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.”

The funding was led by the The University Technology Fund (UTF) and University of Stellenbosch Enterprises.

Immobazyme leverages precision fermentation technology to develop high-value protein ingredients.

Their product range includes growth factors for the burgeoning cell-cultured meat industry, enzymes like dextranase for the sugar industry, and food ingredients for the food and beverage sector.

With this funding boost, Immobazyme plans to double the size of its production facility and expand its capacity.

This investment highlights the growing interest in alternative protein sources and the potential of precision fermentation technology.

Immobazyme’s expansion plans position them to play a significant role in these developing markets.

The fund aims to become a leading source of early-stage capital for promising African startups.

Breega, established in 2015, has a strong track record with over $700 million in assets under management and investments in more than 100 startups across 15 countries.

To support its African expansion, the firm has opened new offices in Lagos, Nigeria, and Cape Town, South Africa.

Breega Africa Seed I boasts a war chest of $75 million earmarked for ventures in high-growth African markets like Nigeria, Egypt, South Africa, and Kenya.

The fund will also target French-speaking African countries, including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo.

Investment sizes will range from $100,000 to $2 million, with Breega often acting as the initial investor.

The focus will be on innovative companies addressing critical challenges and aligning with the UN’s Sustainable Development Goals (SDGs).

Target sectors include agriculture technology, education technology, healthcare technology, financial technology, insurance technology, property technology, and logistics.

Several prominent African startups have already benefited from Breega’s initial investment and expertise, including Numida, Socium, Klasha, Kwara, Coachbit, and Sava.

The fund is led by a seasoned team: Melvyn Lubega, co-founder of the education technology unicorn Go1, and Tosin Faniro-Dada, former CEO of Endeavor Nigeria.

“Africa, with 18% of the world’s population, receives only 1% of global venture funding. This is a significant gap for a continent brimming with technological potential,” said Lubega.

“Breega, being an international fund built by founders for founders, is uniquely positioned to bridge this gap.”

Faniro-Dada, responsible for West and North Africa, brings experience from her role as a board member at the African fintech giant Flutterwave.