Deals

Andela Raises $40M To Connect Africa's Engineering Talent With Global Technology Companies

Andela Raises $40M To Connect Africa's Engineering Talent With Global Technology Companies

Andela, the company that builds high-performing engineering teams with Africa’s most talented software developers, announced on Tuesday that the company has secured $40M in Series C funding.

Customers shop for fruits and vegetables inside the Nakumatt supermarket in the Westgate shopping mall, in Kenya's capital Nairobi, July 18, 2015. Credit: Reuters/Thomas Mukoya

Kenya's Nakumatt Supermarkets to merge with local rival Tuskys

Kenya’s Nakumatt Supermarkets will merge with local retailer Tuskys to help alleviate a severe cash flow problem that has left it with empty shelves and led to the closure of some outlets.

Kigali, Rwanda

East Africa is a Rising Hub: Jad Abbas, Director, The Abraaj Group

Being local is key. Simply put, it helps us to identify great businesses, work in partnership with investee companies, and manage risks. That philosophy has always been core to the investment thesis across each of the markets we work in and Africa is no exception.

Fintech could do away with the need for ATMs. Credit: Reuters/Thomas Mukoya

African fintech startups like Flutterwave and Paystack are raising record funds to drive financial inclusion (Infographic)

If you follow the right accounts for young African tech entrepreneurs on Twitter, it can feel like there’s a never ending debate about who gets funding or not in Africa.

Akeem Lawal, Divisional CEO, Switching & Processing, Interswitch. Credit: SlimTrader

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.

Arik Air has endured a series of crises but could soon be under new management.

Ethiopian Airlines plot takeover of Nigeria's flagship fleet

Nigeria’s leading airline could soon be under new management.

Naspers has for years scoured the world looking for another early stage technology company that will eventually replicate the success of Tencent, in which it invested $32 million 16 years ago. Credit: Brent Lewin/Bloomberg

Africa's most valuable company looks to replicate its 400,000% return investment in Tencent (Infographic)

Chairman Koos Bekker countered criticism Naspers Ltd. relies too heavily on its $132 billion stake in Chinese media company Tencent Holdings Ltd. by reminding investors that they would have been a lot poorer if he’d given in to similar pressure to sell the holding years ago.

Aliko Dangote, Chairman, Dangote Group

Africa's Richest Man to Invest Up to $50 Billion in U.S., Europe

Africa’s richest man, Aliko Dangote, plans to invest $20 billion to $50 billion in the U.S. and Europe by 2025, in industries including renewable energy and petrochemicals.

Aliko Dangote, Chairman, Dangote Group

Africa's Richest Man Will Fire Wenger If He Buys Arsenal

Nigerian billionaire Aliko Dangote’s first order of business if he succeeds in buying English Premier League soccer club Arsenal will be to fire the manager, Arsene Wenger.

A.P. Moller raises $550 million for Africa infrastructure fund, targets $1 billion in 12 months. Credit: Instagram/imagesbyomidire/estate intel

A.P. Moller raises $550 million for Africa infrastructure fund, targets $1 billion in 12 months

A.P. Moller Holding, a privately-held investments company with approximately $20bn under management, has launched an Africa-focused infrastructure fund.

Adesola Adeduntan, CEO, First Bank

Nigeria banks trying to stabilize 9mobile ahead of sale, FBN says

Nigerian lenders will try to stabilise the business of 9mobile, the country’s fourth largest telecoms group, until they can find new investors.

Flutterwave raises over $10 million in series A financing

Flutterwave, an online payments company founded by Nigerian 26-year old, raises over $10 million in series A financing (Infographic)

Flutterwave, which provides modern payments infrastructure for banks and businesses to make and accept payments across Africa, announced on Monday that it has raised over $10 million in a Series A round of funding.

Iyinoluwa Aboyeji, the 26-year old Founder of Flutterwave and Andela

26-year-old founder wants to transform online payments in Africa

Aboyeji is the Co-Founder of Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa.

9mobile

Virgin, Vodacom and BUA Group eye former Etisalat Nigeria unit

Virgin Mobile and Vodacom, as well as Bua Group, are among companies interested in acquiring 9mobile, formerly Etisalat Nigeria, according to ThisDay.

Boye Olusanya, CEO, 9mobile. Credit: This Day

Former Etisalat Nigeria, 9mobile, is open to new investors, says CEO Boye Olusanya

Telecoms group 9mobile is open to new investors but will continue to manage the business in the meantime, its chief executive said on Wednesday at an event to officially announce the company’s new name to replace Etisalat Nigeria.

Malusi Gigaba, South Africa's Minister of FinanceMalusi Gigaba, South Africa's Minister of Finance

South Africa Weighs State Internet Company Merger

South Africa is considering a merger of state-owned technology companies Broadband Infraco and Sentech to help to accelerate the rollout of high-speed internet to the population within three years, according to two people familiar with the matter.

Joseph Nnanna, Chairman of Etisalat Nigeria & Deputy Governor, Central Bank of Nigeria

Etisalat Nigeria rebrands to 9mobile

Emerging Markets Telecommunication Services (EMTS), trading as Etisalat Nigeria, has adopted 9Mobile as a new brand identity following a meeting held on 13 July.

Oscar Onyema, CEO, Nigerian Stock Exchange

Nigerian Stock Exchange on course to list its own shares

A bill that has passed a second reading by Nigeria’s parliament could pave the way for the Nigerian Stock Exchange to issue its own shares

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Liquid Telecom, an unlisted pan-African telecoms group, has raised $700m in a bond and term-loan issue that will help it refinance debt and provide a war chest for further acquisitions.

Is Nigeria's $300 million diaspora bond a worthwhile investment

Is Nigeria's $300 million diaspora bond a worthwhile investment?

Having been in the pipeline for some time now, Nigeria’s $300m London Stock Exchange-listed diaspora bond went down very well with investors, being 130% oversubscribed.

Abraaj Group to buy African coffee chain Java House

Abraaj Group to buy African coffee chain Java House

Abraaj Group, an emerging markets focused fund group, has agreed to buy African coffee chain Java House from private equity rival Emerging Capital Partners and Kevin Ashley, the Nairobi-based company’s executive chairman.

Orange & Vodafone are seeking to purchase 65% of Etisalat Nigeria

Orange, Vodafone are reportedly seeking to purchase 65% of Etisalat Nigeria

Orange Telecom and Vodafone are seeking to purchase 65 percent of Etisalat Nigeria following the departure of the UAE-based Etisalat Group from its Nigerian business, reports Brandish citing unnamed sources.

Nigerian WiFi service provider Tizeti raises $2.1M in seed funding

Nigeria-based Tizeti, a WiFi service provider, has secured $2.1 million in seed funding. The investors included Western Technology Investment, Social Capital, Vy Capital, Picus Capital, Ace & Company, Lynett Capital Partners and Zeno Ventures.

Dominic Mensah, Prince Boakye Boampong, and Jesse Arhin Ghansah, the Founders of OMG Digital

Ghanaian new media company, OMG Digital, raises $1.1M in seed funding

Ghanaian tech startup, OMG Digital, has raised seed funding of $1.1 million from international investors.

South Africa's Naspers rules out $114 billion Tencent stake spin-off

South Africa's Naspers rules out $114 billion Tencent stake spin-off

South Africa’s Naspers (NPNJn.J) does not plan to spin off its $114 billion stake in Tencent, its boss said on Monday, a push back against investors urging a break-up to close a widening discount between its market value and that of its one-third stake in the Chinese internet company.

Nigeria has raised $300 million from its first ever diaspora bond

Nigeria has raised $300 million from its first ever diaspora bond

Nigeria’s diaspora population sent home $21 billion in remittances in 2015 and the government wants in on some of that cash.

Omobola Johnson, Senior Partner, TLcom and Nigeria's former Minister of Communication Technology. Credit: ITU

VC firm TLcom rakes in $40 million for new Africa fund

London and Nairobi-based venture firm TLcom Capital has raised $40 million for its new Africa fund. The target is $100 million. TIDE Africa Fund will focus on tech startups in Sub-Saharan Africa.

Bob van Dijk, CEO, Naspers

Africa's largest company to start funding roadshow in the US and UK

Naspers Ltd. will approach investors in the U.S. and the U.K. this about a bond issue as Africa’s biggest company by market value continues its acquisition-hungry quest to expand its internet businesses.

Keli Gadzekpo, CEO, Enterprise Group Limited (Center, standing). On March 13th, 2017, Enterprise Group opened an ultra-modern service center in Kumasi.

LeapFrog announces $180 million investment in Ghana's Enterprise Group

LeapFrog Investments, the profit-with-purpose investor in emerging markets, announced on Friday a total investment of USD 180m in Ghanaian financial services market leader, Enterprise Group Limited (EGL).

Nairobi, Kenya. The East African country is attracting private equity interest. Credit: Alamy/Financial Times

Private equity looks to East Africa for investment opportunities

Buyout groups investing in Africa are turning east and shunning the oil-rich western part of the continent as they grapple with the effect of low commodity prices on private equity’s final frontier.

Bob Diamond, Chairman of Atlas Mara and former CEO of Barclays

Bob Diamond sells $200M Atlas Mara stake to boost holding in Union Bank of Nigeria

Atlas Mara raising $200 million to increase Union Bank stake. Fairfax Africa partners with firm by purchasing shares and bond.

EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence

EFG Hermes eyes acquisition in Nigeria, Kenya brokerage license

Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters last week.

Kenya to convert $243M debt in Kenya Airways into equity

Kenya to convert $243M debt in Kenya Airways into equity

Kenya will convert its $243 million in loans to Kenya Airways into equity, the government has said, as part of a broader restructuring to nurse the ailing airline back to financial health.

Jes Staley, CEO, Barclays

Barclays to surrender control of Africa unit with £1.6bn sale

Barclays has been given regulatory approval for the sale of its remaining stake in its Barclays Africa Group, according to a unit of the business.

Andile Ngcaba, Chairman, Convergence Partners

Convergence Partners, Google and the IFC commit $100 million to pan-African wholesale broadband provider CSquared

Convergence Partners recently signed an agreement with Google, the International Finance Corporation (IFC) and Mitsui & Co., Ltd. (Mitsui) to invest in CSquared, a broadband infrastructure company headquartered in Nairobi, Kenya.

XSML Capital announces final close of African Rivers Fund at $50 million

XSML Capital announces final close of African Rivers Fund at $50 million

XSML Capital, the fund manager active in Central & East Africa, last week announced its final close of the African Rivers Fund at $50 million.

Multichoice City, Johannesburg, South Africa

MTN in talks to buy MultiChoice Africa, says report

MTN is in talks on a potential acquisition of pay-TV provider MultiChoice Africa, MyBroadband reports citing industry sources.

Shameel Joosub, CEO, Vodacom

South Africa's Vodacom to buy 35% Of Kenya's Safaricom from parent Vodafone

Southern African telecoms giant Vodacom Group will buy a 34.94% stake in Kenyan operator Safaricom – known for its ground-breaking M-Pesa mobile money system.

Lake Victoria

Britain's Equinox to invest $250 million in Kenya biogas power project

Britain’s Equinox Energy Capital is close to concluding a $250 million (£194 million) fundraising round to invest in a project in western Kenya to produce electricity from invasive lake weed water hyacinth.

African private equity exits hit record high in 2016

African private equity exits hit record high in 2016 (Report): EY & AVCA

The number of exits achieved by PE firms in Africa is trending upwards, evidenced by a record number of exits in 2016.

Nigeria's Cars45 closes $5M round to digitize Africa's used autos markets

Nigeria's Cars45 closes $5M round to digitize Africa's used autos markets

Africa’s startup boom is moving into the used-vehicle space. Nigeria based Cars45.com raised a $5 million Series A round from the Frontier Cars Group, a holding company whose backers include Balderton Capital, EchoVC, TPG Growth, and NEA.

Aliko Dangote, CEO, Dangote Group

Africa's richest man promises to list refinery on Nigerian Stock Exchange

Aliko Dangote, the founder of the Dangote Group, has promised to list his Dangote Refinery on the Nigerian Stock Exchange.