General Atlantic’s makes first technology investment in Africa.
General Atlantic’s makes first technology investment in Africa.
Also South Africa based Knife Fund III, Egypt's Thndr has raised £20 million in a Series
This week sees a number of fundraising and M & A activities that should be of interest to you the time-conscious Africa-focused business executive finance professional, founder, entrepreneur, and policymaker.
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General Atlantic’s makes first technology investment in Africa.
General Atlantic, a leading global growth equity investor has made its first technology investment in Africa by leading Nigerian-based health insurance company Reliance Health's $40 million Series B round. Other participating investors include Partech, Picus Capital, Tencent Exploration, Asia Africa Investment and Consulting, P1 Ventures, M3, and Laerdal Million Lives Fund.
Why is this important?
General Atlantic tends to focus on high-growth sectors like Financial Services, Healthcare, Technology, Consumer, and Life Sciences.
These are all highly promising sectors in Africa, with local startups looking to disrupt existing models while bringing economic change.
It is important for African startups to partner with investment firms like General Atlantic who appreciate the value of ensuring economic growth that accompanies bringing technology changes to such sectors and can leverage their experience on building value-producing companies operating in other regions.
Tiger Global makes second investment in another African retail stock trading app.
Tiger Global is an American investment firm that focuses on the internet, software, consumer, and financial technology industries has led the $20 million Series A funding round in Egypt-based retail stock trading app Thndr. Other investors include BECO Capital and Prosus Ventures.
Why is this important?
The ongoing changes in African stock exchanges make it an attractive avenue for a local firm to list and Africans can trade directly through them via these platforms
There is a growing interest in US and European stocks by Africans but the avenue to trade in these stocks doesn’t exist. African startups like Thndr and Nigeria’s Bamboo who recently raised completed a $15million funding round are looking to offer Robinhood app-style retail trading platforms that democratise investing by providing the opportunity for Africans to have ownership in these global companies and manage their portfolio.
With investors like Tiger Global who have invested in companies like Checkout.com, Revolute, and Australian commission-free stock trading app Stake, their experience would be priceless for these Africa startups.
Private Equity Deals :
African Export-Import Bank (Afreximbank) through Fund for Export Development in Africa (FEDA) has announced an investment in Mauritania-based leading FMCG Company TND SA.
South Africa based Knife Fund III managed by Knife Capital has received a $10 million investment from the International Finance Corporation (IFC) a member of the World Bank to provide financial support to tech startups in high-growth sectors in South Africa
Venture Capital Deals:
Nigeria- based on-demand vehicle repair and maintenance service provider Mecho Autotech has raised $2.15million in seed funding from HoaQ Capital, Cathexis Ventures, V8 Capital, Silver Squid, Future Africa, and Tekedia Capital.
Egypt-based retail stock trading app Thndr has raised £20 million in a Series A funding led by Tiger Global, BECO Capital, and Prosus Ventures.
Kenya-based electric vehicle start-up BasiGo has raised $4.3 million in the second round of funding to scale its business in the clean transport space. The funding was raised from Novastar Ventures with participation from Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital, and Third Derivative.
M & A Activities:
Guaranty Trust Holding Company plc (GTCO) the parent company of Guaranty Trust Bank, on Monday, has completed the acquisition of 100 percent shareholding in Pension Managers and Investment One Funds Management the two subsidiaries of Investment One.
Namibian private equity firm Eos Capital, through agriculture-focused fund Euphrates Agri fund has acquired a minority stake in Cherry Irrigation for an undisclosed amount.
Nigerian-based venture Jiji has acquired Ghanaian-based classifieds heavyweight Tonaton.
Nigerian-based ride-hailing and shared mobility startup Transtura has acquired FinTech payments startup WazoMoney to become a major payment and marketplace solutions provider for the mobility sector across Africa.
Pan-African telecommunications service provider SEACOM, announced it will acquire selected infrastructure assets from Africell in Uganda as a commitment to providing, competitive end-to-end connectivity and ICT solutions across the region.
Liquidity Events:
Leading pan-African telecommunications, mobile money services, and digital infrastructure provider AXIAN Telecom has successfully priced its US$420 million Senior unsecured Notes, due in 2027. The pricing of the bond is supported by anchor orders from development finance institutions CDC, DEG, EAIF, and IFC.
Nigerian-based Development Investment Bank DLM Capital Group Limited has announced plans to offer up to ₦5 billion series three and four commercial paper (CP) notes under its ₦20 billion-issuance programme.
Tananzian’s NMB Bank Plc (NMB) through the NMB Jasiri Bond is seeking to raise a three-year Sh25 billion and a greenshoe option of Sh15 billion.
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