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. Novastar Ventures announces first investment from third fund
Novastar Ventures has made an investment in Sistema.bio, a company involved in the delivery of biogas technology, financing, and services for family farmers worldwide. Novastar has joined Sistema.bio’s recent internal financing round of $7.75 million with a $3.5 million investment. This will accelerate Sistema.bio’s expansion into new African markets, new agricultural and energy products and its overall growth.
Combined with Novastar’s investment, Sistema.bio has raised total financing of $18.5 million in 2024, with a focus on regional geographic growth and adding new products. This funding will also help address the global demand for renewable energy, promote regenerative agricultural solutions, and support carbon emission reduction projects. This funding also sets the stage for Sistema.bio’s anticipated Series C round, allowing the company to continue its leadership in biogas technology while advancing its mission to support smallholder farmers worldwide. Read the full article
2. IFC proposes investment in Africa-focused VC fund
The International Finance Corporation has disclosed a proposed equity investment of up to $6 million in the Lofty Alpha Fund, a closed-end pan-African venture capital vehicle targeting seed stage technology-enabled businesses across sectors.
The fund, managed by LoftyInc Capital Management, has a target size of $50 million and will be domiciled in the United States of America. Read the full article
3. Cross-border payments platform LemFi secures $53m in Series B funding
LemFi, a platform transforming how immigrant communities access financial services, has raised $53 million in Series B funding led by Highland Europe with participation from previous investors Left Lane Capital, Palm Drive Capital and Y Combinator. The new round brings LemFi’s total capital raised to $85 million to date.
Founded in 2021, LemFi enables users to open multi-currency accounts and send and receive money globally, reliably and at a low cost. With over one million users across Europe and North America sending money to emerging markets, including India, Kenya, Nigeria and Pakistan, LemFi recently crossed $1 billion in monthly transactions. This is set to increase further, with LemFi adding Asia, including China, to its platform, growing 30% month-on-month. Read the full article
4. DOB Equity in East African water sector deal
DOB Equity, an impact investment fund based in East Africa, has invested in Spouts International, an East African company enabling access to clean water through its locally-manufactured ceramic water filters under the brand name Purifaaya. These filters offer a safe, affordable and eco-friendly solution for clean drinking water, eliminating the need for traditional boiling methods that are harmful to the environment.
The Purifaaya filters, made from locally sourced materials, use advanced ceramic filtration technology and are designed to be simple and accessible for everyday use. Read the full article
5. Alta Semper Capital appoints new head for Middle East and Africa
Alta Semper Capital has appointed Kareem Ghaly as head of MENA, based out of the firm’s regional hub in Cairo, Egypt.
Ghaly brings over 14 years of investment and advisory expertise, having executed transactions exceeding $7 billion across Egypt and the wider MENA region. Read the full article
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