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. Maris lands $12m investment from Proparco
Africa-focused permanent capital vehicle Maris has closed a $12 million financing round with Proparco, France’s development finance institution.
The climate-aligned investment targets renewable energy, agriculture, forestry and business services and will help Maris build its diverse portfolio of businesses across Africa. Proparco’s investment is made under the FISEA+ initiative, a high-impact investment facility dedicated to supporting micro, small and medium-sized enterprises in Africa. It is owned by Proparco’s parent company, the French Development Agency (AFD) and is part of the Choose Africa initiative.
2. Global Ventures, Tencent back Nigerian healthtech company
Remedial Health, a healthtech start-up that develops solutions to make Africa’s pharmaceutical value chain more efficient, has raised $4.4 million in seed funding to accelerate its expansion across Nigeria and to provide access to credit for inventory purchases for its growing customer base of neighbourhood pharmacies, proprietary patent medicine vendors (PPMVs) and hospitals in the country.
The seed funding round was led by Global Ventures, which re-invested after participating in the previous round. Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management also participated in the round which included prominent angel investors such as Guillaume Luccisano and Christopher Golda.
3. Revego Africa Energy Fund acquires three South African solar assets
Revego Africa Energy Limited, a YieldCo focused on operating renewable energy projects in sub-Saharan Africa, through its investment in the Revego Africa Energy Fund, has acquired equity interests in a portfolio of three solar PV assets.
The acquisitions include the Aries Solar Park and Konkoonsies Solar Park, both located in South Africa’s Northern Cape as well as Soutpan Solar Park located in Limpopo. The acquisitions fit with Revego’s strategy of investing in a diversified portfolio of renewable energy assets in sub-Saharan Africa, that have a track record of generating stable cash flows, and that deliver an above-inflation dividend yield over an extended period.
4. Helios and Vitol exit OVH Energy
OVH Energy BV, a joint venture between Vitol and private equity investor Helios, has completed the sale of its 100% share in OVH Energy Marketing Limited and ASPM Limited to Nueoil Energy Limited, a local Nigerian company.
OVH Energy Marketing Limited and ASPM Limited are now wholly owned by Nueoil Energy Limited, marking OVH Energy BV’s exit from Nigeria.
In July 2016, Oando PLC, Nigeria’s leading indigenous energy group, concluded a recapitalization and partial divestment of its downstream operations to a consortium of Helios and Vitol. The new company, renamed OVH Energy, is the second largest downstream fuels company in Nigeria.
5. African crypto exchange Yellow Card secures $40m in funding
Yellow Card Financial, the pan-African cryptocurrency exchange, has announced the close of its $40 million series B funding. The round was led by Polychain Capital, with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and more.
The funding will enable the company to drive business growth, continue its expansion across the continent, develop new product innovations, and advance strategic partnerships across Africa.