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. Helios invests $50m in Kenyan data centre operator
IXAfrica Data Centre Limited, a developer and operator of hyperscale-ready data centres in East Africa, and private equity firm Helios Investment Partners have announced Helios’ intended $50 million growth capital investment into the company to accelerate the development of IXAfrica’s Nairobi campus. The investment is expected to close by the end of the year, subject to customary closing conditions including Kenyan regulatory approval.
IXAfrica was established in Kenya in 2021. Prompted by soaring demand for Kenyan internet connectivity from a young and fast-growing population, IXAfrica secured a 17,300 square metre plot alongside the Mombasa Road in the nation’s capital, Nairobi. The location provides easy access to all existing primary internet connectivity infrastructure.
2. Toyota Tsusho establishes VC vehicle focused on healthcare in Africa
Toyota Tsusho Corporation has announced that its affiliate CFAO has established Health54, a corporate venture capital company specialising in start-up investment in the rapidly growing field of health technology in Africa. In addition, the company invested in Lifestores, a healthcare start-up in Nigeria as its first investment project.
With this investment in Lifestores, Toyota Tsusho will work to build a supply chain in the pharmaceutical retail field in Africa, while striving to provide high-quality pharmaceuticals and medical services to as many people as possible.
3. North Africa: Super app Yassir raises $150m series B funding
Yassir, a multi-sided marketplace offering on-demand services – such as ride-hailing, food and grocery delivery, banking and more – announced that it has raised $150 million in series B funding. The investment was led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other strategic investors.
Having raised $193.25 million in the five years since its launch, the company claims to be one of the most valuable start-ups in North Africa. With this latest round of funding, Yassir plans to expand its reach into the region.
4. Mid-market fund spins out of Ethos to create Infinite Partners
The executives of Ethos’ Mid Market Fund and Ethos Private Equity have announced that the mid-market team is spinning out, to form a new independent private equity fund manager – Infinite Partners.
Infinite Partners will continue to manage Ethos Mid Market Fund I, which raised R2.5 billion (c. $140.4 million) in capital commitments in 2018. Ethos will continue to support the fund’s governance, and the team is committed to optimising outcomes for all stakeholders.
5. Quona Capital announces final close of its third fund
Emerging markets venture capital firm Quona Capital announced the final close of its Fund III at $332 million, significantly exceeding its $250 million target. This is the third fund from Quona Capital since its inception, bringing the firm’s aggregate committed capital to over $745 million.
Quona focuses its investments on innovative technology companies that are expanding access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa and MENA.
Quona’s Fund III investors include an array of global asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices and development finance institutions. The majority of Fund III investors returned from prior Quona funds, joined by more than 20 new relationships.