Adenia closes $470 million Africa fund to invest in fintech, telecommunications, and healthcare
Industry and Investment News
Hi all,
it’s time again for our investment and industry news roundup covering Sub-Saharan Africa.
The highlights this week:
💰🌍 Substantial new funds announced to invest across Africa with e.g., Adenia’s $470 million private equity Africa fund or Verod-Kepple’s $60 million venture fund
🚗🔋 Kenya introduced national e-mobility policy to further boost the local production and assembly of electric vehicles
☀️🚰 South Africa’s port authority initiated groundbreaking solar-powered water desalination plant at the country’s only river port
Let’s dive in!
Investor news
😍 Investment news we love:
Private equity & Asset Manager
Adenia Partners Ltd. has successfully closed its largest Africa-focused fund, the Adenia Africa Fund, raising $470 million to invest in high-growth sectors like fintech, telecommunications, and healthcare across Africa.
Gemcorp Abu Dhabi office to raise $1bn for Africa debt investment
Venture capital
Verod-Kepple Africa Ventures has raised $60 million for its inaugural fund, targeting investments in Series A and Series B startups outside the major "Big Four" markets.
The IFC is investing $10.5 million in a new fund by 4DX Ventures to invest in early-stage African tech companies in various sectors, such as fintech, e-commerce, edtech, climate tech, and health tech.
Spark+ General Partner has reported the second and third closings of its US$64 million Spark+ Africa Fund.
Evelyne Dioh Simpa, Managing Director of WIC Capital, discusses investment opportunities in French-speaking West Africa particularly in agri-processing, and sectors like fashion and education.
Other
The EU announced the launch of a new initiative, the "SWITCH to Circular Economy in East and Southern Africa" program, backed by a €40 million investment over five years.
The European Investment Bank (EIB) has partnered with the Bank of Kigali to allocate €100 million to credits for agritech startups and agribusinesses in Rwanda.
MasterCard has launched a fund specifically for agribusiness SMEs in 20 Sub-Saharan African countries providing grants ranging from $500,000 to $2,500,000 over three years.
What's worth knowing in:
🥑 Agriculture/ Food systems:
Kenya: Reed Hastings, co-founder of Netflix, and Eric Schmidt, former CEO of Alphabet, have contributed in SunCulture’s $27 million funding round, an African startup that develops solar-powered irrigation systems.
Kenya: Agricultural insurance and tech company Pula has raised $20 million in a Series B round to expand its services designed to protect smallholder farmers from climate-related risks.
Cocoa industry: Cocoa prices have surged, reaching $10,000 per ton, leading to increased interest from African farmers in cultivating cocoa trees.
🌳 Ecosystems
Tanzania: UpEnergy has received Tanzania's first authorization for carbon credits under Article 6 of the Paris Agreement for its cleaner cookstove projects.
💡 Energy and infrastructure
South Africa: Africa Data Centres and Distributed Power Africa Southern Africa have initiated construction of a solar farm in Bloemfontein, South Africa, as part of a 20-year power purchase agreement.
South Africa: Largest standalone battery energy storage system in Africa receives go-ahead
Tanzania/Lesotho: Astra Energy and Powertron Global have initiated a joint venture to invest in waste-to-energy projects, targeting to convert 300 tonnes of daily municipal solid waste in Zanzibar into 50 MW of electricity.
🚕 Mobility and transport systems
Kenya: Kenya has introduced a draft National E-mobility Policy designed to boost the local production and assembly of electric vehicles (EVs) by setting zero-emission vehicle sales targets and investment criteria for eligibility for government incentives.
Kenya: BasiGo has launched the country's first dedicated electric bus assembly line at the Kenya Vehicle Manufacturers plant in Thika.
Ghana: Wahu Mobility launched the country's first EV assembly plant with a capacity of about 200 e-bikes per month.
🌆 Urban areas
Lesotho: Africa's first sustainable timber football stadium is nearing completion in Maseru, Lesotho, set to finish by December.
💧 Water systems
South Africa: Transnet National Ports Authority (TNPA) in South Africa has initiated a groundbreaking project by launching a solar-powered water desalination plant in the Port of East London, the country's only river port.
🐳 Ocean economy
West Africa: West Africa's fish stocks, particularly small pelagic species like sardines and anchovies, have significantly declined over recent decades, largely due to illegal fishing by Chinese trawlers, climate change, and pressure from local artisanal fishing fleets.
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Thanks for reading,
Carolin