P1 Ventures, a prominent player in Africa’s tech sector, has secured a significant investment of $35 million, highlighting growing confidence in the region’s startup ecosystem. Despite global economic uncertainties, this funding round underscores the potential and attractiveness of Africa’s emerging markets. The partnership between P1 Ventures and the International Finance Corporation (IFC), a member of […]

Pan-African mobility fintech startup Moove has successfully concluded a $100 million Series B funding round, with notable participation from ride-hailing giant Uber, marking its initial foray into the African investment landscape. This collaboration further cements the existing partnership between Uber and Moove, with Uber being Moove’s primary car financing and vehicle supply partner across Africa […]

Kenya-based insurtech firm, mTek, has secured a substantial $1.25 million investment from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA), signaling a significant boost for the region’s digital insurance landscape. The investment comes at a crucial juncture for mTek, positioning the company to accelerate its expansion efforts within both the Kenyan and broader East […]

The Egyptian Natural Gas Holding Co. (EGAS) has made a strategic move by establishing “Modern Gas” Saudi Arabia, a subsidiary in the Kingdom with EGAS holding an 80% ownership stake. This expansion into Saudi Arabia is part of EGAS’s broader offshore strategy, particularly focusing on Gulf Cooperation Council (GCC) countries. Egypt faces economic challenges, including […]

The Green Climate Fund (GCF) is making a significant splash in Africa, pledging a combined $309.3 million to Madagascar, Somalia, and Ghana to combat climate change and strengthen their economies. This news comes on the heels of the GCF’s 38th Board of Directors meeting in Kigali, Rwanda, where a total of $1.26 billion in climate […]

Eskom’s Chief Financial Officer (CFO) is slated to lead discussions at the upcoming Invest in Africa Energy (IAE) forum in Paris, reinforcing the utility’s dedication to fortifying South Africa’s energy landscape through strategic collaborations with private investors. Set for May 14-15, 2024, the IAE forum serves as a pivotal platform for fostering cooperation between African […]

Cairo, Egypt: Egypt’s financial sector witnessed a pivotal development today as the country resumed its local currency treasury bond auctions after a four-month hiatus. The Central Bank of Egypt, aiming to gauge market response, offered 2.5 billion Egyptian pounds ($51 million) in three-year bonds and 250 million pounds in five-year bonds. Last week’s devaluation of […]

Bamburi Cement has successfully concluded the sale of its entire stake in Hima Cement, its Ugandan subsidiary, fetching an estimated $84 million. This strategic move has investors eyeing the possibility of a special dividend. The sale, finalized on March 5, involved offloading Bamburi’s 70 percent stake to a consortium led by Sarrai Group and Rwimi […]

Uber Technologies Inc. is currently engaged in discussions to invest in Moove, an African auto-financing startup. Sources familiar with the matter suggest that Uber’s potential investment could range between $75 million and $100 million, as part of a larger funding round. The proposed investment would significantly enhance Moove’s valuation, potentially reaching around $750 million, a […]

In a strategic move to invigorate Egypt’s burgeoning start-up ecosystem, Sawari Ventures, a prominent venture capital firm headquartered in Cairo, has announced the launch of a $150 million fund dedicated to fostering innovation and growth within the country. Led by CEO and Co-founder Hani Al Sanbati, Sawari Ventures aims to allocate its resources across key […]