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. IFC considers investment in Uhuru Growth Fund I
IFC is considering an investment of up to $20 million in Uhuru Growth Fund I, a target $200 million mid-market growth equity fund that will be making equity/quasi-equity investments in high growth companies in Nigeria, Ghana and Côte d’Ivoire (primary focus) as well as Senegal, Mali and Burkina Faso (secondary focus).
Uhuru Growth Fund I is managed by Uhuru Partners, a private limited liability company incorporated under the laws of Luxembourg, that is owned by Dr. Adeyemi Oluyomi Osindero, Nana Adow Dankwa and Jean-Michel Kamanan.
Uhuru Growth Fund I is seeking to raise $200 million with a hard-cap of $250 million. The fund reached a first close of $113 million in March 2021.
2. Phatisa exits bottled water producer
Phatisa has sold its significant minority share in Côte d’Ivoire bottler Continental Beverage Company (CBC) to promoter and majority shareholder Teyliom International Group, for an undisclosed sum.
Originally backed by Phatisa in 2013, CBC specialises in the production and marketing of hygienic (non-alcoholic) beverages – offering consumers drinks that meet the strictest international standards – under the Olgane brand. It is one of the largest bottled water producers in Côte d’Ivoire, with a national distribution network.
Teyliom is a pan-African investment company with a strong presence across various sectors in West Africa such as property, hospitality, finance, industry and telecoms. It has been a shareholder in CBC, alongside Phatisa’s Food Fund 1 (AAF).
3. Naspers Foundry leads investment in South African agritech company
Naspers, through its early-stage tech investment vehicle Naspers Foundry, announced a R40 million ($2.5 million) investment in Nile, an agritech company that connects farmers to buyers of fresh produce. The investment is part of a R83 million ($5.1 million) equity round led by Naspers Foundry, alongside new investors, Platform Investment Partners, Raba Capital and Base Capital. The transaction marks Naspers Foundry’s tenth investment since its launch in 2019 and forms part of Naspers’s R1.4 billion ($87.1 million) commitment to grow South Africa’s tech ecosystem.
Nile was founded in 2020 to provide farmers with digital solutions that can address various pain points inherent to food trading – including price transparency, quality verification, speed of payments, the traceability of the produce and food waste.
4. SPE Capital acquires stake in Moroccan BPO company
SPE Capital, a private equity firm focused on Africa and the Middle East, announced an equity investment of approximately MAD 330 million (c. $33 million) for the acquisition, by its private equity fund SPE AIF I, of a majority stake in Outsourcia, a Moroccan customer experience and business process outsourcing provider.
Founded in 2003, Outsourcia is an independent Moroccan customer experience, business process and medical outsourcing provider (i.e. medical reports editing), servicing a large base of top-tier international clients through a comprehensive, innovative, multilingual, and omnichannel offering. Over the past few years, Outsourcia has established itself as one of the leading operators in its core outsourcing market, on the back of continued organic growth as well as successful build-ups in France and sub-Saharan Africa. The group is today in the top 10 outsourcing companies for the French market.
Within the framework of the partnership with Outsourcia, SPE Capital will take over from AfricInvest, which has contributed both financially and strategically to the company’s development since 2016, and will support Youssef Chraïbi (founder and CEO of Outsourcia) and his management team in accelerating both organic and external growth initiatives with the objective of a continuous improvement of its offering and a strengthening of its international footprint.
5. DOB Equity participates telemedicine funding round
Zuri Health, the digital healthcare company which provides affordable healthcare via mobile, has completed a $1.3 million funding round attracting investment from DOB Equity, Launch Africa and Founders Factory Africa to expand across Africa.
Zuri Health connects mass-market patients with affordable, convenient, and quality healthcare services via SMS, WhatsApp and a dedicated app. The company initially launched in Kenya in January 2021 but is now present in Ghana, Nigeria, Senegal, South Africa, Uganda, Tanzania, and Zambia.
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