The 5 most popular stories on Africa Private Equity News the past week
Here are summaries of the five most widely read stories last week on Africa Private Equity News.
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Here are summaries of the five most widely read stories last week on Africa Private Equity News.
1. Aruwa Capital makes follow-on investment into Nigerian hibiscus exporter
Aruwa Capital Management, an early-stage growth equity and gender lens fund investing in Nigeria and Ghana, announced an additional investment into AgroEknor, a hibiscus flower exporter and wellness brand.
Since Aruwa’s last investment in December 2022, AgroEknor has achieved significant milestones, achieving rapid growth through strategic diversification and backward integration. The company has completed its hibiscus flower processing chamber, making it one of only seven approved chambers in Nigeria. This development has significantly boosted AgroEknor’s export capacity and quality, allowing the company to command higher prices for its products and increase its margins. Read the full article
2. Metier Capital Growth Fund III reaches a final close of $219m
Metier has announced the final close of its Metier Capital Growth Fund at $219 million, exceeding its targeted fund size of $200 million.
The fund, which announced a first close in September 2023, has made three investments to date in portfolio companies in the telecommunications, information technology and energy sectors. Read the full article
3. Regional MSME Investment Fund for Sub-Saharan Africa receives $10m commitment
Dutch development finance institution FMO has announced a $10 million investment in the Regional MSME Investment Fund for Sub-Saharan Africa (REGMIFA), advised by Symbiotics. This new funding will help REGMIFA grow its portfolio across sub-Saharan Africa, offering financial support to micro, small, and medium-sized businesses, as well as low- and middle-income households through selected financial institutions.
REGMIFA collaborates with a variety of entities, including microfinance institutions, fintech startups, and mid-sized banks focused on SME financing. Read the full article
4. Kasada completes the sale of Ibis Douala in Cameroon
Kasada, an Africa-focused real estate private equity platform, has announced the sale of the Ibis Douala, located in Bonanjo, a key business district of the city of Douala in Cameroon, to Christina Hotel, part of the Bocom Group.
Kasada originally acquired this non-core property as part of an eight-hotel portfolio transaction in 2021, which was one of the largest cross-border hospitality transactions in Africa at the time. Read the full article
5. Skincare company Uncover closes $1.4m funding round
Uncover, an emerging beauty brand in Africa, has closed a $1.4 million Seed II funding round led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital and Altree Capital.
Kenya-based Uncover plans to use the funds to further build its tech platform, launch new products, expand to new markets and continue to leverage data to build the leading skincare brand made with melanin rich skin in mind. Read the full article
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