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. TPG Growth backs Gro Intelligence’s $85m funding round
Gro Intelligence has raised $85 million in series B funding. The round was co-led by Intel Capital, Africa Internet Ventures (a strategic partnership between TPG Growth and EchoVC), and the family offices of Ronald Lauder and Eric Zinterhofer. They were joined by previous investors DCVC and GGV Capital. Participating new investors include Schusterman Family Investments, Dick Parsons, Rethink Food and various strategic family offices.
Gro Intelligence is an AI-powered insights company providing decision-making tools, solutions and analytics to the food, agriculture and climate economies and their participants.
2. West Africa: Daystar Power secures $38m from Danish DFI, Morgan Stanley, others
Daystar Power, a provider of hybrid solar power solutions to businesses in West Africa, this week announced a series B investment of $38 million.
The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution. IFU is joined by new investors STOA, a French impact infrastructure fund; Proparco, the French DFI backed by a guarantee from the European Union under the African Renewable Energy Scale-Up Facility (ARE Scale-Up); and Morgan Stanley Investment Management. Taking into account the previous round by Verod Capital and Persistent Energy, Daystar Power has received equity investments totalling $48 million.
3. Actis exits Nigerian investment
Actis, a private capital investment firm, has successfully exited its stake in C&I Leasing Plc, through a trade sale to Peace Mass Transit Limited, a leading transport company in Nigeria with interests in banking, oil and gas, pharmaceuticals, agro chemicals and auto assembly.
Nigeria-based C&I Leasing Plc is a diversified leasing and business service company providing support services to various indigenous and multinational organisations in West Africa along three lines: fleet management, personnel outsourcing and marine services.
Actis invested in C&I Leasing in 2010. The terms of the loan stock from C&I Leasing, gave Actis an option to convert the instrument to equity. The emerging market investor has now reached a deal with Peace Mass Transit to sell the loan stock with all the rights. This therefore gives Peace Mass Transit an opportunity to convert the loan stock into equity and become the single largest shareholder in the company.
4. South Africa: Khumovest Private Equity Fund I launched
Khumovest has announced the launch of the Khumovest Private Equity Fund I, which is a private equity fund that is focussed on making equity capital investments into small and mid-cap companies operating within South Africa.
Khumovest was established in 2015 by Ratirelo Mothobi and Thurstan Moodley, and is a 100% black-owned and managed financial services firm and a Level I contributor to Broad Based Black Economic Empowerment.
The thesis of the Khumovest Private Equity Fund I is to provide equity capital to small and mid-cap companies that are in need of capital and strategic guidance to grow their businesses, thereby assisting our country in growing its economic base and reducing our stubbornly high unemployment rate. Within South Africa, like other economies across the world, small to medium sized companies are the engines that drive economic growth, employment, and inclusivity.
5. SPE Capital holds final close of SPE AIF I fund
SPE Capital Partners announced the final close of SPE AIF I, an Africa-focused private equity fund. SPE AIF I was oversubscribed and closed at $258 million, well above its initial hard cap of $200 million.
SPE AIF I was launched in 2019 to invest in companies across Africa, with a particular focus on North Africa. The fund strategy includes majority transactions in companies with growth potential, operating in sectors such as industrial goods, services, healthcare and education.
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.