The 5 most popular stories on Africa Private Equity News this week

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

Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.

1. Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)

2. Tap on the top-right icon to log in or register a free account

3. Tap on bottom-right Connect icon to start chatting

---

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

1. FMO invests $10m in TIDE Africa II

FMO, the Dutch entrepreneurial development bank, has committed $10 million to TLcom’s second Africa-focused VC fund, TIDE Africa II, which announced its final close at $154 million on 22 April 2024. In addition to FMO, which is investing through the FMO Ventures Program, other LPs include the European Investment Bank, AfricaGrow, Visa Foundation and Bertelsmann.

With TIDE Africa II, TLcom is doubling down on its commitment of unlocking Africa’s massive technology upside by partnering with elite founders to tackle the continent’s most pressing challenges. The fund is sector-agnostic, with an expanded focus that now includes Egypt and South Africa, alongside TLcom’s core markets of East and West Africa. Read the full article

2. AgDevCo in East African agriculture deal

Specialist agriculture investor AgDevCo has made an equity investment, for a significant minority position, into East African agribusiness platform Agris – the agriculture division of Maris.

The investment will support the growth of Agris’ production and distribution of high quality herbs, vegetables, and avocados from its farms in Kenya, serving domestic and international markets. Read the full article

3. Ethiopia: Affordable building materials company raises $5.2m

Kubik – an Ethiopian company using plastic waste to make affordable buildings – has raised a $5.2 million seed funding round.

Investors in the round include African Renaissance Partners, Endgame Capital and King Philanthropies. Read the full article

4. Verod Capital appoints new partner

West African private equity firm Verod Capital has announced the appointment of Pacôme Zahabi as the firm’s fourth partner.

Zahabi brings to Verod a track record spanning over 26 years in private equity, commercial banking, insurance, financial consulting, and securities services in capital markets across Francophone and Anglophone West Africa. His expertise covers various sectors, including asset management, consulting, capital markets, banking, and technology. Read the full article

5. EIB proposes investment in Quona fund

The European Investment Bank (EIB) has disclosed a proposed $50 million equity investment in the Quona Global Gateway Fund IV, managed by Quona Capital Management.

Quona is a venture capital fund providing equity and quasi-equity to high-growth startups in the financial digital sector in Latin America, Asia and Africa.

The fund has a target size of $350 million. Read the full article

* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.