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. Cauris Management in West African insurance deal
Yeelen Financial Fund, a fund dedicated to the financial sector of the West African Economic and Monetary Union (WAEMU) region and managed by private equity firm Cauris Management, has taken a stake in Holding Groupement d’Assurances Modernes Multiformes en Afrique (GAMMA) which owns two insurance companies in Mali, namely Sonavie and Sabunyuman.
Yawo Noël Eklo, co-founder of Cauris Management said, “The investment of Yeelen Financial Fund helps make Sonavie and Sabunyuman comply with the new CIMA requirements in terms of minimum share capital and equity, and also enables the financing of the group’s strategic development plan.”
2. Verdant Capital raises $7.9m for challenger fintech Zeepay
Verdant Capital has completed its fourth major fintech transaction in the last 12 months. The debt and equity raise for leading challenger fintech, Zeepay, headquartered in Ghana, follows a $20 million equity and debt capital raise for Tugende, an East African technology-enabled asset financing business, an $11 million debt capital raise for Retail Capital a technology-driven SME-lender in South Africa, and a $13 million equity and debt raise for Planet42 an innovative car subscription business in South Africa.
The lead investor arranged by Verdant Capital for Zeepay was Investisseurs & Partenaires (I&P). I&P is an impact investing group with over $250 million in assets under management. Other investors in the round included the holding company of the managing director, Andrew Takyi-Appiah and his wife Zoe Takyi-Appiah, GOODsoil VC, Absa Ghana and FNB Ghana. Verdant Capital is financial advisor to Zeepay. The lawyers for Zeepay were JLD & MB.
3. South Africa: Mineworkers Investment Company launches early-stage vehicle
Mineworkers Investment Company (MIC) announced the launch of MIC Khulisani Ventures, a R150 million (about $10.4 million) early-stage investment vehicle targeting black-owned innovative, high growth businesses in South Africa.
MIC Khulisani Ventures will invest in promising high-growth potential companies across all sectors, with the exception of primary agriculture and primary extractive industries. The focus is innovation, namely innovative products or services that disrupt traditional markets, improve efficiencies or respond creatively to existing problems in South Africa.
4. CDC leads investment into South African affordable housing platform
CDC Group, the UK’s development finance institution (DFI), has announced a $36 million (R500 million) commitment to Divercity Urban Property Fund, an affordable housing platform focused on the regeneration of South African cities.
This investment will fund the construction and management of more than 2,500 new residential units over the next five years predominantly in Johannesburg. It will provide quality, affordable and environmentally sustainable housing for low and middle-income households in well-located but underinvested neighbourhoods in major South African cities. This transaction was also funded by South African impact investor Futuregrowth and existing Divercity shareholders.
5. Kalon Venture Partners raises a quarter of a billion rand
South African venture capital company Kalon Venture Partners has successfully completed its final Section 12 J capital raise with assets under management of over a quarter of a billion rand (about $17.5 million). Kalon’s first fund started in 2016 and invested in nine disruptive technology companies and its second fund invested in seven of those companies. Kalon is now seeking innovation-led South African entrepreneurs to deploy its war chest of capital.
Kalon invests in South African entrepreneurs with innovative technology solutions and assists them in scaling both locally and into global markets. Kalon’s executive and non-executive teams have years of experience in building and scaling international businesses.
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.