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. TPG-backed Evercare sells stake in Kenyan hospital group
The Metro Group (TMG), a healthcare provider in Kenya, has completed the acquisition of the Evercare Health Fund’s majority shareholding in Metropolitan Hospital Holdings Limited (MHHL), the holding company that owns Metropolitan Hospital and Ladnan Hospital.
The Evercare Health Fund is a $1 billion emerging markets healthcare fund managed by TPG and backed by its global impact investing platform TPG Rise.
2. LoftyInc announces final close of its third African VC fund
LoftyInc Capital Management, an early-stage African-focused venture capital firm, announced the final close of its over-subscribed LoftyInc Afropreneurs Fund 3 (LAF3). It was raised in eight months with participation from African high-net-worth individuals (HNWIs), US family offices, global tech giants, financial institutions, and angel investors.
Coming off its first unicorn exit via LoftyInc Afropreneurs Fund 2’s investment in payments company Flutterwave, LoftyInc launched LAF3 in 2021 as a $10 million fund. However, it closed 40% oversubscribed at $14.2 million.
LAF3 is a venture capital fund investing in seed to Series A technology-enabled companies founded by entrepreneurs that are building the rails for Africa’s digital infrastructure.
3. Apis Partners increases investment in payments processor
Adumo, an independent payments processor operating across sub-Saharan Africa, has successfully raised R190 million (c. $11.1 million) to increase its shareholding and control in some of its recent acquisitions.
The capital raise included an equity raise from its current shareholders, Apis Partners, Crossfin Holdings and IFC’s fintech division as well as a debt facility provided by Investec.
4. South Africa: Alitheia IDF backs corporate travel company
The Alithea IDF Fund (AIF) has finalised its investment into corporate travel management company, Club Travel Corporate (CTC). The investment will enable CTC’s black- women-led management team to take over the company through a buy-out arrangement, and expand the company’s operations to other countries in Africa. In addition, the funding will allow for significant enhancements to be made to the company’s proprietary technology, NexCT.
AIF is co-founded and managed by Alitheia Capital (Lagos, Nigeria) and IDF Capital (Johannesburg, South Africa). The fund, which announced its final close in 2021 identifies, invests in, and grows SMEs led by gender-diverse teams in a number of African countries.
5. Partech, Enza, others invest $14m in Ivorian fintech company
Côte d’Ivoire based fintech company Djamo has raised $14 million in an equity round to continue building a full suite of financial services and expand to new markets.
The $14 million investment round was co-led by Enza Capital, Oikocredit and Partech Africa, with participation from Janngo Capital, P1 ventures, Axian, Launch Africa and other existing investors. This fresh injection of capital will allow the company to expand to new markets and continue building a full suite of personal finance services to further empower its customers across the region.