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.

This investment, led by Key Carbon Ltd., a company specializing in carbon project finance, will allow BURN to increase access to cleaner cooking options for millions in Sub-Saharan Africa.

The funding builds on a successful partnership between BURN and Key Carbon.

In 2021, Key Carbon provided $25 million, enabling BURN to make their cookstoves more affordable.

This latest investment will focus on expanding distribution of electric cookstoves in Kenya, Tanzania, Uganda, and Zambia, while promoting biomass cookstoves in Nigeria, DRC, Tanzania, and Mozambique over the next two years.

Traditional cooking methods, reliant on firewood and charcoal, pose significant health, environmental, and economic challenges in Sub-Saharan Africa.

Roughly 950 million people depend on these methods, leading to respiratory illnesses, deforestation, and increased carbon emissions.

Additionally, the burden of fuel collection often falls on women and girls, limiting their opportunities.

Peter Scott, BURN’s Founder and CEO, highlights the company’s impact:

“Since 2014, our industry-leading stoves have transformed lives for over 24 million people.”

This new investment is expected to reach an additional 1.5 million and avoid over 12 million tons of carbon emissions in the next seven years.

BURN’s expansion, fueled by carbon finance innovation, offers a promising path towards cleaner cooking and a healthier future for millions across Africa.

The ten-year-old company, with a presence in over 23 countries and a workforce exceeding 200 employees spread across Africa, Europe, and the Caribbean, has raised over $23 million since its inception.

Zeepay plans to leverage the fresh capital injection to solidify its financial standing in anticipation of significant growth projected for 2024.

Zeepay stands out as a non-teleco mobile money operator in Africa, holding licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.

The company specializes in facilitating remittance deposits directly into mobile wallets, functioning seamlessly across various networks and partnering with diverse stakeholders.

“We are thrilled to welcome Verdant Capital Hybrid Fund as a new shareholder in our mobile money journey,” said Andrew Takyi-Appiah, Managing Director of Zeepay.

This investment strengthens Zeepay’s position as a leading player and positions the company for continued expansion.

It also solidifies Zeepay’s attractiveness to investors, becoming the fifth institutional shareholder to join the company in less than three years. This follows the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).

Kwabena Appenteng, Director at Verdant Capital, expressed his confidence in Zeepay, highlighting the company’s “solid track record of hard currency earnings through its remittance-to-wallet business model and vast growth opportunities across Africa.”

He further commended “the strength of the management team at Zeepay” as a key factor in the company’s success.

This investment marks a major milestone for Triply, fueling its growth and solidifying its position as a leader in Africa’s travel tech landscape.

Founded by Peter Wachira and Collins Muthinja, Triply offers a suite of tools designed to streamline operations for travel businesses in Africa.

Triply capitalizes on the booming African travel market, valued at a staggering $300 billion.

With domestic travel accounting for a significant portion (66% of travel spending), Triply caters to the needs of local travelers, providing them with a platform to discover and book reliable travel experiences.

Y Combinator’s investment signifies their belief in Triply’s potential to revolutionize the African travel industry.

This investment provides Triply with crucial resources, including access to Y Combinator’s mentorship network and global investor network.

With Y Combinator’s backing and its innovative approach, Triply is poised to become a game-changer in Africa’s travel landscape.

By empowering travel businesses and enhancing traveler experiences, Triply is paving the way for a more efficient and vibrant travel industry across the continent.

This investment aims to strengthen economic resilience across Africa by supporting essential trade finance activities, fostering agricultural development, and addressing food security challenges.

The TDB, with over $5 billion in assets, plays a crucial role in financing and promoting trade, regional integration, and sustainable development on the continent.

They achieve this through trade finance, project and infrastructure finance, asset management, and business advisory services.

This BII investment will empower TDB to provide financial support to local businesses and financial institutions in key African markets.

“This investment highlights the UK government’s commitment to supporting economic and agricultural development across Africa,” said Andrew Mitchell, the UK’s Minister of State for Development and Africa.

“The funding will help lower trade barriers, enabling businesses to expand, access resources, and tackle food security.”

The collaboration between BII and TDB underscores their shared goal of empowering vital economic sectors, particularly small and medium-sized enterprises, to drive inclusive growth across Africa.

Many African economies face currency depreciation, rising inflation, and debt challenges, further exacerbated by global events like the Russia-Ukraine conflict.

The financing reflects TDB’s growing collaboration with financial institutions, recognizing them as key partners in boosting trade.

“Our collaboration with TDB underscores our commitment to bolstering resilient economies across Africa,” said Seema Dhanani, head of the Kenya office at BII.

“This partnership provides vital liquidity and deepens access to finance.”

Admassu Tadesse, TDB Group President and Managing Director, highlighted the partnership’s importance: “TDB has been playing a crucial role in trade finance, contributing to essential commodity security in agriculture and healthcare. This is our fourth facility with BII, and we are pleased to continue building this strategic partnership to address ongoing challenges and enhance food security.”

This landmark transaction, commemorated at an event in Dubai, is a significant milestone in AFC’s unwavering commitment to develop critical infrastructure projects across the continent by enhancing its financial flexibility and diversifying its investor base.

Testament to AFC’s appeal in global capital markets and the Corporation’s pivotal role in fostering economic growth and industrialisation in Africa, leading international financial institutions including First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank and Standard Chartered collectively acted as Global Coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China Coordinator. Abu Dhabi Commercial Bank PJSC, Emirates NBD Bank PJSC, Mizuho and Sumitomo Mitsui Banking Corporation acted as Initial Mandated Lead Arrangers and Bookrunners. Additionally, Bank of China and Société Générale S.A acted as Initial Mandated Lead Arrangers.

Initially launched at US$1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49%, underscoring global investor confidence in AFC’s track record, creditworthiness, and its ability to navigate the current economic landscape marked by evolving global complexities. Proceeds from the loan will be deployed to advance AFC’s mission to consistently deliver fast and sustainable solutions to close Africa’s infrastructure gap and unleash the continent’s potential, leading to prosperity for all Africans.

“The global loan market’s overwhelming interest in Africa’s growth story is evident in the large pool of lenders that supported this syndication, making it AFC’s largest ever,” said AFC’s President & CEO, Samaila Zubairu.

‘’This is a significant endorsement of our commitment to ensure that infrastructure projects support local processing and value capture, thereby providing the much needed impetus to African industrialisation, enhanced export earnings and job creation.’’

AFC’s position as the pre-eminent partner of choice between African and global stakeholders and investors for mutually beneficial outcomes reflects the Corporation’s relentless dedication to shaping a brighter and prosperous tomorrow for Africa and Africans.

Financial institutions including Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders, showcasing AFC’s ability to build a global coalition of investors confident in the Corporation’s strong fundamentals as one of the highest investment-grade institutions in Africa.

On the back of its A3 credit rating by Moody’s, AFC has made significant strides in diversifying its funding sources in recent years.

In 2023, the Corporation orchestrated a US$625 million syndicated loan, its second largest, with lenders predominantly from the Middle East and Asia.

AFC also secured a US$350 million long-term line of credit from the African Development Bank (AfDB) and a EUR50 million loan facility agreement with the Italian development finance institution, Cassa Depositi e Prestiti SpA (CDP).

Both agreements were signed on the sidelines of COP28 in Dubai. Additionally, the Corporation received a US$400 million from the Exim Bank of China.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).