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. PE firm raises nearly $200m for clean energy investments in Africa
Inspired Evolution Managers Limited, a private equity firm focused on climate and clean energy infrastructure investments in Africa, has closed the first round of funding for its third fund, Evolution III Fund, with $199.4 million in conditional commitments from seven international investors. The target close for the fund is $400 million, which is expected to be achieved within the next 12-18 months.
The Evolution III Fund aims to invest in various energy transition strategies such as traditional utility-scale grid-connected IPP platforms, decentralised commercial and industrial (C&I) private offtake opportunities, off-grid solutions, and energy-as-a-service (EaaS) micro-grid infrastructure-type offerings. The fund will also look to invest growth equity into energy and resource-efficiency technology-based businesses.
The fund’s investors include the European Investment Bank, FMO, the African Development Bank, FinnFund, the Emerging Markets Climate Action Fund (EMCAF), Swedfund, and the Swiss Investment Fund for Emerging Markets (SIFEM).
2. Ethiopia: Zoscales to make follow-on investment in diagnostic centre
Private equity firm Zoscales Partners has signed an agreement with Brook Fekadu, founder of Pioneer Diagnostic Center (PDC), to make a joint follow-on investment into the company to support its continued growth and expansion. This investment will be used to buy additional machines and open new centres.
PDC is one of the leading providers of diagnostic services in Ethiopia, offering a full array of imaging services to patients and physicians, by blending advanced technology, extensive clinical expertise, and high-quality patient care. Since Zoscales invested in the company in 2020, the company has expanded from three to seven centres and grown its revenue by more than 3x.
3. Uganda: Inua Capital closes SME fund
Investisseurs & Partenaires (I&P), through its dedicated programme I&P Development (IPDEV 2), has participated in the launch of Inua Capital, a gender-lens and impact-focused investor that provides patient growth capital to small and medium-sized enterprises in Uganda.
Inua Capital has closed its flagship evergreen fund, Inua Impact Fund, with over $8 million in commitments. The fund is sponsored by IPDEV2 and supported by other impact investors, including the EU-funded Agriculture Financing Initiative (EDFI AgriFI).
4. LeapFrog grows climate investment strategy team
LeapFrog Investments has expanded its climate investment strategy team with new hires as it seeks to support green growth opportunities for low-income consumers and producers in emerging markets.
Saurabh Bajaj joins LeapFrog as director of investments – South East Asia, climate, alongside Katherine Owens as associate director of impact measurement and management, climate; Nimish Desai as associate director, climate; and Akshi Sharma as investment analyst, climate. They join LeapFrog’s newly appointed partner, Nakul Zaveri, to accelerate the company’s climate investment strategy.
5. Kenyan construction materials platform raises $4.5m seed funding
Kenyan construction tech startup Jumba has raised $4.5 million in seed funding led by LocalGlobe and featuring participation from Foundamental, Enza Capital, Seedstars International Ventures, Logos Ventures, SpeedInvest, First Check Africa and Alumni Angel Network.
The funds will be used to develop the company’s technology and extend its growth in East Africa and beyond.