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. Criterion partially exits South African avocado producer
Criterion Africa Partners has announced the sale of a minority stake in South African avocado producer Selokwe Agri to Mission Produce, Inc., a world leader in the sourcing, production and distribution of fresh Hass avocados with additional offerings in mangos and blueberries.
Criterion established Selokwe as part of its higher and better use (HBU) investment strategy, which creates value through the improved utilisation of land, water and labour resources in South Africa and increases employment opportunities in its regional communities. Additional assets were contributed by South African agriculture producer ZZ2, to strengthen Selokwe and position it to become one of the largest avocado producers in the premium growing region of Limpopo, South Africa, with over 1,000 hectares of orchards planned for development.
2. South Africa: Naked raises $17m from IFC, others
Naked – the South African artificial intelligence (AI)-driven insurtech company that offers a fully digital way for consumers to insure their cars, homes and valuables – has raised $17 million in Series B funding.
The funding round was led by the International Finance Corporation (IFC), while German development finance institution DEG and Naked’s original investors, Yellowwoods and Hollard, also participated.
3. EIB proposes investment in water fund
The European Investment Bank has disclosed a proposed investment of €10 million in the Water Access Acceleration Fund (W2AF), managed by Incofin Investment Management.
The fund will invest in decentralised water supply systems and technologies, targeting countries in Africa and Asia with high incidences of water access inequality.
W2AF will provide equity and quasi-equity investments in companies which work along the water value chain to enable and accelerate access to safe and affordable drinking water in developing countries primarily in Asia (South and South-East) and sub-Saharan Africa.
4. Acumen invests in cold chain company SokoFresh
Acumen has invested in SokoFresh, which provides smallholder farmers in East Africa with cold-storage solutions and market access to reduce post-harvest losses and guarantee demand for produce.
This is Acumen’s first new investment through its latest energy initiative, PEII+, which is designed to invest early-stage capital in energy businesses that are improving the livelihoods of smallholder farmers and micro-entrepreneurs in India, East Africa and West Africa.
5. DOB Equity leads investment in Power Financial Wellness
Power Financial Wellness, a Kenyan-based financial technology provider, has secured $3 million in seed funding to expand its financial services to employees and gig workers across sub-Saharan Africa.
The investment round was led by DOB Equity, along with Bolt by QED Investors, Quona Capital, Zephyr Acorn and Norrsken Accelerator.