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. Uganda: Pearl Capital Partners backs agro-processing company
The Yield Uganda Investment Fund, which is managed by Pearl Capital Partners, has announced an investment of $2.5 million in Pura Organic Agro Tech Ltd structured in both straight equity and patient debt investment. This marks the fund’s eighth investment into the Ugandan agriculture sector but more uniquely, the first substantial value addition investment into the cassava value chain.
Pura, which was incorporated in 2011, is located in Nakasongola District, Central Uganda. Over the past few years, Pura has been developing its nucleus farm, expanding the acreage cover of its cassava portfolio, producing cassava cuttings for smallholder farmers, and is now evolving into cassava processing and value addition.
2. Old Mutual PE fund backs Malawian macadamia producer
Africa Merchant Capital (AMC) Advisory advised the management team at Gala Agriculture Company, a macadamia plantation that operates 12 farming estates spanning about 6,000 ha in Malawi, on a significant investment by ULIMI Fund, a private equity fund managed by Old Mutual Investment Group Malawi, which is advised by UFF, a specialist agri-investor in Africa.
Gala Agriculture Company, already one of Africa’s largest macadamia estates, will utilise the equity investment to near double its macadamia plantations and production facilities over the next five years.
3. South Africa: Metier exits wind assets to Revego
Revego Africa Energy Limited, South Africa’s only yieldco geared towards the renewable energy sector through its investment in the Revego Africa Energy Fund, has acquired stakes in a number of leading wind assets, all of which are helping to build South Africa’s clean energy future.
The acquisitions include the Mainstream wind assets, Loeriesfontein 2 Wind Farm, Khobab Wind Farm and Noupoort Wind Farm, situated in the Northern Cape.
Revego has purchased the wind assets from Metier, one of Africa’s leading private equity fund managers, and Lereko, that jointly manage the Lereko Metier Sustainable Capital fund. The acquisition fits in with Revego’s strategy of taking stakes in operational renewable energy assets in sub-Saharan Africa that have a track record of generating stable cash flows and that deliver an above-inflation dividend yield over an extended period.
4. South Africa: Edge Growth invests in battery manufacturer
I-G3N, a company which develops lithium-ion batteries specifically for the African continent, has successfully raised R20 million (about $1.3 million) from Edge Growth and the ASISA ESD initiative.
Recognising I-G3N’s capability in designing developing and manufacturing battery energy storage systems, Edge Growth and the ASISA ESD initiative have partnered with Secha Capital, an impact fund manager that shares a common vision of creating value via financial returns, job creation, funding of local, black-owned businesses and positive environmental outcomes.
5. Uber vehicle financing partner in Africa raises $23m
Moove, an African mobility fintech, has raised $23 million in Series A funding. The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable. Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round.
This brings Moove’s total funding to $68.2 million, including $28.2 million in equity and $40.0 million in debt. Moove is the first investment in Africa for many of its American VC backers, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap.
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