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. Nigeria: Tana Africa Capital and Sango Capital announce retail investment
Tana Africa Capital and Sango Capital announced a minority investment in Sundry Markets, one of Nigeria’s fastest growing modern grocery retailers. The transaction marks a partial realisation of the capital invested in the company by Sango through its Fund I, and a new investment by Sango through its Fund III and by Tana Africa Capital through its second fund (TAC II). Sango Fund I’s investment began a successful partnership between Sango and Sundry Markets founder and chief executive Ebele Enunwa, to spur the development of one of Nigeria’s fastest growing modern grocery retailers.
Established in 2015, Sundry Markets operates the Marketsquare brand of supermarkets and convenience stores, providing a superior shopping experience to customers and a one-stop destination for prepared and packaged food, fresh baked goods, fruits and vegetables, butchery products and beverages, as well as personal and home care products across different store formats. Led by the founder and chief executive, and in partnership with Sango, Sundry Markets has grown rapidly to 21 stores today, disrupting the grocery retail sector and demonstrating exceptional financial and operational performance across economic cycles.
2. AfricInvest backs adtech company ArabyAds
ArabyAds, an adtech company in the MENA region, announced that it has raised $30 million in pre-series B funding round from AfricInvest, a pan-African investment platform managing multiple alternative asset classes including private equity, venture capital and private credit.
ArabyAds will use the new financing to expand its footprint and further invest it to accelerate its technological advancement and talent acquisition to support the growth.
The transaction marks the eighth investment for AfricInvest’s Maghreb Private Equity Fund IV, which provides growth capital to small and mid-cap companies to expand regionally and across the African continent, spurring productivity growth and sustainable job creation.
3. First close for Microtraction early-stage VC fund
Microtraction, an early-stage venture capital firm that invests in African tech entrepreneurs at the pre-seed stage, announced a $15 million first close of its second fund.
Founded by Yele Bademosi and Kwamena Afful in 2017, with initial backing from PAVE Investments, Michael Seibel, Andy Volk, and Chris Shultz, Microtraction has invested in 36 companies in Nigeria, Ghana, Kenya and Rwanda.
4. Agtech company iProcure secures $10.2m series B fundraising
iProcure, an African tech and data-driven agricultural inputs supply company, announced the close of a $10.2 million series B funding round that raised debt and equity from a diverse group of international investors.
The series B round was led by Investisseurs & Partenaires (I&P) and also saw participation from Novastar Ventures, British International Investment (BII), and Ceniarth.
5. Cape Town Stock Exchange closes funding round
Cape Town Stock Exchange (CTSE) announced the closing of its R85 million ($5 million) funding round. In addition, the company expanded its board, adding Mark Fitzjohn, Bruce Ndidi (both from Empowerment Capital) and Stephan Van Der Walt (Pallidus Alternative Investments).
The oversubscribed round was led by a new investor to the group, Imvelo Ventures, a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners, with participation from Lebashe Investment Group, Pallidus Alternative Investments, Shaolin Investments Limited and Gary Stroebel, all existing investors in the CTSE.
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