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.
1. European LP proposes $30m investment in Convergence Partners fund
Dutch entrepreneurial development bank FMO is proposing a $30 million investment in Convergence Partners Digital Infrastructure Fund, managed by Convergence Partners.
Founded in 2006, Convergence Partners invests as value-adding partners into private equity opportunities in technology and digital infrastructure sectors across sub-Saharan Africa. It has an asset base in excess of $400 million across Southern, East and West Africa through three funds.
Convergence aims to make growth-capital investments in a diversified portfolio of mid-sized sub-Saharan companies seeking growth, or brownfield/greenfield investments in the digital infrastructure space.
2. South African fintech Ozow raises $48m, led by Tencent
South African payments company Ozow has attracted Tencent, a Chinese internet and technology company, in its $48 million series B funding round.
The investment round also includes Endeavor Catalyst and Endeavor Harvest Fund.
3. GreenTec Capital Partners invests in Nigerian intercity transport platform
GreenTec Capital Partners has invested in T40, a Nigerian intercity transport and logistics-tech company developing solutions to help mobility service providers offer better service to their customers and increase their revenues.
The African continent is experiencing one of the highest rates of urbanisation globally. This urbanisation is driven by a number of economic factors, chief among them being young people commuting for work in urban centres. In Nigeria and across Africa, intercity transportation services struggle to attract and retain customers in a fractured market. T40 has developed a range of solutions designed to help mobility vendors attract and retain customers.
4. InfraCo Africa, DOB Equity and Mobility 54 in electric motorcycle deal
InfraCo Africa, together with a consortium including DOB Equity and Mobility 54, has signed an agreement with Zembo, together committing over €3 million to support the growth of the company’s electric motorcycle business in Kampala, Uganda. Zembo enables drivers to buy electric motorcycle taxis or to pay for them on a lease-to-own basis. The investment will enable the company to grow the number of electric motorcycles on the road by approximately 2,000 and will support development of additional charging and battery swapping stations across the city.
As well as increasing the number of electric motorcycle taxis on Kampala’s roads, Zembo’s model means that drivers do not need to buy or own batteries or wait for them to be charged, they simply swap a discharged battery for a fully charged one at one of Zembo’s battery swap stations and continue their journey. Uganda’s national grid is fueled by 92% renewable energy and the addition of off-grid solar PV charging stations will also ensure that vehicles are truly reducing emissions.
5. TLG Capital and UGFS NA to manage Tunisian fund
TLG Capital and United Gulf Financial Services North Africa (UGFS NA) announced that they have been appointed as the joint fund manager for the Empower Fund, an initiative launched by Caisse des Dépôts et Consignations (CDC Tunisia).
The Empower Fund will invest in resilient Tunisian companies with validated economic models which operate in strategic sectors with high growth potential. The Empower Fund B expects to make investments starting from $1.5 million to $5 million each, throughout its fund life.
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