This investment aims to strengthen financial access for micro, small, and medium-sized enterprises (MSMEs), particularly those owned by women, in Côte d’Ivoire.

The $25 million combined investment will be managed by BBM.

Swedfund anticipates it will improve access to finance for women entrepreneurs, boost MSME growth, and create income and employment opportunities across West Africa.

BBM plans to tailor its offerings specifically to women-led businesses, aligning with Swedfund’s commitment to promoting gender equality and empowering women financially.

This investment marks Swedfund’s first venture into the Ivorian market since establishing a regional office in Abidjan in 2023.

Kitanha Toure, Head of Swedfund’s Abidjan office, highlighted the DFI’s dedication to supporting the development of a gender strategy.

She emphasized the challenges faced by MSMEs, especially those led by women, in securing funding in Côte d’Ivoire.

Responsible lending to these enterprises, she explained, can stimulate private sector growth, create formal employment, and advance gender equality.

Swedfund, Teyliom Finance, and BBM have agreed to implement a gender strategy that will be monitored by Swedfund throughout the loan period.

This collaboration builds on Swedfund’s previous investment in BluePeak and its commitment to providing long-term capital to African businesses through its investments in BluePeak and Vantage Mezzanine Fund IV.

This comes amidst reports of a funding slowdown in the African tech ecosystem during 2024.

“This fund aims to bolster sustainable growth across various sectors, including education, healthcare, fintech, green tech, and deep tech initiatives,” stated Hani Al Sanbati, CEO and co-founder of Sawari Ventures.

“We believe these areas hold immense potential for positive impact in Egypt and beyond.”

Sawari Ventures, established in 2010, boasts a history of backing over 500 startups, including 19 early and growth-stage companies in Egypt, Tunisia, and Morocco.

With a focus on digitizing the Egyptian economy and fostering regional financial inclusion, fintech represents a significant portion (35%) of the firm’s portfolio.

Expressing optimism about the prevailing economic climate, Al Sanbati emphasized the company’s belief in the continued viability of investing in tech startups.

He downplayed the potential impact of past challenges faced by tech companies, asserting their long-term growth potential.

Projections suggest that Egyptian startups backed by Sawari Ventures could attract investments ranging from $350 million to $500 million over the next five years.

“Exits are an integral part of our strategy, allowing us to reinvest in other promising tech ventures,” added Al Sanbati.

This announcement follows a trend of renewed commitment to the African tech ecosystem in 2024.

Several Egyptian startups, including FriendyM, Zeal, Bosta, DXwand, Yodawy, and Roboost, secured funding in January.

The investment round was led by returning backers E3 Capital and 4DX Ventures, with participation from Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures.

Hohm Energy’s proprietary platform connects homeowners and businesses with accredited solar installers, product suppliers, and embedded financing options.

This streamlined approach aims to simplify the rooftop solar journey, making it easier and more affordable for everyone to adopt clean energy.

“South Africa’s energy system is broken, and climate technology is critical to repairing it through scalable and sustainable alternatives,” said Tim Ohlsen, CEO of Hohm Energy.

“This funding will enable us to accelerate our work on our cutting-edge climate fintech strategy, which will focus on technological advancement, product innovation, and solar installer skill development.”

Hohm Energy has already made significant progress in its mission.

The company has generated over 17,000 custom solar rooftop designs worth $190 million and facilitated over $90 million in finance applications for its customers.

Additionally, it has partnered with major South African retail finance institutions to offer secured financing options, addressing a key barrier to solar adoption.

This investment comes at a critical time for South Africa, which is grappling with an escalating energy crisis.

Hohm Energy’s innovative approach and commitment to affordability position it well to play a significant role in providing alternative energy solutions and contributing to a more sustainable future for the country.

This funding will fuel the company’s rollout of all-electric OX4 trucks in Rwanda and its wider expansion across the Global South.

Scheduled for production in March 2024, the OX4 truck is designed for local assembly in target markets. A dedicated team of 20 engineers and designers are finalizing the truck’s specifications at OX Delivers’ UK headquarters.

With a successful track record in Rwanda, OX Delivers now sets its sights on broader expansion across the Global South, prioritizing Africa.

Founded in 2020, the company aims to provide on-demand, technology-driven transport solutions in emerging markets, empowering businesses and communities with access to affordable and eco-friendly motorized transportation.

Through its unique app and toll-free number, OX Delivers offers customers flexible, pay-per-kilogram transport, starting at just $1. This innovative model caters to specific cargo needs and ensures cost-effectiveness.

The grant empowers OX Delivers to provide rural communities with reliable and affordable transport while simultaneously establishing a low-carbon “charge points” network.

“Our transport-as-a-service model has been validated as a viable clean energy solution for the Global South,” says CEO Simon Davis.

“This grant further strengthens our resolve to empower communities and contribute to a greener future.”

The EV market in the Global South, particularly Africa, is projected to reach $85.6 million in revenue by 2024.

By 2028, the market volume is expected to hit $162.2 million, highlighting the immense potential for OX Delivers and its sustainable transport solutions.

This funding, provided over two years, will fuel the expansion of Mamamoni’s network of female agents, driving financial inclusion across Nigeria.

Founded in 2014 by Nkem Okocha, Mamamoni initially offered microloans sourced from individuals and investment clubs.

However, to meet the surging demand, the company pivoted to an agency banking model in 2022. Today, its 500 female agents process over $2 million monthly across ten states.

“Empowering women is core to Mamamoni,” Okocha states. “Our female-only agent network tackles cultural barriers faced by women in accessing financial services.”

The CFYE grant, backed by the Netherlands Ministry of Foreign Affairs, recognizes Mamamoni’s impactful work.

This funding marks a significant leap for Mamamoni, previously supported by organizations like the Tony Elumelu Foundation and Seedstars.

“Our social enterprise model attracts patient capital, targeting communities often overlooked by traditional investors,” Okocha explains. “This grant validates our approach and empowers us to reach even more women.”

Mamamoni’s success story highlights the potential of fintech in fostering financial inclusion and women’s empowerment.

With the CFYE grant, the company is poised to further its mission, creating a ripple effect of positive change within Nigerian communities.