Botswana’s biggest private equity deal, Partech completes largest Africa-focused VC fund at €245 million.
Plus Egypt's CI Capital closes first $13.26 million bond issuance, Yodawy raises $7.5 million in a Series B funding.
Dear Afrlytics Reader,
In today’s roundup of business & financial news, economy updates, and the world of African dealmaking:
Egypt's CI Capital closes its first $13.26 million bond issuance.
Equity Banque Commerciale du Congo receives a $12.5 million loan facility.
FinDev Canada makes a $30 million commitment to Adenia Capital (V).
Partech Partners closes its second fund at €245 million.
M & A:
Botswana’s Africa Lighthouse Capital acquires Funeral Services Group
ALFC I Investment, a unit of Botswana-based Africa Lighthouse Capital has acquired a 37.62% stake in Funeral Services Group (FSG) from the country’s largest diversified financial services group, Botswana Insurance Holdings Limited (BIHL), for P250 million taking its overall stake to 57.62 percent– making it the majority shareholder. The deal is also Botswana’s biggest deal private equity fund.
Bond Issuance:
Egypt's CI Capital closes first $13.26 million bonds issuance
Egypt’s leading diversified financial services group, CI Capital has successfully concluded the first securitised bond issuance worth EGP 403.4 million ( $13.26 million) for Aman Financial Services as part of a 3-year program with a total value of EGP 5 billion. The bond issuance comes in three tranches with the first at a value of EGP 70.1 million, with a tenor of 13 months at an AA+ rating from Middle East Ratings and Investor Services (MERIS). The second with a value of EGP 231.3 million, with a tenor of 37 months, at an AA rating. The third with a value of EGP 102 million (face value of EGP 100), with a tenor of 56 months, received a credit rating of A.
Venture Capital:
Sendmarc raises a $7 million Series A funding
South African-based security startup Sendmarc, has raised a $7 million Series A funding round to grow its product offering and expand to other markets.
Yodawy raises $7.5 million in a Series B funding
Egyptian-based pharmacy marketplace Yodawy has raised $7.5 million in a Series B funding round led by Global Ventures, Middle East Venture Partners, and Algebra Ventures. CVentures, P1 Ventures, and Athaal Angel Investors Group also participated in the funding round.
Private Debt:
Equity Banque Commerciale du Congo receives $12.5 million facility
Congolese - based Equity Banque Commerciale du Congo (EquityBCDC) has received a $12.5 million risk-sharing facility from the IFC to support local small and medium-sized enterprises (SMEs).
Private Equity:
Futuregrowth leads $4.5 million investment in Flow Living
South Africa’s leading asset manager Futuregrowth has led the $ 4.5 million pre-series A investment in Flow Living a prop-tech startup platform. Other investors in the funding round are Vunani Endeavour, CRE Venture Capital, and Kalon Ventures.
Fundraising Events:
Africa Climate Change Fund receives contributions from Ireland and Austria.
The African Development Bank’s Africa Climate Change Fund (ACCF) a multi-donor trust fund for meeting the Africa Development Bank’s target of increasing its African climate financing has received contributions of €2 million and €1 million, respectively from Ireland and Austria.
Partech Partners closes its second fund at €245 million.
Paris-based venture capital firm Partech Partners’s Partech Africa II reached its first close at €245 million (~$263 million) making it the largest Africa-focused VC fund to support the next generation of African tech companies and of leaders across the continent.
FinDev Canada commits $30 million to Adenia Capital (V).
Canada's development finance institution (DFI), FinDev Canada has made a commitment of up to $30 million to Adenia Capital (V) Limited (“Adenia V”), a private equity fund managed by Adenia Partners Limited (“Adenia”), which has a target first close at $237 million.
Economy Updates:
Egypt’s Inflation reaches 25.8% making it the highest rate in 5 years driven by currency devaluation and foreign currency.
Uganda’s Central Bank has kept the lending rate at 10% for the second time, which enables it to effectively control the rise in inflation and ensure stability in the exchange rate.
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