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. Final close for Knife Capital’s $50m African Series B expansion fund

Knife Capital reached final close for its $50 million African Series B expansion fund, Knife Fund III.

A broad range of investors committed to Knife Fund III, including the team itself, the International Finance Corporation (IFC), the Mineworkers Investment Company (MIC), the SA SME Fund as well as its new Venture Capital Fund of Funds (a pioneering collaboration between government and business that attracted capital from investors like The Department of Science and Innovation, USAID, The Consolidated Retirement Fund for Local Government and Rand Mutual Assurance), Standard Bank, AfricaGrow (a German Fund of Funds backed by DEG, KfW and AllianzGI), Skybound Capital, Fireball Capital and the Draper-Gain family office in partnership with Rand Merchant Bank.

2. BlackRock backs Uber vehicle financier Moove

Moove – a provider of vehicle loans to ride-hailing, e-logistics and instant delivery drivers – has secured $76 million in new funding. The investment consists of $28 million in equity from new and existing investors, in a process led by Mubadala Investment Company, $10 million venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior 12 months.

Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs. The business is Uber’s largest vehicle financing partner in the EMEA region.

3. Vista to acquire Orabank from Emerging Capital Partners, others

Vista Group has entered into an agreement with Emerging Capital Partners, BIO, DEG, Proparco, and Envol Afrique to acquire 61.4% of Oragroup S.A., pending regulatory approvals. Oragroup, the parent company of Orabank based in Lomé, operates in 12 West and Central African nations including Togo, Côte d’Ivoire, and Benin, among others. As of the close of 2022, it reported assets of $7.7 billion. This collaboration between Vista and Oragroup is set to establish a Tier 1 banking entity spanning 16 countries with over 270 branches and a combined asset portfolio exceeding $10 billion.

This new acquisition by the Vista Group now significantly extends its presence to other markets and geographical areas in Africa, in line with the group’s strategic target of becoming a leading pan-African banking institution operating in at least 25 countries by 2025-26.

4. Nigeria: Multiply Partners and Ventures Platform lead Traction’s $6m seed round

Nigeria-based Traction has raised a $6 million seed round led by Multiply Partners and Ventures Platform with participation from P1 Ventures among other investors.

Traction enables businesses to accept payments, manage finances, and access essential operational tools. With Traction, business owners can accept payments via POS terminals or virtual accounts, use point-of-sale software to record their sales, track inventory, and manage customers through CRM and loyalty solutions. Traction also offers a range of financial services, including merchant wallets, cash advance loans, savings, and bill payments.

5. STANLIB acquires majority interest in Solareff and its subsidiary GridCars

South Africa’s STANLIB Asset Management has announced the acquisition of a controlling equity interest in Solareff, through its STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals.

Solareff is a South Africa focused engineering, procurement, and construction (EPC) platform. To date, it has installed more than 500 distributed solar and related on-site energy solutions for commercial and industrial (C&I) customers in South Africa.

In addition, Solareff is the controlling shareholder of GridCars, an electric vehicle charge point infrastructure provider in South Africa.

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