Welcome to our weekly round-up of the most important news dominating the world of business and finance in Africa.
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Private Equity :
Private Infrastructure Development Group (PIDG) InfraCo Africa has invested $10m in Acorn Holding Ltd(Acorn) Real Estate Investment Trust (REIT) a real estate investment vehicle that provides affordable housing for students in Kenya. The funding will be used to scale the building of student accommodation.
Democratic Republic of Congo (DRC) Nuru a firm that operates MW scale metro grids, providing affordable and clean energy to industrial, commercial, and residential customers has raised 1 million euros led by french DFI Proparco. The investment will enable Nuru to scale its operations to offer off-grid solutions in several cities in the Democratic Republic of Congo (DRC).
Tunisia-based private primary and secondary education group Les Ecoles idéales has received an undisclosed investment from Tunisian private equity firm Inma Holdings.
Venture Capital Deals:
Stitch a South Africa fintech startup has secured $4-million in seed funding led by firstminute capital and Raba. The funding will be used to expand the startup’s team and launch its operations in West and East Africa
Nigeria fintech start-up Imalipay with a strong focus on the gig economy has raised a round of pre-seed funding from TEN13 the Australian venture capital firm.
South Africa-based Inoxico a utilities credit analytics and data startup has received some equity investment from Vumela to grow its operations. The company provides commercial credit solutions for corporates
M & A Activities:
Old Mutual and Macquarie-owned fund Africa Infrastructure Investment Manager (AIIM) has acquired a majority equity stake in Ghana based Ngpya Etix DC ( Ghana).
South Africa-based Alaris Holdings a global radio frequency (“RF”) technology holding company has acquired British firm Linwave for $3 million, through its British arm Alaris Investment Holding UK.
Fundraising Events :
Zimbabwe has received an authorised loan of $70 million from the African Export-Import Bank (Afreximbank) to finance the expansion and upgrade of the Beitbridge border post in Zimbabwe.
Investment vehicle dedicated to infrastructure projects in Africa, Africa 50, and Togolese financier Oragroup announced the disbursement of $90.3 million in the form of a bridge loan to support the Malicounda power plant in Senegal.
Nigeria’s National Pension Commission (PenCom) has seen a significant increase in its assets under management (AUM) by N2.1 to N12.3trillion from N10.2 trillion by the end of 2019. Data from PenCom shows N8.12 trillion of the funds was invested in Federal Government Bonds, while N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively.
Data also shows N859.46bn and N161.39bn were invested in local money market securities and mutual funds respectively.
The year on year growth of 20% reflects an impressive increase considering the impact of COVID-19
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