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Pan-African Beauty Startup Zuri Secures Investment from Launch Africa Ventures

New Investments

Pan-African Beauty Startup Zuri Secures Investment from Launch Africa Ventures

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Pan-African beauty startup Zuri has secured its first institutional tech investment from Launch Africa Ventures.

This investment comes after a period of impressive growth for Zuri, fueled by the company’s vision and leadership.

Zuri is a Black-owned company that designs, manufactures, and distributes hair products, cosmetics, and services.

They cater to both individual customers and businesses, including through a franchise model.

Recently, they’ve expanded their offerings to include performance and inventory management systems for hair salons.

Zuri is operating in the Democratic Republic of Congo, Uganda, and Rwanda, with plans to expand further into France and Belgium.

The company is on a mission to revolutionize the beauty industry by celebrating diversity, empowering women, and making beauty experiences more accessible.

Zuri’s remarkable journey began in 2016 when CEO Gisela Van Houcke started selling products from her car.

Through hard work and strategic planning, she has transformed Zuri into a powerful tech-driven company with a presence across Africa.

Zuri boasts over 20,000 loyal customers, 60 passionate employees, and over 500,000 engaged social media followers.

Launch Africa Ventures sees this investment as an opportunity in the growing African beautytech industry.

They plan to support Zuri’s geographical and product diversification, improve their technology strategy, and help them find new partnerships.

“Zuri is more than just a beauty brand,” says Gisela Van Houcke. “We are redefining beauty standards and creating a space for women to embrace themselves.”

The funding from Launch Africa Ventures will allow Zuri to expand further across Africa and Europe, solidify its market leadership, and continue to empower women worldwide.

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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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Mastercard, Women Choice Partner to Empower Female Entrepreneurs in Africa with New Programs

Key Developments

Mastercard, Women Choice Partner to Empower Female Entrepreneurs in Africa with New Programs

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Mastercard and Women Choice announced the expansion of their existing partnership to further empower women entrepreneurs across Africa and the Middle East.

This collaboration aims to equip women with the tools and resources needed to grow their businesses and create jobs in the region.

Women Choice, a global organization dedicated to women’s professional and personal development, launched a pilot program in 2023.

Mastercard, a leader in financial services, has a long history of supporting women through digital tools, training programs, mentorship opportunities, and networking events.

Building on this shared commitment, the two organizations are launching two new initiatives: ImpactHer and EmpowerHer.

These programs will provide comprehensive support to women entrepreneurs, including training, mentorship, and resources to help them achieve success.

This will ultimately empower them to create job opportunities for other women in their respective fields.

“At Mastercard, we’re dedicated to fostering a more inclusive and equitable world where everyone has the chance to prosper,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, at Mastercard.

“Our expanded partnership with Women Choice will significantly impact women in the workforce across the region. We’ll equip women entrepreneurs with the tools, resources, and skills they need to thrive and drive economic growth.”

“We’re thrilled with the positive outcomes of the 2023 program launched with Mastercard,” said Nezha Alaoui, Founder and CEO of Women Choice.

“We’re excited to see the partnership flourish in 2024. Our focus now is on scaling the impact. Empowering women in the workplace and supporting women-led businesses is crucial for driving economic growth and prosperity in the Middle East and Africa.”

This expanded partnership between Mastercard and Women Choice has the potential to significantly impact the lives of women entrepreneurs across Africa and the Middle East.

By providing them with the necessary support, the program can help them build successful businesses and create job opportunities, ultimately contributing to the economic growth of the region.

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Kenya to Approve First-Ever Green Mobility Policy to Accelerate EV Adoption

Key Developments

Kenya to Approve First-Ever Green Mobility Policy to Accelerate EV Adoption

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Kenya is revving up its transition to electric vehicles (EVs) with the launch of a draft National E-mobility Policy.

This initiative aims to foster a robust local EV ecosystem, reduce emissions, and lessen reliance on fossil fuels.

The policy, championed by the Ministry of Roads and Transport in collaboration with the Ministry of Trade and Investment, outlines plans to:

  • Incentivize Domestic EV Production: The government will set zero-emission vehicle (ZEV) sales targets and establish investment criteria for local car manufacturers and assemblers to qualify for government support. This includes requiring the gradual use of locally sourced materials in EVs, promoting domestic manufacturing and assembly.

  • Develop a Skilled Workforce: Recognizing the current gap in technical expertise, the policy includes the creation of an e-mobility curriculum for relevant university programs to address the future workforce needs of the EV industry.

  • Boost Research and Infrastructure: The government will prioritize research and development (R&D) in EVs, battery technology, and charging infrastructure. Additionally, manufacturers will be required to provide user training and manuals with their vehicles.

  • Reduce Emissions and Costs: The shift to EVs is expected to significantly cut greenhouse gas emissions and the national petroleum import bill, currently standing at KSh 628.4 billion ($4.8 billion).

  • Promote Public Awareness: Kenya has already begun issuing green number plates for EVs to raise public awareness and encourage widespread adoption.

This policy leverages the expertise of the private sector, international investors, and academic institutions to build a sustainable EV ecosystem.

Kenya is already home to established e-mobility players like BasiGo (EV manufacturers), CFAO Group (electric bus company), and Roam (electric buses and motorbikes).

The new policy seeks to empower such companies and create a thriving domestic EV industry.

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South Africa to Offer Skilled Remote Workers with Digital Nomad Visa

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South Africa to Offer Skilled Remote Workers with Digital Nomad Visa

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South Africa has taken a significant step towards attracting skilled remote workers by signing digital nomad visa regulations into law.
 

This new visa will allow qualified individuals to live and work in the country for a set period.

To qualify for the visa, applicants must demonstrate a minimum annual income of R1 million (approximately $53,000).

There’s also good news for short-term stays which will see foreign workers present in South Africa for less than six months not subjected to income tax.

Digital nomads with this visa will enjoy benefits similar to residents, including access to healthcare and education.

This aligns with the growing trend across Africa, with countries like Cape Verde, Mauritius, Seychelles, and Namibia already offering similar programs.

The new law follows a public consultation period held in February 2024 by the Department of Home Affairs (DHA).

The proposals included the introduction of digital nomad visas alongside a point-based system for work visas.

The initiative specifically targets highly skilled individuals, particularly those in the technology sector. These remote workers can continue working for their foreign employers while residing in South Africa.

While the program offers exciting prospects, there are also potential challenges.

One concern is the implication for foreign companies, which may need to register and comply with South Africa’s PAYE tax system.

Additionally, proposed copyright law amendments could affect software development nomads by potentially jeopardizing copyright protection.

Despite these considerations, South Africa is optimistic that the digital nomad visa will stimulate the economy and strengthen its tech talent pool.

This aligns with the country’s growing tech startup scene, which has seen consistent funding since 2015, with 89 startups collectively securing over $336 million in 2021 alone.

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Ghanaian Healthtech Startup Rivia Acquires SaaS Provider Waffle to Boost Digital Healthcare Network

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Ghanaian Healthtech Startup Rivia Acquires SaaS Provider Waffle to Boost Digital Healthcare Network

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Ghanaian healthtech startup Rivia has announced the acquisition of Waffle, a local software-as-a-service (SaaS) company specializing in solutions for small and medium-sized businesses (SMBs).

This strategic move aims to accelerate the digitization of primary care clinics in Ghana and streamline Rivia’s operations.

Launched in January 2024, Rivia partners with clinics, offering comprehensive support in areas like customer acquisition, financing, and technology.

Their goal is to elevate the quality of patient care and expand clinic reach.

To further enhance its offerings, Rivia has acquired Waffle and its suite of hospital management and inventory tools, now known as RiviaOS.

Leading the technology charge at Rivia is Victor Nara, the founder of Waffle, who has joined the company as Chief Technology Officer.

Nara brings valuable business and technological expertise to the table, as highlighted by Rivia CEO Isidore Kpotufe.

“Victor’s insights were instrumental in this strategic acquisition,” said Kpotufe.

This acquisition comes within just three months of Rivia’s launch, demonstrating their ambitious growth plans.

RiviaOS, powered by Waffle’s technology, provides a comprehensive Healthcare-as-a-Service (HaaS) solution for clinics.

It includes features like appointment scheduling, online service marketplaces, and virtual consultations. Additionally, RiviaOS leverages artificial intelligence for health diagnosis, integrates with e-pharmacies and e-labs, and offers functionalities for vital sign capture, billing, and inventory management.

Both Rivia and Waffle emphasize a shared commitment to improving healthcare access and outcomes. The combined entity expects to deliver increased value, options, and opportunities for clinics, patients, partners, and employees.

This acquisition positions Rivia to capitalize on Ghana’s flourishing digital health market.

According to industry reports, the market is projected to reach $171 million in revenue by the end of 2024 and surpass $250 million by 2028.

The fitness and wellness segment is expected to be the largest driver of this growth, reflecting Ghanaians’ growing interest in personal health.

Telemedicine is also gaining traction, offering improved access to healthcare in remote areas.

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Ghana Becomes the Latest African Country to Get a Digital Library Courtesy of YouScribe

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Ghana Becomes the Latest African Country to Get a Digital Library Courtesy of YouScribe

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French digital library YouScribe, owned by telecom giant Orange, has launched its services in Ghana, marking its second foray into an English-speaking African market.

The platform, already popular in Francophone Africa, partnered with mobile payment specialist Digital Virgo and mobile network operator MTN Ghana to offer its extensive library to the West African nation.

YouScribe boasts over 1 million ebooks, audiobooks, newspapers, and educational materials – a significant resource for Ghana’s burgeoning digital landscape.

Ghana’s high smartphone penetration rate (nearly 100% as of Q3 2023) and thriving digital subscription market (projected to reach 6.1 million users by 2027) make it fertile ground for YouScribe’s expansion.

The company also aims to capitalize on Ghana’s growing digital publishing sector, which has witnessed a fivefold increase in sales since 2018.

YouScribe offers its entire catalog for a low daily fee.

In Ghana, the subscription starts at around $0.056 (GH₵ 0.75), a similar strategy used in South Africa where the service costs $0.19 per day.

This affordable model has been instrumental in YouScribe’s success, garnering over 1 million subscribers globally, with more than 95% residing in Africa.

“We are excited to connect cultures through our multilingual library featuring African authors,” said YouScribe Founder and CEO Juan Pirlot de Corbion.

The company plans to collaborate with Ghanaian publishers to enrich its collection with local content.

YouScribe’s arrival in Ghana signifies its commitment to promoting digital literacy and fostering a culture of reading across the continent.

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Adenia Partners Secures $470 Million for Largest Africa-Focused Fund

New Investments

Adenia Partners Secures $470 Million for Largest Africa-Focused Fund

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Adenia Partners, a Mauritius-based private equity firm specializing in African investments, has announced the successful closing of its fifth and largest Africa-focused fund, the Adenia Africa Fund, at $470 million.

This fund surpasses Adenia’s previous fundraising efforts and attracted investments from both existing and new partners, including Norfund AS, the US International Development Finance Corporation, and Canada’s Findev Inc.

Notably, the Public Investment Corp. Ltd., a prominent African fund manager, and pension funds from Ghana and Kenya also participated.

Adenia surpassed its initial target of $400 million, thanks in part to long-standing investors like the European Investment Bank and the World Bank’s International Finance Corporation, who doubled their commitments, contributing a total of $300 million.

“We’re excited by the strong investor confidence in this fund,” said Christophe Scalbert, Head of Investor Relations at Adenia.

“This allows us to increase our average investment size per company to $40 million.”

Adenia focuses on acquiring controlling stakes (51% to 100%) in medium-sized businesses across various sectors, including fintech, telecommunications, and healthcare. This approach, according to Managing Director Alexis Caude, allows them to “be in the driver’s seat” and influence exit strategies.

“Our goal is to deliver net returns exceeding 15% in hard currency for our investors,” explained Caude. “Taking control allows us to manage exit timing more effectively.”

Founded in 2002, Adenia boasts over two decades of experience in Africa.

With headquarters in Mauritius, they operate in seven African countries with a team of 21 investment professionals. The firm recently opened an office in Nigeria, a rapidly growing economy despite its investment challenges.

Currently, Adenia is collaborating with Air Liquide SA on a deal involving operations across 12 African nations.

The firm faces competition from other established investors like Alterra Capital Partners and Helios Investment Partners.

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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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