The investment aims to empower local processing and empower cashew farmers.

Cashew Coast is a major player in the Ivorian cashew industry, employing 750 people and sourcing cashews from over 7,000 smallholder farmers.

Côte d’Ivoire, despite being the world’s largest cashew producer, currently exports most of its nuts for processing in Asia before they reach consumers in Europe and the US.

This lengthy process adds unnecessary expense and reduces potential profits for local farmers.

AgDevCo’s €9 million mezzanine loan will directly address this challenge.

The funds will be used to expand Cashew Coast’s processing capacity, construct new warehouses, and implement farmer productivity programs.

This comprehensive approach aims to double the company’s processed cashew volumes to 19,000 tonnes per year.

“There’s a strong commercial and sustainability case for processing cashews in their country of origin,” said Ismail Sentissi, AgDevCo’s Investment Director for West Africa.

“We’re excited about this partnership with Cashew Coast. It will not only support their growth but also create jobs in rural areas and contribute to building a strong cashew processing industry in West Africa.”

Salma Seetaroo, Cashew Coast’s CEO and co-founder, welcomed the investment, highlighting the value AgDevCo brings.

“Their long-term, flexible capital, combined with their agricultural expertise and network, will be instrumental in achieving our ambitious goals,” she said.

Founded in 2016, Zuri has carved a niche for itself by offering high-end, African-designed beauty products alongside a seamless omnichannel experience.

Zuri’s unique strength lies in its ability to bridge the gap between physical and digital worlds.

The company operates a network of hair salons across three East African nations – the Democratic Republic of Congo, Uganda, and Rwanda.

These salons serve as a touchpoint for customers, offering professional services and the opportunity to experience Zuri products firsthand.

Additionally, Zuri boasts a robust e-commerce platform, allowing customers to conveniently purchase products online and enjoy home delivery.

To further enhance the customer journey, Zuri leverages the power of social media, fostering a community around beauty trends and offering personalized recommendations.

“Zuri’s core mission is to empower women across the globe to embrace their confidence and inner beauty,” shared Gisela Van Houcke, Zuri’s founder and CEO.

“By creating a network of touchpoints – physical salons, a user-friendly e-commerce platform, and engaging social media channels – we’ve ensured our customers have effortless access to high-quality beauty products and services.”

Van Houcke expressed her enthusiasm about partnering with Renew Capital, highlighting their shared vision for Zuri’s continued expansion.

With Renew Capital’s backing, Zuri is poised to solidify its position as a leader in the African beauty market, offering exceptional products and services to a wider customer base.

The investment also reinforces Renew Capital’s commitment to fostering Africa’s entrepreneurial ecosystem and empowering businesses that create positive social impact.

According to a disclosure by the IFC, the proposed equity investment of up to $4 million would go towards EmergingTech Ventures Fund II (Emtech II).

Emtech II, managed by EmergingTech Ventures SA (Emtech), is a Moroccan-domiciled early-stage venture capital fund seeking to raise a total of $60 million, with a potential hard cap of $80 million.

Emtech, a limited liability company founded by Meriem Zairi, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui, focuses on investing in promising startups with a presence or future plans for operations in Morocco, Tunisia, and Francophone West Africa.

his region encompasses a number of countries in West Africa where French is a primary language of business and education.

The IFC’s proposed investment would contribute to the first closing of Emtech II, which is targeted at $40 million.

This signifies the IFC’s confidence in Emtech’s ability to identify and support high-growth tech ventures in the region.

By backing Emtech II, the IFC aims to foster the development of a dynamic early-stage tech ecosystem in North and West Africa.

This investment would provide much-needed capital to promising startups, potentially fueling innovation and job creation across the region.

This investment will fuel Alma’s ambitious expansion plans across the country.

Founded in July 2020 by CEO Sibongile Manganyi Rath, Alma Clinics emerged during a critical time marked by the COVID-19 pandemic and related lockdowns.

The company established its first clinic in Protea Glen, Soweto, a township that has historically faced healthcare access challenges.

Since then, Alma has grown rapidly, with six fully operational clinics currently serving over 4,000 patients monthly.

This latest funding round will empower Alma to significantly scale its operations, with a stated goal of reaching 35 locations across South Africa.

This expansion will bring much-needed primary healthcare services to underserved communities, promoting better health outcomes for a wider population.

“We are thrilled to welcome IDF Capital as a partner in our mission to revolutionize primary healthcare in South Africa,” said Alma Clinics CEO Sibongile Manganyi Rath.

“This investment is a testament to the hard work and dedication of our team, and it will allow us to reach even more patients with high-quality, affordable care.”

Polo Leteka, the CEO and founder of IDF Capital and co-managing partner of the Alitheia IDF Fund, will be joining Alma’s board of directors.

Leteka’s leadership and investment expertise will be instrumental in guiding Alma’s growth trajectory.

This investment underscores the growing importance of nurse-led healthcare models in South Africa.

Alma Clinics’ success story paves the way for increased access to quality primary care, particularly in areas where traditional healthcare facilities may be scarce.

This investment will be used to enhance content creation, scale marketing efforts, and develop new high-quality podcast series.

Potcast Productions boasts a diverse library of 15 shows catering to a wide range of listeners.

The company has seen impressive growth, reaching over seven million listens and exceeding 600,000 viewing hours in the past six months alone.

The funding round comes from returning investor Innovative Media Productions (IMP), the media powerhouse behind Egypt’s popular Shark Tank program, and renowned investor Ahmed Tarek Khalil.

“This follow-up investment is a true testament to our team’s dedication,” said Islam Adel, Potcast Productions’ founder.

“The support validates our mission to revolutionize podcasting in the region. With this boost, we can continue to innovate and expand our reach, offering listeners exceptional audio experiences both online and offline.”

Potcast Productions aims to solidify its position as a leader in the audio-first content creation space by leveraging this new funding.

CEO Coenraad Jonker revealed the bank’s ambitions, hinting at a future Initial Public Offering (IPO) and international expansion plans.

With a valuation nearing $1 billion, Jonker targets completion of the Series D round by the fourth quarter of 2024.

This significant raise, nearly double last year’s $77.8 million, signifies strong investor confidence and fuels the bank’s aggressive growth strategy.

TymeBank’s global aspirations include a primary listing on the New York Stock Exchange (NYSE) by 2028, with a secondary listing on the Johannesburg Stock Exchange (JSE). This strategy emphasizes the bank’s desire for international recognition while staying rooted in South Africa.

Funds from the Series D round will propel TymeBank’s expansion into new markets, with a specific focus on entering Indonesia by the end of 2024.

This follows successful ventures in Vietnam and the Philippines, where profitability is anticipated within the next 18 months.

TymeBank achieved profitability in December 2023, a remarkable feat for a young digital bank.

Partnerships with industry giants like Pick n Pay, Boxer, The Foschini Group, and the Zion Christian Church have been instrumental in driving TymeBank’s growth. With over 8.5 million customers, 1,000 kiosks, and 15,000 retail points nationwide, these collaborations have significantly improved accessibility and fostered customer loyalty.

The bank’s lending portfolio has seen impressive 30% year-on-year growth, fueled by products like Merchant Cash Advance.

This program has benefitted over 50,000 small and medium-sized enterprises (SMEs), contributing positively to South Africa’s economic development. Reports indicate that TymeBank is currently the fastest-growing bank in the country.

“Our goal is to be among the top three banks in terms of customer base and return on equity,” Jonker told Bloomberg. “Positive initial discussions with investors have encouraged us to consider raising a larger amount to pursue even more exciting opportunities in the industry.”

TymeBank’s remarkable journey, from its 2019 launch to achieving profitability and rapid digital banking expansion, demonstrates the bank’s resilience and foresight.

The upcoming Series D funding, preparations for an IPO, and international expansion plans underscore TymeBank’s unwavering commitment to growth and its vision of becoming a top-tier retail bank in South Africa.