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. Verod Capital and AfricInvest acquire majority stake in business process outsourcing provider
Verod Capital and AfricInvest have partnered to acquire a majority stake in iSON Xperiences, an ICT solutions provider.
AfricInvest first invested in iSON Xperiences in 2018 and is now renewing its commitment.
2. Oasis Capital Ghana exits education investment
Oasis Capital Ghana, an SME growth equity investor in West Africa, has exited its shareholding in Legacy Girls College (LGC), an educational institution based in Ghana catering exclusively to female students. The transaction represents the first complete exit from the Oasis Africa Fund I.
Matthew Boadu Adjei, chief executive officer at Oasis noted, “During the investment period, we have supported the promoters in actualising their vision for the school. We have helped strengthen corporate governance and significantly expanded both digital and physical infrastructure, all of which are critical for sustained business success. We are proud of the school’s strides in the past five and a half years, and we look forward to their continued success.”
3. Knife Capital leads Outsized funding round
Outsized, an on-demand talent platform, has announced the completion of its Series A funding round. Led by South African venture capital firm Knife Capital, the round also includes investment from several private investors including Adrian Durham, founder of the global wealth management platform FNZ Group.
Through its AI-powered platform, Outsized offers enterprises access to a curated network of 25,000 professionals in markets such as Asia-Pacific, Africa, and the Middle East.
4. Energy Entrepreneurs Growth Fund reaches final close at $125m
The Energy Entrepreneurs Growth Fund (EEGF), an initiative led by Shell Foundation in collaboration with FMO, has closed its fundraising with commitments totalling $125 million.
EEGF is managed by Dutch fund manager Triple Jump, with Persistent, a venture builder in the off-grid sector, providing advisory support.
The fund is backed by several development finance institutions, including FinDev Canada, the Development Bank of Austria (OeEB), the Nordic Development Fund (NDF), and the U.S. International Development Finance Corporation (DFC). The African Development Bank (AfDB) also made a significant contribution through its Covid-relief funding.
5. Fund for Export Development in Africa invests in Angola oil refinery
The Fund for Export Development in Africa (FEDA), an Afreximbank subsidiary, has announced an investment into Cabinda Oil Refinery, an integrated modular oil refining platform in Angola being developed by Gemcorp in joint venture with Sonangol.
Cabinda Oil Refinery is a 60,000 barrel per day (bpd) high conversion refinery, with a first phase of 30,000 bpd, in the Cabinda province of Angola, one of Africa’s largest crude oil producers. The refinery is targeted at processing Angola’s crude oil into a variety of petroleum products including diesel, gasoline, naphtha, and jet fuel for both local and export consumption.
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