It is another Friday, and as usual, I come bearing gifts on the latest happenings in the African VC scene.
Here is a look at what took place in that last week.
Zambian FinTech, Union54, Launched ChitChat with Mastercard
Last week, Union54, one of the leading providers of innovative digital financial solutions, and Mastercard, a global payments technology company, announced a partnership to launch a social commerce platform.
ChitChat is a social commerce platform developed by Union54 that enables consumers across Africa to chat with each other over an encrypted platform.
According to Union54 founder and chief executive, Perseus Mlambo, the upcoming app, expected to launch in September, combines secure messaging with virtual cards linked to the US dollar.
DRC Solar Start-up, Nuru, Raised $40 M Series B
Last week, Nuru, a start-up based in the Democratic Republic of Congo (DRC) focusing on solar energy, successfully raised $40m in equity funding for its Series B round.
Organizations including the IFC, GEAPP, REPP, Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation led the round. IFC’s equity investment also includes financing from the Finland-IFC Blended Finance for Climate Program.
Nuru is actively seeking to secure an additional $28m in project finance by the end of July. AltRaise played a crucial role as the exclusive financial advisor for Nuru throughout the Series B transaction and the associated project finance.
Two Major Acquisitions
- Last week, Kenya-based health tech start-up, MYDAWA, successfully secured a $20 m investment and acquired Uganda’s Guardian Health, as part of its ambitious expansion plans beyond Kenya, which include further acquisitions and collaborations. The new CEO, Priscilla Muhiu, formerly of Glovo Kenya, will steer the growth plans. The round was led by Alta Semper Capital, a private equity firm, and marked its entry into Eastern Africa’s digital healthcare space.
- Kyosk Digital Services, a digital and data-led distribution platform, announced its expansion into the African fresh produce market with its new Farm & Fresh line of business. This strategic move comes after the company’s acquisition of KwikBasket, a company distributing agricultural produce and offering valuable services and solutions to farmers, commercial kitchens, and other stakeholders in the food chain.
Deal Street Wrap-Up
- FinTech start-up, Zuvy, raised $4.5m in funding from TLG Capital to provide invoice financing for SMEs in Africa. The funding was split between debt $4m and equity $580k, with other VCs and angel investors joining the round.
- Egypt-based FinTech, Masroofi, closed a $1.5m investment round from undisclosed investors. The round will be used to expand the company’s customer base.
- Kenyan start-up, Revivo, a B2B marketplace for consumer electronic spare parts, announced a $635k pre-seed, funding round to help it scale.
- Verdant Capital announced that its Verdant Capital Hybrid Fund has completed a U$7m dual-tranche investment comprising a subordinated loan and senior secured loan to Mogo Kenya.
That is a wrap.
See you Friday next week.
Source: weetracker.com
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