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. Amethis announces first close of third pan-African fund
Private equity firm Amethis has announced the first closing of its third pan-African fund, Amethis Fund III, at €140 million. The fund has a €450 million target.
The fund will seek both majority and minority positions, and will focus on key growth sectors such as healthcare, manufacturing and distribution (including fast-moving consumer goods and agribusiness), business services (including logistics and IT), energy and infrastructure related services, and non-bank financial services.
Investors in the first close include the International Finance Corporation (IFC) and Swedfund as well as family offices and private institutions.
2. Verod exits CSCS Nigeria
Private equity firm Verod Capital Management Limited, announced that its Verod Capital Growth Fund II has fully exited its investment in CSCS Nigeria.
CSCS is a financial market infrastructure platform and is the sole licensee for the central depository and settlement of transactions on the Nigerian Exchange Limited (NGX), amongst others.
3. DRC: Renewable energy company Nuru raises $40m Series B funding
Nuru, a renewable energy company, has secured over $40 million in a Series B equity funding round and expects an additional $28 million in project finance by the end of the month. The capital will fund the construction of projects totaling 13.7 MWp in the Democratic Republic of the Congo (DRC), where less than 20% of the population has energy access.
Investors in the round include the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation. Additionally, IFC’s equity investment includes financing from the Finland-IFC Blended Finance for Climate Program.
4. LeapFrog to commit over $500m to climate investments
LeapFrog Investments plans to commit $500 million to companies combating climate change in Africa and Asia.
“Investing in climate solutions across emerging markets is not just the right thing to do, but also a highly compelling commercial opportunity,” said Andy Kuper, LeapFrog’s CEO and founder. “In the next decade we want to act as a catalyst and enabler for billions of low-income consumers finding clean pathways into prosperity by accessing – via LeapFrog companies – sustainable, efficient products that both improve their quality of life and protect their environment.”
5. TLG Capital backs Nigeria’s Zuvy
Zuvy, an invoice financing company based in Nigeria, has recently secured $4.5 million in equity and debt funding. The funding round was spearheaded by TLG Capital. Zuvy offers invoice management software and discounting services.
Zuvy’s recent funding round drew a varied group of international investors, including TLG Capital, Dunbar Capital, Next Chymia Consulting HK, David Mussafer, chairman of Advent International, and Khalil Osman from Vicus Ventures.
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