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. Proparco invests $31.5m in Kenyan retail chain
Proparco, announced its partnership with IBL Group (listed on the Mauritius Stock Exchange), and DEG, a subsidiary of German KfW Group, to jointly acquire a 40% interest in Naivas International, which owns 100% of the shares of Naivas Ltd, a modern retail chain in Kenya. Successful completion of the transaction is subject to conditions.
Established in 1990 by the Mukuha family, Naivas started as a small family business in the small town of Rongai, located on the outskirts of Nakuru town in Kenya’s Rift Valley. From 2001, the company expanded to Nairobi where it opened its first branch on Ronald Ngala Street. The activity of Naivas then progressively migrated to Nairobi through subsequent openings and selective acquisitions of locations to become today a leading retailer in Kenya.
2. Endeavor Catalyst fund announces final close at over $290m
Endeavor announced the final close of Endeavor Catalyst Fund IV, a $292 million venture capital fund through which it plans to continue to invest in the companies led by Endeavor entrepreneurs globally. The closing of Endeavor Catalyst Fund IV represents Endeavor’s largest fund to date, surpassing the fund’s initial $200 million-$250 million target. It also brings Endeavor Catalyst’s total assets under management up to more than $500 million.
The community of limited partners (LPs) behind Endeavor Catalyst IV includes founders like Reid Hoffman (LinkedIn), Marcin Żukowski (Snowflake), and Kevin Ryan (DoubleClick, MongoDB), as well as more than 100 of Endeavor’s own entrepreneurs. In fact, Endeavor entrepreneurs account for more than 30% of the LPs for this fund.
3. Nigeria: Reflect Ventures in transport platform deal
T40 Technologies, a tech start-up transforming Nigeria’s intercity transport and logistics industry, has secured a pre-seed funding round. Led by its CEO, Folarin Olulana, the company has built a cloud-based transport and logistics operating system for intercity service providers.
The round was led by Reflect Ventures with participation from Startup Wise Guys, Roselake Ventures, and select angel investors.
4. Senegal: Bamboo Capital fund backs fresh produce platform
Afrikamart, a West African agritech start-up, has announced the closing of a $850,000 seed round of financing from venture capital groups including the BLOC Smart Africa fund managed by Bamboo Capital Partners, Orange Ventures, Launch Africa and Teranga Capital.
The proceeds from the financing will allow the company to ramp-up its purchases from smallholder farmers across Senegal and efficiently manage the logistics and last mile delivery of 14 fresh types of vegetables directly to street vendors and small retailers, restaurants and hotels in Dakar and Mbour.
5. Futuregrowth to establish new early-stage investment fund
Futuregrowth has announced its intention to launch its Futuregrowth High Growth Development Equity Fund (HGDEF), targeting investments in early-stage businesses that will have a strong developmental impact. The Futuregrowth HGDEF will form part of Futuregrowth’s suite of developmental investment funds which cover a range of impact areas such as infrastructure, social services, clean power, agriculture, regional development, and more.
The Futuregrowth HGDEF will sit alongside the Futuregrowth Development Equity Fund (DEF), which has accumulated a 16-year track record of investing in developmental unlisted equity.