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. A.P. Moller Capital to acquire South African logistics business
A.P. Moller Capital and RCL Foods announced that they have entered into a binding agreement for the purchase of Vector Logistics by A.P. Moller Capital. Vector Logistics is a South African frozen logistics operator, providing multi-temperature warehousing and distribution, supply chain intelligence, and sales and merchandising solutions.
“Vector Logistics is highly respected with a long track record in South Africa, and we are excited to contribute to its transformative vision for both the industry and the region. Vector Logistics’ reliable operations enable maintenance of the cold chain for food products, which increases shelf life and reduces food waste. We see a growth opportunity for Vector Logistics, and we believe that our experience and our network will help to drive this growth,” said Joe Nielsen, partner at A.P. Moller Capital.
2. CFAO VC arm in Kenyan healthcare deal
The omnichannel technology company delivering health services TIBU Health, has concluded an undisclosed pre-series A round led by Health54, the healthcare-focused corporate venture capital arm of CFAO Group. Similar to their seed round, this financing round was oversubscribed by 50%. The funds raised will allow the company to strengthen its solutions dedicated to chronic diseases and to improve their virtual care platform.
In Africa, over 600 million people in Africa are unable to obtain the healthcare services they need when they need them and can spend up to seven hours when seeking care. TIBU Health was founded in 2018 by a small team of health and technology experts in Kenya with one objective in mind: make it easier for people to obtain high quality healthcare services. The initial focus was on delivering healthcare service at home in a direct-to-consumer manner.
3. Energy Entrepreneurs Growth Fund invests in Yellow’s Series B round
Yellow, a provider of affordable and reliable energy, as well as internet connectivity access for consumers in Africa, announced the first close of its Series B equity round.
Yellow received investment from the Energy Entrepreneurs Growth Fund (EEGF), represented by Triple Jump.
4. The Agri-Business Capital Fund’s recent investments in Benin, Mali, Uganda and Nigeria
The Agri-Business Capital Fund (ABC Fund), managed by Bamboo Capital Partners in partnership with Injaro as investment advisors, announced the completion of its latest investments totalling €4.21 million in food production businesses in Benin, Mali and Uganda as well as a microfinance institution based in Nigeria.
Africa Négoce Industries (ANI), a raw cashew nut processor in Benin, has received a loan of €800,000 to expand its operations. Promo Fruits, a pineapple juice processor in Benin, has been loaned €800,000 to cover working capital needs and improve smallholder farmers’ fruit production capacity.
Groupe Diakhate, a poultry feed manufacturer in Mali, has been granted a €450,000 loan to acquire raw materials and modern equipment. This will enable the company to strengthen relationships with farmer cooperatives and increase its workforce.
In Uganda, Matale Hill Brothers Ltd, a coffee processor, has received a €254,000 credit facility for working capital needs. This funding will enable the company to increase the number of farmers it works with and provide them with a stable market.
5. Ventures Platform, Voltron Capital, others back Nigerian logistics platform
Fez Delivery, a logistics and delivery company, announced its $1 million seed round.
Ventures Platform led the funding round, with participation from Voltron Capital, Acasia Ventures (formerly Cairo Angels), and other angel investors.