, alongside a $10 million co-investment envelope. The fund is targeting $250 million and will invest in small and mid-sized companies in West Africa, primarily in Nigeria, Ghana, Côte d’Ivoire, Senegal and Cameroon. Read the full article

3. EIB commits $37.5m to Egypt’s Tanmiya Capital Fund II

The European Investment Bank, through EIB Global, has invested $37.5 million in Tanmiya Capital Fund II, helping the fund reach a final close of $130 million, above its $120 million target. The fund, managed by independent Egyptian investment firm Tanmiya Capital, provides growth capital to small and medium-sized companies in Egypt. Read the full article

4. Kenya: Kenafric Group launches $10m corporate venture fund

Kenyan consumer goods company Kenafric Group has launched Kenafric Ventures, a $10 million corporate venture fund that will invest between $100,000 and $2 million in early-stage African consumer businesses. The fund is managed by corporate venture studio S2E Africa and was designed with support from FSD Africa. Read the full article

5. Climate Fund Managers secures $140m from Green Climate Fund

Climate Fund Managers has secured approval for $140 million in catalytic financing from the Green Climate Fund for Climate Investor Three, its global blended finance facility focused on industrial decarbonisation, including green hydrogen infrastructure in Southern Africa. The capital will help the facility mobilise additional private investment towards its $1.2 billion fundraising target. Read the full article

Edge Growth’s Ignite Fund has provided R3.5 million (about $210,000) in growth debt financing to uNotho Holdings, a waste management and logistics company serving South Africa’s mining sector. The company had already secured a commercial opportunity with Seriti Power, and the funding now allows it to deliver against that opportunity.

The Ignite Fund, one of the newest additions to the Edge Growth fund management portfolio, is a multi-investor small business financing initiative supported by companies including South African mining and energy company Seriti Holdings. Established in 2023, the fund is designed to provide early-stage capital and developmental support to small and medium-sized enterprises (SMEs) that fall outside traditional funding brackets.

Khanye Nene, deal maker at Edge Growth, said: “This transaction was unique as it required co-funding with other lenders, given the mandate limit of R3.5 million. The process presented several challenges and valuable learning opportunities, making the successful disbursement all the more rewarding.”

Founded in 2018, uNotho delivers integrated waste management solutions, bulk hauling, commodity transportation services and machinery rental to the construction, mining and industrial sectors. The company is headquartered in Mpumalanga, with branches in the North West and Gauteng provinces.

“The funding provided meaningful support in enabling us to execute the supply and delivery of two waste trucks for Seriti Power, and we appreciate the role Edge Growth played in making the transaction possible,” added Makhosi Khoza, founder and managing director of uNotho Holdings.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Harith Aviation Consortium has received approval from the Competition Tribunal to proceed with its acquisition of a 100% stake in FlySafair, a South African low-cost airline. The consortium is the acquisition vehicle for the transaction and is led by Harith General Partners, a Johannesburg-based investment company focused on African infrastructure. Harith manages the investment on behalf of the consortium’s underlying investors.

FlySafair, which began operations in 2014, flies between 10 domestic destinations. It also operates five international routes connecting Johannesburg and Cape Town with neighbouring African countries.

FlySafair will continue to operate independently under its existing management team and retain its low-cost operating model and customer offering.

“This transaction represents far more than an investment in an airline,” said Sipho Makhubela, chief executive officer of Harith General Partners. “It is a demonstration of long-term South African capital backing a successful South African business. FlySafair has built an exceptional airline with a trusted brand, strong management team and market-leading customer proposition. Our role is to support that success with patient capital while enabling the next phase of growth.”

Following the Competition Tribunal approval, the parties are progressing the remaining regulatory approvals and conditions precedent required for implementation of the transaction. Subject to receipt of the outstanding approvals and satisfaction of the remaining conditions precedent, the transaction is currently expected to close in late 2026.

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

By GVCA

The Ghana Venture Capital & Private Equity Association Annual Industry Conference has always been about more than a gathering. It is a platform for conversations around capital mobilisation, entrepreneurship, investment and the future of Ghana’s economy.

Across four editions, speakers and participants have explored the opportunities and challenges shaping the market.

Now, the conversation continues at the 5th GVCA Annual Industry Conference.

Interested in partnering with the 5th GVCA Annual Industry Conference?
Contact us : info@gvca-ghana.org

The International Finance Corporation (IFC) has disclosed a proposed equity investment of up to $15 million in the Verod Capital Growth Fund IV, alongside a $10 million co-investment envelope.

The private equity fund is targeting $250 million in total commitments and plans to invest in small and mid-sized companies in West Africa, primarily in Nigeria, Ghana, Côte d’Ivoire, Senegal and Cameroon.

Read more: From beverage cans to gyms – Verod’s investment playbook for West Africa

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

By PwC

PwC supported Frogfoot and Vox with vendor due diligences in connection with the equity raise in Frogfoot and Vox by potential investors.

The transaction positions the businesses for their next phase of growth and provides the capital to accelerate Frogfoot’s fibre expansion to increase its rollout to around 360,000 homes a year, with most of the deployment focused on underserved communities.

For PwC, the transaction demonstrates the value of robust vendor due diligence in supporting a complex transaction process, providing potential investors with greater transparency over the business and helping facilitate informed decision-making.

French development finance institution Proparco has granted a €5 million loan to Société Guinéenne de Produits Alimentaires (SOGUIPAL), a company in Guinea’s food processing industry. The loan will enable SOGUIPAL to significantly increase its yoghurt production capacity.

Proparco’s financing will support a €7.2 million investment programme to expand SOGUIPAL’s yoghurt production facility in Coyah, on the outskirts of Conakry, and to finance the working capital requirements associated with the increase in production.

The new production line will add six tonnes of yoghurt per day, bringing the plant’s total production capacity to 15 tonnes per day. The project will also draw on French industrial expertise, with Tecnal supplying production equipment and Erca providing part of the packaging equipment.

Founded in 2011 by Guinean entrepreneur Ibrahima Diallo, SOGUIPAL is the agro-industrial subsidiary of the Comptoir Commercial Général group. The company currently produces and packages yoghurt, powdered milk, tomato paste, mayonnaise and margarine. Its products are marketed through a distribution network spanning Guinea and several countries in the sub-region, and its yoghurt is sold under the Best Yaourt brand.

Guinea’s dairy sector remains heavily dependent on imports. The expansion comes against a backdrop of strong economic growth in Guinea, driven notably by the Simandou iron ore project.

“This project marks another important milestone in SOGUIPAL’s development. Increasing our production capacity will enable us to meet growing demand for high-quality, locally produced products. We are delighted to have Proparco’s support as we embark on this new phase of growth. Beyond expanding our industrial facilities, this investment will strengthen our contribution to employment, local processing and the development of Guinea’s food processing industry,” said Ibrahima Diallo, chairman and chief executive officer of SOGUIPAL.

“Through this financing, Proparco is supporting a Guinean entrepreneur who has gradually built a company into a leading industrial player in its market. Developing local food processing capacity is essential to strengthening the resilience of West African economies and reducing their dependence on imports of finished products. We are particularly pleased to support SOGUIPAL as it scales up its operations, with long-term financing tailored to its investment cycle,” said Sadio Dicko, Proparco’s regional director for West Africa.

** Read more: ‘It’s a very hot market’: Co-working space operator bullish on Guinea

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here

Kenafric Group, the Kenyan consumer goods company, has launched Kenafric Ventures, a $10 million corporate venture fund to invest in African consumer businesses.

It will invest between $100,000 and $2 million in early-stage companies that have shown product-market fit and are ready to grow. Alongside capital, founders will be able to draw on the manufacturing, distribution and market know-how Kenafric has built since 1987. The fund is managed by corporate venture studio S2E Africa and was designed with support from FSD Africa, a Nairobi-based financial sector development organisation.

Kenafric Ventures will focus on consumer businesses in food and beverage, and beauty and personal care as well as consumer-facing retail platforms. These include direct-to-consumer brands, experiential consumer companies and adjacent categories.

The programme has been designed on the basis that access to capital is only one of the challenges facing consumer businesses looking to scale across African markets. Other challenges include different regulatory regimes, uneven infrastructure and complex distribution channels. Alongside investment, selected companies will be able to access relevant capabilities and networks across the Kenafric ecosystem.

Mikul Shah, chief executive officer of Kenafric Group, said: “Building a great product is only the beginning. We have spent nearly four decades learning how to get a product from a factory in Nairobi onto shelves in shops across East Africa. That knowledge can be as valuable to a young consumer business as the cheque itself. Our ambition is to become the scaling partner of choice for Africa’s most promising consumer businesses.”

Pulkit Srivastava, founder and chief executive officer of S2E Africa, commented: “For consumer founders, the right corporate partner brings capabilities that are hard to replicate through capital alone. A relationship that begins with an investment can grow into distribution, manufacturing, expansion into new markets and, potentially, a future acquisition.”

“Corporate capital in Africa is abundant, but very little of it reaches startups,” added Juliet Munro, director of early-stage finance at FSD Africa. “Where large companies do engage with entrepreneurs, it tends to be through CSR. That work matters, but investing in businesses built to last belongs alongside it. Kenafric Ventures demonstrates the willingness of African corporate capital to provide both the financing and the operational know-how that will help the continent’s entrepreneurial talent to thrive. We hope many more African corporations follow.”

Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here