Day: November 2, 2023

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BluePeak Private Capital Raises $156 Million to Support Growth of African Businesses

New Investments

Egyptian Healthtech Almouneer Raises $3.6 Million to Scale Diabetes Management App

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BluePeak Private Capital, a private capital firm focused on supporting the growth of scalable businesses in Africa, has reached a final close of its Private Capital Fund SCSp at $156 million.
 
The fund is backed by a prestigious group of investors, including the African Development Bank (AfDB), British International Investment (BII), the European Investment Bank (EIB), the US Development Finance Corporation (DFC), FMO, SwedFund, and CDC Tunisia.

BluePeak invests in a variety of sectors, including healthcare, education, financial services, manufacturing, and technology.
 
The firm focuses on companies that are generating revenues between $10 million and $80 million and have the potential to become pan-African market leaders.

One of BluePeak’s first investments following the first close of the Private Capital fund was in Grit Real Estate Income Group Limited (Grit), a London Stock Exchange-listed company that invests in and manages a diversified portfolio of high-quality African assets.
 
BluePeak’s investment in Grit will help the company expand its portfolio of industrial and health facilities in East Africa.

The firm has gone on to assemble a diverse portfolio of six pioneering businesses operating across more than 30 African countries, including ieng, a leading pan-African provider of end-to-end infrastructure solutions for the telecoms industry operating out of Ghana and Africure, a pan-African manufacturer and distributor of pharmaceutical products.

The African Development Bank (AfDB) invested $11 million in the private capital fund as part of its commitment to supporting the growth of small and medium-sized enterprises (SMEs) in Africa.
 
SMEs are the backbone of the African economy, but they often face challenges in accessing financing.
 
BluePeak’s investment fund will help to address this challenge by providing SMEs with the growth capital they need to expand and create jobs.

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Egyptian Healthtech Almouneer Raises $3.6 Million to Scale Diabetes Management App

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Egyptian Healthtech Almouneer Raises $3.6 Million to Scale Diabetes Management App

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Egyptian healthtech startup Almouneer has raised $3.6 million in seed funding to develop and scale its DRU app, a platform for lifestyle and diabetes management.
 

Egyptian healthtech startup Almouneer has raised $3.6 million in seed funding to develop and scale its DRU app, a platform for lifestyle and diabetes management.

The round was led by Dubai-based Global Ventures, with participation from Wrightwood Investments, Proparco, and Digital Africa via the Bridge Fund.

Almouneer’s DRU app allows users to upload their medical records, including blood sugar levels and blood pressure readings.

It also provides access to up-to-date medical information and current medication details and offers teleconsultation features so patients can connect with healthcare professionals via chat or phone.

The app is particularly valuable in regions like Africa and the Middle East, where the burden of diabetes is high and access to healthcare can be limited.

According to the International Diabetes Federation, the number of people with diabetes in the Middle East and North Africa is projected to increase by 96% between 2019 and 2045.

Almouneer’s co-founder and CEO, Noha Khater, said the company plans to use the funding to expand its product offerings into adjacent markets within Africa and the Middle East.

The company is also considering expanding to Saudi Arabia, the UAE, Nigeria, and Kenya in the coming year.

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Moroccan Super-App ORA Technologies Raises $1 Million in Pre-Seed Funding

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Moroccan Super-App ORA Technologies Raises $1 Million in Pre-Seed Funding

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ORA Technologies, a Moroccan super-app, has raised $1 million in pre-seed funding from local private investors.
 
The funding will support the company’s continued growth and development as it strives to democratize access to e-commerce and digital payment solutions for all Moroccans.

Launched just 9 weeks ago, ORA Technologies has already achieved over 140,000 downloads, solidifying its position as a transformative digital and financial inclusion app.
 
The app offers a wide range of features, including peer-to-peer transactions, e-commerce, on-demand services, chat functionality, social networking, and a digital wallet (coming soon).

ORA Technologies is committed to making e-commerce and digital payments accessible to everyone, regardless of income level or technical expertise.
 
The app consolidates numerous essential functions into a single platform, allowing users to chat, buy and sell products, make payments, book services, transfer money, share hobbies, and even receive directions.

The company looks forward to continued growth and serving the needs of its expanding user base.
 
 

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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