This funding will fuel TRIFIC SEZ’s growth, allowing them to acquire and renovate a 14,975 square meter office tower.

Additionally, two new Grade A office towers boasting a combined 76,800 sqm of leasable space will be developed.

Tenants will enjoy a vibrant business ecosystem within the wider Two Rivers precinct, offering residential areas, restaurants, shops, and entertainment.

“We’re proud to partner with Centum, a reputable investment group, on this project,” said Warren van der Merwe, managing partner at Vantage Capital.

“This collaboration will create jobs and attract foreign investment to Kenya.”

James Mworia, CEO at Centum, expressed his satisfaction with the partnership.

“Vantage Capital’s investment will allow TRIFIC SEZ to deliver exceptional facilities, attracting businesses and boosting Kenya’s economy through job creation, foreign investment, and export revenue.”

TRIFIC SEZ aims to provide businesses with a competitive edge by offering world-class infrastructure, advanced technology, and a supportive regulatory framework.

Companies operating within the zone will benefit from tax incentives, including VAT exemption, import duty and stamp duty waivers, and a reduced corporate tax rate for the first decade.

Werksmans (South Africa) and Bowmans (Kenya) provided legal counsel for Vantage Capital. JLL, PWC Kenya, Turner & Townsend, Webber Wentzel, and IBIS Consulting also advised on the transaction.

This investment aims to bolster mid-cap companies in Egypt, Morocco, and Tunisia.

The fund will focus on generating long-term capital growth through equity and similar investments in these North African nations. It also holds the flexibility to expand its reach into select sub-Saharan African countries.

This represents a continuation of the successful partnership between EBRD and SPE Capital. Their initial collaboration involved the EBRD’s 2019-2020 investment in SPE AIF I, the predecessor to SPE PEF III.

AIF I has since fueled the growth of nine companies across various sectors like healthcare, education, consumer goods, and food processing.

EBRD’s Director for Private Equity Funds Investment, Anne Fossemalle, expressed enthusiasm about supporting SPE Capital, a key strategic partner in the southern and eastern Mediterranean region.

She highlighted SPE Capital’s established presence in regional offices across Tunis, Casablanca, Cairo, and Abidjan.

This network will empower them to assist African businesses in maximizing their operational potential, generate strong returns for investors, and ultimately improve the continent’s overall well-being.

Nabil Triki, SPE Capital’s Managing Partner and CEO, acknowledged the EBRD’s unwavering support, which has been critical for the firm’s private equity funds and overall development.

He emphasized how this commitment allows them to not only deliver substantial returns but also generate a lasting positive impact in their investment markets. Triki went on to describe their collaboration as a force for sustainable growth and development, benefiting both communities and economies.

This partnership, he concluded, reinforces their shared vision of nurturing resilient, high-growth businesses across North Africa and beyond.

This new partnership will unlock greater access to credit for underserved SMEs.

APC specializes in offering medium to long-term loans, particularly to businesses that struggle to secure financing from traditional institutions due to a lack of collateral.

Oikocredit’s investment will allow APC to expand its lending activities, reaching a wider range of companies in various African countries.

“We’re proud to partner with Oikocredit,” said Kouraiech Belhajali, CEO of APC.

“This funding will enable us to continue supporting underserved businesses in Africa, extending our reach and target market. With this capital injection, we aim to significantly enhance our impact on economic growth, job creation, and financial inclusion.”

Lewis Nyaga, an investment officer at Oikocredit, echoed the sentiment saying:

“We’re thrilled to announce this partnership with AfricInvest and this crucial debt facility designed to strengthen African SMEs.”

This follows a highly successful first fund, Launch Africa Ventures Fund 1, which closed in March 2022 at US$36.3 million, with backing from a diverse range of investors across 40 countries.

Building on this momentum, Launch Africa Ventures is focusing its investments on startups aligned with its core principles: diverse founders, strong sectors, promising market opportunities, and broad geographic reach.

“As one of the most active pan-African investors in Africa since 2020, we are maintaining our commitment to the growing African VC and startup ecosystem by continuing to be a top-performing, value-adding and founder-friendly investor,” the company said.

Startups Receiving Investment:

South Africa:

• Servisor (car service marketplace)
• Credit Circuit (working capital service)
• Shiprazor (logistics platform)

Senegal:

• Lengo (FMCG insights platform)
• Paps (logistics service)
• Solarbox (energy company)

Kenya:

• Logistify (inventory tracking platform)
• Octavia Carbon (direct air capture company)

Nigeria:

• Periculum (data management startup)
• Kredete (lending marketplace)

Rest of Africa

• Bosso (Zambian prop-tech)
• Zuri (DRC-based beauty startup)
• Meditect (e-health company, Ivory Coast)
• Viebeg (Rwandan e-health startup)
• Wahu! (Ghanaian e-bike venture, formerly MANA Mobility)
• An undisclosed Egyptian e-health startup

The funding will fuel the company’s expansion efforts across North Africa, establishing Connect Money as the go-to platform for businesses seeking seamless and integrated banking solutions.

The round was co-led by prominent venture capital firms DisrupTech Ventures and Algebra Ventures, with participation from Lorax Capital Partners, One Stop Capital, and MDP.

Connect Money plans to leverage the fresh capital to launch five new business verticals within the North African market, details of which will be revealed soon.

The company will focus on three key areas: furthering its presence in established markets like Egypt and Morocco, driving innovation and technological advancements, and accelerating its entry into new, high-potential African markets.

Founded in 2024 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money offers a white-label card issuing platform.

This innovative solution empowers businesses to provide debit and credit cards to their customers without the need to invest in building their own fintech infrastructure or navigate complex regulatory licensing processes.

Connect Money’s comprehensive suite of solutions includes digital payments, instant financing options, and access to a vast network of over 20,000 marketplace partners.

Additionally, the company provides end-to-end support, encompassing KYC verification, customer service assistance, and mobile banking app development.

This unique Software-as-a-Service (SaaS) offering streamlines the payment experience for both businesses and their customers.

“This significant seed investment underscores Connect Money’s exceptional growth potential,” said Ayman Essawy, Co-founder and CEO of Connect Money.

“We are committed to eliminating existing pain points for businesses seeking financial enablement.”

Connect Money joins a growing number of innovative fintech companies in Africa’s BaaS sector, alongside players like Nigeria’s Anchor, Maplerad, and Bloc.

This significant investment will fuel the company’s expansion plans in Nigeria, South Africa, and the Democratic Republic of Congo (DRC), aiming to bridge the digital divide and enhance connectivity across the continent.

The funding comes from a group of development finance institutions, including the International Finance Corporation (IFC), Proparco, and RMB Corvest.

The IFC, a member of the World Bank Group, is contributing $10 million and ZAR 200 million (approximately $11.07 million).

Proparco, a subsidiary of the Agence Française de Développement Group, is providing another $20 million.

WIOCC is also finalizing a $10 million loan agreement with RMB Corvest specifically for its expansion efforts in Nigeria.

Uniquely, this financing is structured as sustainability-linked debt. The loan terms will be tied to WIOCC’s commitment to improving energy efficiency and achieving EDGE green building certification for its data centers.

EDGE certification, provided by the IFC, ensures data centers are resource-efficient and operate with zero carbon emissions.

The capital injection will allow WIOCC to expand its core and edge data centers in the targeted African nations, catering to the growing demand for data center services.

Additionally, a portion of the funds will be directed towards expanding their fiber network infrastructure.

This network expansion aims to bring greater digital access to individuals and businesses across Africa, fostering economic growth on the continent.

“We are thrilled to conclude this phase of our capital raise,” said Chris Wood, CEO of WIOCC Group.

WIOCC, established in 2007, has a longstanding commitment to investing in Africa’s digital future.

This investment will also fuel the company’s expansion into new markets.

The funding round was led by Equator VC, a venture capital firm specializing in early-stage climate tech investments in Africa. Existing investors, including Tiverton Agriculture Impact Fund, Dragonfly Enviro Capital, Perivoli Innovations, and the Clean Energy Finance Corporation (CEFC) managed by Virescent Ventures, also participated.

“This funding allows us to democratize access to our technology and empower a wider audience to make data-driven decisions for soil health and climate action,” said Professor Jacquie McGlade, CEO of Downforce Technologies.

Downforce Technologies offers a suite of affordable remote sensing software solutions that enable farmers to rapidly assess soil health.

Additionally, the company provides tools for managing carbon credit projects, tracking agricultural emissions data, and implementing soil health improvement initiatives.

This investment aims to address a significant challenge in African agriculture – the difficulty and expense of accurately measuring soil fertility.

Despite vast tracts of arable land, Africa’s agricultural productivity lags behind other regions.

Downforce Technologies joins a growing number of climate tech startups, like AgroCares, SoilSense, Regen Technologies, and EcoPeanut, working to deliver solutions for sustainable agriculture in Africa.

“We are excited to support Downforce Technologies’ groundbreaking software platform,” said Nijhad Jamal, Managing Partner at Equator VC.

“This investment has the potential to unlock significant investment in soil organic carbon, particularly in Africa, which is critical for food security, climate change mitigation, and building resilience.”