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. Zimbabwe: Spear Capital invests in logistics company
Private equity firm Spear Capital has completed its investment into FML Logistics Private Limited, a Zimbabwean-registered company focused on the transportation of petroleum products in sub-Saharan Africa. Spear Capital has made the investment to buy out current shareholders and to meet the need for replenishing FML’s trucking fleet.
In sub-Saharan Africa, road-based fuel transportation is critical, especially as large parts of the region aren’t served by pipeline or rail infrastructure. According to Spear Capital, the bulk fuel logistics sector is characterised by high margins and high growth, and the Southern African Development Community (SADC) region is projected to sustain some of the highest economic growth rates in the world in the coming decade, making the case for investing in FML clear. With the investment, FML will grow its current fleet and ensure it is maintained at optimal levels to service the known market opportunity as well as its existing contracts.
2. Flutterwave raises $250m, valuing company at over $3bn
Technology company Flutterwave announced that it has raised $250 million in series D funding, valuing the company at over $3 billion as the brand continues to transform the way Africans transact on the continent and worldwide.
Flutterwave has become the highest valued African start-up with this investment.
Flutterwave’s latest backers include investors led by B Capital Group, and with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, among others. Several existing investors who also participated in previous rounds also followed this round, including, Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, Salesforce Ventures. The new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A; and develop complementary products while encouraging new innovations in its products and services development.
3. Amethis acquires stake in Ivorian precast concrete products manufacturer
Amethis has announced the acquisition of a minority stake in Société Ivoirienne de Béton Préfabriqué (SIBM), the leading manufacturer of precast concrete products in Côte d’Ivoire.
Founded in 1952 in Abidjan, SIBM addresses three end markets: electrification, with the manufacturing of concrete electric poles; infrastructure (gutters, nozzles, culverts, paving stones, guardrails, rail sleepers, etc.); and building (hoarding supplies, agglomerates, etc.). SIBM is a long-standing company that has contributed to numerous first-rate projects in Côte d’Ivoire, from the construction of the Yamoussoukro Basilica to the East Road, and the electrification of thousands of villages. Today, the company has 1,200 employees and eight production sites located near the country’s major business hubs, namely Abidjan, Yamoussoukro, San Pedro, Bouaké, Korhogo and recently Agnibilékro.
4. FMO proposes $25m investment in Accion fund
Dutch development finance institution FMO is proposing an investment of $25 million in the Accion Digital Transformation Fund (ADTx), a global investment fund that will provide growth capital to microfinance institutions in Africa, Asia and Latin America.
The fund is managed by Accion, a pioneer in the microfinance sector with over 50 years of global experience in this field.
ADTx’s goal is to support the digital transformation of established MFIs in emerging markets serving un(der)served customers in order to increase outreach and create social impact through active engagement.
5. Madagascar: Impact investor backs cassava processor
Madagascar-based impact investment vehicle Miarakap, supported by Investisseurs & Partenaires (I&P), has invested in Malakass, a cassava processing company.
Miarakap acquired a minority stake in Malakass that will allow the young company to start its factory, structure its supply network and obtain the necessary certifications for export.
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