Asante Financial Services Group raises US$7.5-million from investors led by Goodwell Investments

Asante Financial Services Group (“Asante”) has raised US$7.5-million from investors led by Goodwell Investments. Asante is a credit provider to micro, small and medium enterprises based in Kenya, Rwanda and Tanzania. The company intends to expand into Uganda and possibly Nigeria. Asante was established in 2016 in Mauritius, initially as a subsidiary of Atlas Mara. This innovative company is led by Chidi Okpala, who was the former Group MD of Digital and Fintech at Atlas Mara and former CEO for Airtel Money Africa at Bharti Airtel International. The stake acquired by Goodwell Investments and other investors was not disclosed.

Goodwell Investments is an impact investor focused on financial inclusion, fintech and inclusive growth in emerging markets. The firm has funds under management of over US$150-million and its portfolio companies have reached over 28-million households with over US$2.1-billion in financial products. Goodwell Investments has invested in Paga (Nigeria), Nomanini (South Africa), Musoni Systems (Africa), MFS Africa (Africa) and Lydia (Nigeria) among others.

M&A in startup logistics – Sendy acquires Côte d’Ivoire based Kamtar

Sendy, a Kenyan logistics startup, has invested in Kamtar, a Côte d’Ivoire based digital logistics startup. Kamtar provides the transportation of small sensitive goods in large quantities or large volume goods and is available nationally and in the sub-region in West Africa. The startup now has over 5,000 drivers on its network which creates synergies for effective delivery operations and cost savings. The investment will provide opportunities for Sendy to expand its operations into West Africa and the company prefers to grow substantially through mergers and acquisitions within the logistics sector.

Sendy is an on-demand logistics company that operates on mobile phones and has over 50,000 customers and 4,000 businesses in Thika, Mombasa, Kisumu and Nairobi. Investment in technology efficient companies in Kenya has been rising consistently and includes smaller players in the market. Since its establishment in 2015, the startup now operates in Kenya, Uganda and Tanzania. Sendy investors include the Dutch impact fund (DOB Equity) and a fund that is a subsidiary of the Toyota Corporation among others. The stake acquired or the acquisition amount for Kamtar was not disclosed.

Sparkle raises US$3.1-million to expand its start-up digital banking operations

Sparkle, a Nigerian digital bank that provides financial, lifestyle and business support services has raised US$3.1-million in new equity funding from Leadway Assurance, Trium Networks and other high-net-worth individuals based in Nigeria. Sparkle is a lifestyle and financial ecosystem providing seamless solutions to Nigeria’s retailers, SMEs and individuals. Leveraging technology and data, Sparkle is leading a new generation of digital only businesses licensed by the Central Bank of Nigeria. The equity funding is intended to expand operations into other countries outside of Nigeria. Sparkle was established in 2020 by the former Diamond Bank CEO, Uzoma Dozie.

Leadway Assurance is a Nigerian insurance service company with a reputation for service efficiency and customer reliability with over 45 years experience in the sector. Trium Networks is venture capital firm that is focused on digital technologies that have the potential to fundamentally improve lives. The firm use uses it build, launch and scale methodology for accelerated growth that will see the ventures in its ecosystem attaining maximum potential within 5 years.

Summit Africa raises US$108-million from limited partners

Summit Africa has raised R1.6-billion (US$108-million) from limited partners to invest in private equity transactions in financial services, ICT, healthcare and education in South Africa, Namibia, Lesotho and Eswatini. The limited partners that invested in the fund included CDC Group, RisCura, Thuso Partners, 27Four Black Business Growth Fund and the National Fund for Municipal Workers. Summit Africa has a well-regarded environmental, social and governance strategy that resonates with a diverse group of investors.

Summit Africa’s private equity fund known as the Summit Private Equity Fund provides investors with access to scarce, high-growth, defensive, private equity investment opportunities in strategic sectors that contribute meaningfully to the social and economic transformation and development of local communities and South Africa as a whole. The fund is managed on a full-time basis by Summit PE Investment Managers (Pty) Ltd, a registered financial services provider.

Anava Seed Fund raises US$10-million after closing remaining amount with Sawari Ventures

Anava Seed Fund has raised US$10-million after closing with Sawari Ventures. The fund will provide early stage seed funding to entrepreneurs in the North African region. The Anava Seed Fund was established in 2017 through the Tunisian American Enterprise Fund, BIAT Bank and Meninx Holding to invest in 75 Tunisian early-stage startups. Sawari Ventures contributed US$1.6-million to the Anava Seed Fund which then brought the funding requirement of US$10-million to financial close.

Sawari Ventures is an Egyptian venture capital firm with a US$70-million fund known as the Sawari Ventures North Africa Fund. The Egyptian based firm typically invests in tech and knowledge-driven companies in Egypt, Tunisia and Morocco. The fund is regulated by the Financial Regulatory Authority of Egypt and has invested in more than 30 companies in the North African region.

Development Partners International sells 31% of Food Concepts Plc to African Capital Alliance

Development Partners International has sold its 31% stake in Food Concepts Plc to African Capital Alliance. Food Concepts Plc was established in 1999 as Food Concepts & Entertainment Limited and commenced operations in 2000. Food Concepts secured franchises from reputable South African quick service restaurant operators to manage and operate their brands in Nigeria. The company subsequently acquired and developed other brands such as Chicken Republic, PieXpress, Butterfield, Yum Yum and The Chop Box. Chicken Republic is currently trading in 129 locations across Nigeria and Ghana and plans to operate 430 stores by the end of 2024. PieXpress began trading in 2019 and operates 48 stores in Nigeria and plans to operate 247 stores by the end of 2024.

African Capital Alliance (ACA) is a leading pan-African investment firm sponsoring funds and managing investments in Sub-Saharan Africa with assets under management of US$1.2-billion. Capital Alliance Property Investment Company is a US$165-million fund established to invest in real estate and related opportunities in West Africa. The fund invests in residential, retail, office and hospitality assets. The Cape IV Fund is a US$567-million fund that invests in financial services, technology, media and telecoms, FMCG, energy and other emerging sectors in West Africa. Development Partners International will remain with the majority stake in Food Concepts and the acquisition amount for the 31% stake sold was not disclosed.

Egyptian based Fawry acquires minority stake in Brimore

Egyptian based Fawry has acquired a minority stake in Brimore. Brimore is an Egyptian social commerce distribution platform that enables manufacturers to sell their products directly to customers through a network of micro-distributors. The company was established in 2017 by Mohamed Abdulaziz, Ahmed Sheikha and Mahmoud Refaay and has since built a comprehensive supply chain network to facilitate trade within Egypt. The minority stake acquired by Fawry or the acquisition amount were not disclosed.

Fawry is an Egyptian digital transformation and e-payments platform offering financial services to consumers and businesses through more than 225,000 locations in Egypt. The fintech company offers convenient and reliable processes to pay bills and other services in multiple channels (online, using ATMs, mobile wallets and retail points) and has a network of retailers such as small groceries, pharmacies and stationaries and post offices. Fawry is listed on the Egypt Stock Exchange with a market capitalization of 25 billion Egyptian pounds and majority owned by a consortium of international financial investors which are the Egyptian-American Enterprise Fund, Helios Investment Partners and the MENA Long-Term Value Fund.

HelloHR, a South African payroll software company, secures funding from Finclusion Group

HelloHR, a South African payroll software company, has raised equity funding from Finclusion Group. HelloHR provides cloud-based payroll solutions through a 3-step payroll software designed for South African businesses, accountants and HR professionals at an affordable price. Services include payroll, employee time-off self-service, accountant friendly systems and integration to Xero technology. The strategic stake sold to Finclusion Group or the amount raised in the funding round was not disclosed.

Finclusion Group is a fintech group that uses advanced proprietary artificial intelligence algorithms alongside pioneering technology to grant safe financial services while maintaining accurate automated credit decisions. The group builds products that help to make financial tools easily accessible for people throughout the African continent. Finclusion Group operates brands known as Smart Advance, TrustGro, Fractal Labs, Niftycover, Niftycredit, Click2Pay and Getbucks. Finclusion Group also secured funding in 2021 of US$20million from fintech debt-financing provider, Lendable.

Joe Public acquires Festipart which previously traded as FCB Durban

Joe Public has acquired Festipart, which operated under the trademark name, FCB Durban. The company name will be changed to Joe Public United Durban and the management will remain intact with the CEO remaining Clive McMurray and the Executive Creative Director Brandon Govender. Festipart has a good portfolio list of blue chip clients in South Africa such as Trellidor, Corobrik, University of Kw-Zulu Natal, Cerebos, Rainbow Food Solutions and Independent Media among others. The acquisition of Festipart is expected to expand Joe Public’s reach in Kwa-Zulu Natal and thereafter further diversify geographical synergies. The acquisition amount for Festipart was not disclosed.

Joe Public United is a 100% independent and South African integrated brand and communication group. The group has a client list of large corporate players in South Africa and the rest of World such as ABInBev, British American Tobacco, Mahindra, Uber, Nestle, Nedbank and Netcare among many others.

Africa Finance Corporation creates AFC Capital Partners which will raise US$500-million

Africa Finance Corporation has created an independent asset management subsidiary called AFC Capital Partners to invest in African infrastructure that will have a positive impact on climate change. AFC Capital Partners intends to raise US$500-million in the next 12-months and will be deployed towards ports, roads, bridges, rail, telecommunications, clean energy and logistics that will have a positive impact on climate change.

The new AFC Capital Partners will be headed by Ayaan Zeinab Adams who managed the US$2-billion Green Climate Fund Private Sector Facility and also served as the managing director – Africa Funds of the CDC Group. AFC Capital Partners is a 100% owned subsidiary of Africa Finance Corporation, with a Board and Executive Committee independent of the African Finance Corporation. The mandate of AFC Capital Partners is aligned to African Finance Corporation in offering attractive investment opportunities to the global development finance and commercial investor community seeking long-term returns through structures that protect African built infrastructure from climate risks.