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.

The fund attracted ten new investors, including the Mauritius Investment Corporation (MIC) which committed $20 million.

Consulting firm Align Impact also participated, contributing $3.25 million on behalf of a diverse group of individual, trust, and foundation investors.

“The expansion of renewable energy in sub-Saharan Africa is critical not just for the region, but for the entire world,” said Yihana von Ritter, director of private funds at Align Impact.

“This investment helps avoid locking countries into fossil fuel infrastructure for decades to come.”

The Evolution III fund, domiciled in Mauritius, focuses on financing renewable energy, energy efficiency, and resource-efficiency projects. Inspired Evolution, the fund manager, has a target capitalization of $400 million.

The first closing of the fund in 2023 secured $199.4 million from a consortium of development finance institutions, including the African Development Bank (AfDB), the European Investment Bank (EIB), and the Netherlands Development Finance Corporation (FMO).

This latest round of funding demonstrates continued momentum for clean energy investment in Africa.

Inspired Evolution’s Evolution III fund positions itself as a key player in accelerating the continent’s energy transition.

The funding round was led by Norwegian investor Norfund ($20 million), French infrastructure and energy firm STOA Infra & Energy, and Japanese energy company Kyuden International Corporation.

Candi Solar specializes in financing, installing, and managing rooftop and ground-mounted solar power plants for C&I clients.

“We believe in promoting small-scale renewable energy production alongside large-scale projects to decarbonize electricity production,” said Marie-Laure Mazaud, Managing Director of STOA Infra & Energy.

“Candi’s solutions make solar energy accessible for small and medium-sized businesses,” she added, citing this as a reason for their continued investment in the company.

Candi Solar plans to use the $38 million to finance an additional 200 MW of solar projects and support strategic hiring to meet its rapid expansion.

The company currently boasts an installed capacity of 112 MW across India and South Africa.

In South Africa, Candi Solar has a presence in at least eight provinces, having installed a 135 kWp solar power plant for Schneider Electric in Gauteng, and a 1.2 MWp plant for Henbrie Boerdery, a farm in the Northern Cape.

This initiative aims to bridge the financing gap for informal small and medium-sized enterprises (MSMEs), which often struggle to secure loans from traditional institutions.

Over 600,000 Pochi La Biashara users can now access these micro-loans directly through their M-Pesa business accounts.

The loans come with a one-time access fee of 2.76% and a seven-day repayment term with a single, optional fourteen-day extension incurring an additional fee.

“This partnership empowers small business owners by providing them with convenient access to capital to run their businesses,” said a Safaricom spokesperson. “The ability to separate business and personal finances through Pochi La Biashara makes managing these loans even more efficient.”

Pezesha’s expertise in credit management will be used to assess borrowers’ creditworthiness and deter defaults through collaboration with credit bureaus.

This collaboration strengthens Pezesha’s position in the credit management market, having already supported over 50,000 MSMEs.

“Mkopo Wa Pochi,” as the new service is called, complements Safaricom’s existing M-Shwari and Fuliza offerings, further solidifying their role in providing accessible financial solutions to Kenyans. The success of these mobile loan products has spurred the growth of lending apps and mobile loan options from traditional banks.

The easy accessibility and short repayment terms of these micro-loans cater specifically to the needs of small businesses that require smaller amounts for short-term needs like restocking inventory.

The rise of mobile phone penetration and technological advancements have made these financial services not only lucrative but also convenient for a wider range of entrepreneurs.

The investment will be used to expand Noki Noki’s services in its existing six Central African markets and establish a strong presence in the Democratic Republic of Congo (DRC).

Uma Ventures led the funding round, highlighting the growing confidence in Congolese startups.

In 2023, Congo attracted a record $62 million in venture capital, becoming the top contributor to startup funding growth in Central Africa.

Founded in 2021 by entrepreneur Jonathan Yanghat, Noki Noki offers a suite of services, including Noki Food for meal delivery, Noki Drive for grocery assistance, and Noki Pay, an integrated payment system.

The company boasts over 10,000 users and processed more than 1 billion CFA francs (approximately $167 million) in transactions in 2023.

“We started small, with just a few motorcycles, but with a big dream to revolutionize delivery and e-commerce across Africa,” said Yanghat. “This investment is a major step towards our goal of becoming the leading last-mile delivery service in Africa.”

Noki Noki competes in a rapidly growing market, with Africa’s last-mile delivery sector expanding at an annual rate of 8.45% and is expected to reach $2.35 billion by 2030.

Vinay Vaswani, founder of Uma Ventures, praised Noki Noki’s deep understanding of the market and leadership potential.

“Their vision aligns perfectly with our commitment to supporting tech-driven infrastructure in Africa,” Vaswani said. “We’re thrilled to be a part of their growth journey.”

This significant investment will allow the company to meet the growing demand for cloud computing services in the region.

The funding was arranged by RMB, a leading financial services provider in Africa.

“This is a major milestone for Africa Data Centres,” said Hardy Pemhiwa, President & Group CEO of Cassava Technologies, the parent company of Africa Data Centres.

“It demonstrates our commitment to growth and our belief in the potential of the South African data center market.”

Pemhiwa added, “The additional funding will enable us to support our customers’ digital transformation journeys. Data centers are essential for building a digitally connected future that benefits all Africans.”

Africa Data Centres operates a network of hyper-scale and edge data centers across Africa.

The new funding will be used to increase the company’s data center capacity in South Africa by an additional 20MW.

This expansion will solidify Africa Data Centres’ position as a leader in the African data center market and allow them to offer their customers the highest-quality data center facilities.