East African private equity deals during Q1 2020
Africa Private Equity News highlights the East African private equity and venture capital deals that came across our desk in the first quarter of 2020.
Sendy raises $20m investment round led by Atlantica Ventures
Sendy, which connects individuals and businesses to third party delivery drivers, has raised a $20 million series B investment round led by Atlantica Ventures, according to a TechCrunch report. Sendy, headquartered in Nairobi, Kenya, was the first company to offer an on-demand delivery platform in the region and while it currently covers Kenya, Uganda and Tanzania, it plans to cover all East Africa in the near future.
Amethis acquires a minority stake in Kenyan retailer Naivas
Private equity firm Amethis – alongside its partners DEG, MCB Equity Fund and IFC – has acquired a minority equity stake in Naivas Group, a leading retailer in Kenya with 60 stores throughout the country.
GreenTec Capital Partners invests in Kenyan insect-based protein company
GreenTec Capital Partners has invested in Ecodudu, a Kenya-based waste-to-value company producing insect-based protein for animal feed and organic fertilisers from recycled organic matter.
Africa Food Security Fund invests in Tanzanian bakery chain
The sophomore fund of Zebu Investment Partners, the Africa Food Security Fund, has closed its investment in Royal Oven Limited, Tanzania. Royal Oven is a quick-service restaurant retail bakery chain, offering a diverse range of products which combine traditional Tanzanian food with international bakery trends.
AfricInvest announces new Rwanda deal
AfricInvest, a pan-African private equity platform, has announced that its AfricInvest Financial Inclusion Vehicle (FIVE) has acquired a minority shareholding in I&M Bank (Rwanda) Plc through AfricInvest Evergreen Investments, a special purpose vehicle formed by AfricInvest.
Ascent Rift Valley Fund buys plastics business
The Ascent Rift Valley Fund, an East African-focused private equity fund, has acquired the plastics manufacturing business of Kenya's Metro Plastics. The company is involved in the manufacture and trading of plastic pipes and fittings.
Partech and Consonance back Ethiopian edtech company
Gebeya Inc, an edtech and online software outsourcing marketplace company geared towards the development of Africa’s technological scene, closed a $2 million seed round investment co-led by Partech and Orange Digital Ventures and followed by Consonance Investment Managers.
Metier invests in Kenyan power project
Tembo Power has signed a joint development agreement with Metier, an independently owned private equity fund manager, for its Kaptis project, a 14.7 MW run of river hydropower project in Kenya, together with its partner WK Construction, a contractor in the field of hydropower in sub-Saharan Africa. The project will form part of the Metier Sustainable Capital International Fund II, which recently achieved a first close of $113 million.
Gray Matters Capital invests in Tanzania's WomenChoice Industries
US-based impact investor Gray Matters Capital (GMC), through its coLABS platform, has announced an investment in WomenChoice Industries, a Tanzania-based manufacturer and distributor of low-cost, reusable sanitary towels. The funding of $200,000 is aimed at helping WomenChoice Industries reach out to 500,000 women and girls from low-resource settings, to use its products by December 2022.
B2B e-commerce platform Sokowatch raises $14m
East African B2B e-commerce company Sokowatch has raised a $14 million Series A round, led by Quona Capital, according to a TechCrunch report. Sokowatch enables informal retailers to order products at any time via SMS or its mobile app, and receive free same-day delivery to their stores.
Buxeros Capital invests in sanitary pads company AFRIpads
Buxeros Capital, the recently established public-private investment fund focused on Dutch companies in emerging economies, has invested in reusable sanitary pads company AFRIpads. AFRIpads Limited initially delivered the product exclusively to NGOs which handed out the AFRIpads in refugee camps. The company recently started selling the pads through retail channels from Uganda and the reusable sanitary pad is now already sold in around 10 countries.
Evolution II Fund closes funding for 7.5 MW solar plant in Burundi
Evolution II Fund has closed an equity investment and construction bridge loan in Gigawatt Global’s 7.5 MW solar PV project in Burundi. Evolution II is managed by Inspired Evolution, an Africa-focused investment advisory firm that specialises in the clean energy sector. Evolution II holds a majority shareholding in the project.
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