This locally-denominated private equity fund will support high-potential small and medium-sized enterprises (SMEs) in Ghana and Côte d’Ivoire.

The fund attracted prominent investors, including the Venture Capital Trust Fund, Minerals Income Investment Fund Ghana, local pension funds managed by Stanbic Investment Management Services, PETRA Securities, Databank Group, and CAL Asset Management Company Ltd.

Injaro Ghana Venture Capital Fund will focus on boosting profitable SMEs within key Ghanaian sectors: mining support services, food and agriculture, education, healthcare, financial services, industrial services, and light manufacturing.

This aligns with Injaro’s long-standing mission to fuel economic growth on the continent by empowering local businesses.

Founded in 2009, Injaro boasts a successful track record, managing over $65 million across various funds. Notable examples include the Injaro Agricultural Capital Holdings and Agri-Business Capital Fund.

This latest initiative, IGVCF, builds on this rich experience and is expected to create job opportunities for thousands across Africa, adding to the 3 million individuals already impacted by Injaro’s investments.

To qualify for IGVCF investments, companies must have been operational for at least three years, generate at least GHS 20 million in revenue, and demonstrate a minimum net income (EBITDA) of GHS 3.5 million.

The fund offers flexible investment solutions, utilizing debt, equity, and quasi-equity instruments to tailor support to individual business needs.

The fund has already deployed its first $2 million investment in Zeepay’s Series A funding round.

This significant investment will go towards scaling up production, optimizing supply chains, and driving the transition to sustainable transportation on the continent.

Founded in 2017, Roam is a leading provider of locally designed and manufactured electric motorcycles and buses.

The company has a clear vision: to create reliable and cost-effective EVs tailored for the pan-African mass market.

Building upon its earlier $7.5 million funding in 2021, this latest raise bolsters Roam’s mission to revolutionize African transportation with innovative products designed specifically for the continent’s needs.

The financing round consists of a $14 million Series A equity investment led by Equator Africa, alongside contributions from prominent investors like At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

Additionally, a $10 million debt commitment from the US government’s Development Finance Corporation (DFC) strengthens the company’s financial position.

Roam’s product portfolio encompasses the Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), and Roam Move (electric urban transit bus), along with supporting energy and public charging systems.

“As Africa embraces the electric vehicle revolution, we are proud of our contribution to a cleaner environment and improved livelihoods across Kenya and the continent,” said Rajal Upadhyaya, CFO of Roam.

“This funding is a crucial step in achieving our strategic objectives to scale up production and deliver greater utility to our customers.”

Nijhad Jamal, partner at Equator Africa, shared his firm’s enthusiasm for Roam’s vision. “Roam’s innovative platform is at the forefront of transforming African mobility towards efficient, accessible, and sustainable solutions.”