The funds will enable the company to strengthen its marketing and business development teams, enhance its technology, and scale operations in Nigeria, the United States, the United Kingdom, and Canada.

The funding round was led by P1 Ventures, with additional backing from Ventures Platform, Future Africa, Magic Fund, and Microtraction.

Angel investors Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo also participated.

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway operates as a marketplace that facilitates currency exchanges between local currencies and dollars.

The platform serves both suppliers—businesses that provide foreign currencies such as USD or CAD—and buyers—businesses requiring foreign currencies to complete international transactions.  

“Businesses use our services for two main purposes. Some need to convert local currency into US dollars to make international payments through our banking partners, while others leverage our accounts to bring foreign currency into the continent and convert it into local currency for disbursements,” explained Juicyway co-founder and CEO Ife Johnson.

Juicyway’s innovative approach addresses the persistent foreign exchange (FX) challenges faced by Nigerian businesses conducting frequent international transactions.  

The fund aims to support mid-market businesses across Africa, focusing on those driven by technology, innovation, and sectoral growth trends.

Samantha Pokroy, Sanari Capital’s CEO, expressed enthusiasm about the milestone, highlighting the confidence it reflects in the firm’s investment strategy. 

“With four investments already made and a strong pipeline of opportunities aligned with our themes, this capital allows us to execute at pace. We are optimistic about the positive impact on both the ground and the fund’s returns,” she said.

The fund has attracted a mix of institutional investors, including the Public Investment Corporation (PIC), Alexforbes Investments, the 27four Black Business Growth Fund, the Telkom Retirement Fund, the Motor Industry Retirement Funds, RisCura, and the National Fund for Municipal Workers.

Sanari Capital’s investment model targets businesses with the potential to scale, offering investments of up to R250 million ($14 million).

Its current portfolio includes companies with around 60% of revenues in hard currency, a reflection of their export-oriented and geographically diverse operations.

Moushmi Patel, Sanari’s executive director, noted the increasing global demand for innovative South African businesses, adding, “We are continuously inspired by the compelling technology and innovation that thrive in our market.”

The fund’s existing portfolio includes notable investments:

• Edulife Group: A provider of affordable schooling solutions.
• LightWare LiDAR: The developer of the world’s smallest and lightest LiDAR sensors.
• iiDENTIFii: Africa’s leading enterprise identity verification company.
• Energenic Holdings: A pan-African energy solutions provider.

Sanari also emphasizes diversity, transformation, and economic impact. “Private equity has a pivotal role in transforming our economy,” said Sihle Gumede 

The investment is aimed at supporting climate-focused infrastructure projects in Africa, marking a significant step towards sustainable development in the region.

GEIF, a collaborative fund managed by Schroders Capital and BlueOrchard, specializes in channeling capital to private equity funds with a strong emphasis on climate impact.

AIIF4, managed by African Infrastructure Investment Managers (AIIM), is a well-established fund in the region, leveraging extensive local partnerships to implement sustainable infrastructure initiatives.

The $5 million investment is directed at AIIF4 Climate Investment LP, a sub-fund of AIIF4 specifically focused on climate-related infrastructure projects.

Priority areas include South Africa, Morocco, and the broader sub-Saharan Africa region.

AIIM has already undertaken significant projects in renewable energy, cold chain logistics, and green data centres, showcasing its commitment to fostering a sustainable infrastructure ecosystem across the continent.

Daniel Freedman, Senior Portfolio Manager at Schroder Investment Management, praised AIIM’s expertise and its focus on climate solutions.

He highlighted the alignment between GEIF’s objectives and AIIM’s proven track record, expressing optimism about the partnership’s potential to drive clean energy, carbon reduction, and sustainable logistics in Africa.

Paul Frankish, Head of Strategic Initiatives at AIIM, welcomed GEIF as an investor and emphasized their shared commitment to addressing Africa’s infrastructure and climate challenges.

He highlighted AIIM’s investments in renewable energy, green data centres, and temperature-controlled logistics, emphasizing their impact on food security and sustainable economic development.

The funding, a combination of debt and equity, came from investors including Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.

Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx addresses cash flow challenges faced by SMEs, particularly delays in payment cycles from larger business partners.

Through its invoice financing service, the company enables SMEs to access advance payments on invoices before their clients settle their accounts.

Billboxx charges up to 5% for invoice financing and a 1.5% transaction fee for payments processed through its platform.

“We discovered that many businesses face inefficiencies in billing and cash flow management, with some still relying on manual processes or Excel sheets,” explained Obaoye.

In addition to invoice financing, Billboxx provides a suite of business banking services designed to help SMEs streamline their financial operations.

The company’s unique distribution model involves partnering with larger enterprises to bring SMEs onto its platform, serving notable clients such as Monument Distillers and the International Institute of Tropical Agriculture (IITA).

Obaoye highlighted the company’s focus on SMEs as its key differentiator, contrasting it with competitors who prioritize mid-market and enterprise clients.

Billboxx now plans to scale its operations, enhance its product offerings, and expand its reach across Africa.

The company is also set to launch a new feature aimed at helping SMEs access market opportunities within corporate ecosystems

“Our vision is to become the financial operating system for SMEs across Africa,” Obaoye stated.