The 5 most popular stories on Africa Private Equity News the past week
Here are summaries of the five most widely read stories the past week on Africa Private Equity News.
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Here are summaries of the five most widely read stories the past week on Africa Private Equity News.
1. AfricInvest exits banking group
AfricInvest has announced its exit from AFG Holding, a pan-African banking group headquartered in Côte d'Ivoire.
AfricInvest, through its vehicle AF IV, invested in AFG in October 2022. During the investment period, AFG’s consolidated balance sheet doubled from $3 billion to nearly $6 billion. It’s net loan portfolio expanded from $1.4 billion to $2.5 billion and net banking income more than doubled. Read the full article
2. UK-based Octopus Energy launches Africa fund; partners with Pembani Remgro
London-headquartered Octopus Energy’s generation arm has launched the Octopus Energy Power Africa Fund (OEPA).
OEPA plans to invest in clean energy solutions – from rooftop solar and battery storage to electric vehicle charging infrastructure and grid upgrades.
Octopus Energy Generation is working with Pembani Remgro Infrastructure Managers to create a model that opens new doors for green investments in emerging markets. Read the full article
3. BII and South Africa’s PIC sign Africa investment partnership
South Africa’s Public Investment Corporation (PIC) and British International Investment (BII) have signed a memorandum of understanding to accelerate collaboration in investments across the African continent.
The agreement between one of Africa’s largest asset managers and the UK’s development finance institution, establishes a framework for the PIC and BII to jointly explore and pursue investment opportunities, aligning their mandates and resources. Read the full article
4. Peak XV Partners, Y Combinator, P1 Ventures in Ethiopian tech deal
Better Auth, an Ethiopian authentication platform, has raised a $5 million seed round led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from Y Combinator, Chapter One, P1 Ventures, among others.
Self-taught programmer Bereket Engida’s startup, Better Auth, is an open-source authentication framework that helps developers add everything from simple login flows to complex role and team-based permissions – without handing off user data to third parties. Read the full article
5. Egypt: Co-living platform raises pre-seed round
Roomz.rent, a co-living platform in Cairo, has raised a pre-seed round led by Qora71, alongside a group of regional angel investors.
The funding will enable the company to enhance its technology offering, scale operations across Egypt, and expand into other cities in the Middle East and North Africa. Read the full article
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