Category: Key developments

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Zambian solar energy company MySol raises $7.7 million to elecrify 40,000 people with solar energy

Key Developments

Zambian solar energy company MySol raises $7.7 million to elecrify 40,000 people with solar energy

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Zambia-based solar energy company, MYSOL, has secured $7.5 million in funding to accelerate the deployment of off-grid solar electrification projects across the country.
 

The investment will be used to expand MYSOL’s operations and provide clean, reliable, and affordable electricity to underserved communities in rural areas of Zambia. The African Development Bank’s Facility Energy Inclusion (FEI), which is on a mission to provide flexible, sustainable, and efficient financing to support the expansion of the energy sector in Africa, led the funding.

MYSOL aims to leverage the funds to increase its solar energy capacity and extend its reach to areas that currently lack access to electricity. The company’s off-grid solar solutions offer a sustainable alternative to conventional power sources, especially in remote regions where grid infrastructure is limited or absent. With the new investment, MYSOL plans to install mini-grids, solar home systems, and solar-powered water pumps, catering to the diverse energy needs of rural communities.

The company hopes to improve living conditions by providing clean electricity, stimulating economic growth, and enhancing educational opportunities in these areas. The Zambian government has been actively promoting renewable energy to address the energy access gap and reduce dependence on fossil fuels.

Zambia has abundant solar resources, making it an ideal location for solar energy projects. MYSOL’s initiatives will contribute to reducing carbon emissions, foster the development of a green economy, and create employment opportunities in the renewable energy sector.

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AI company Flapmax launches program to help African startups scale up and raise capital

Key Developments

AI company Flapmax launches program to help African startups scale up and raise capital

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Flapmax, a pan-African technology company, has launched the second edition of its Fast Accelerator Program designed to empower African startups.

The program, which is open to startups from all over the continent, will provide participants with access to mentorship, training, and funding opportunities.

The program will be delivered by a team of experienced entrepreneurs and investors, including Flapmax CEO and Founder, Femi Kuteyi.

Participants will learn how to build and scale their businesses, as well as how to raise capital. They will also have the opportunity to pitch their businesses to a panel of investors at the end of the program.

Founded in 2016, Flapmax is on a mission to empower Africans to achieve their full potential through technology.

Headquartered in Lagos, Nigeria, the company has raised over $10 million in funding from investors such as Y Combinator, 500 Startups, and Golden Gate Ventures.

The launch of the Flapmax Fast Accelerator Program is a significant development for the African startup ecosystem.

The program provides startups with the opportunity to learn from experienced entrepreneurs and investors, as well as to access much-needed investment opportunities.

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Invest International injects $10.8M in uMunthu II Fund to support African SMEs

Key Developments

Invest International injects $10.8 million in uMunthu II Fund to support African SMEs

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Invest International, a leading investment firm, has made an investment of $10.8 million in the Umunthu II Fund to support African Small and Medium Enterprises (SMEs).
 

The Umunthu II Fund specializes in identifying and investing in high-potential SMEs across various sectors.

By providing capital, strategic guidance, and mentorship, the fund aims to unlock the growth potential of African businesses and contribute to their long-term success.

Invest International’s investment in the Umunthu II Fund will significantly bolster its resources, enabling the fund to extend its support to a broader range of SMEs and fuel their expansion.

The funds will be utilized to provide equity investments, working capital, and capacity-building initiatives, enabling SMEs to scale, innovate, and create sustainable jobs.

The partnership between Invest International and the Umunthu II Fund showcases the commitment of both entities to fostering entrepreneurship and driving economic growth in Africa.

By channeling resources and expertise towards SMEs, the investment will play a pivotal role in addressing the financing gap faced by many African businesses, allowing them to seize opportunities, drive innovation, and contribute to the continent’s economic prosperity.

Invest International’s decision to invest in the Umunthu II Fund is rooted in the recognition of the immense potential and resilience of African SMEs and aligns with its mission to unlock opportunities, create value, and support sustainable development in emerging markets.

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Nuru, a leading renewable energy company, has secured over $40 million in funding to expand its efforts in providing access to clean and sustainable energy solutions

Key Developments

Nuru, has received funding of over $40 million to scale its renewable energy business in the DRC

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Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round. Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round.
 

This significant investment will empower Nuru to expand its efforts in providing access to clean and sustainable energy solutions in DR Congo, heralding a new era of progress and environmental stewardship. The funding round was led by prominent international investors, including the IFC – International Finance Corporation, The Global Energy Alliance for People and Planet (GEAPP), the REPP (Renewable Energy Performance Platform), Proparco, E3 Capital (formerly Energy Access Ventures), Voltalia, The Schmidt Family Foundation, Gaia Impact Fund, and the Joseph Family Foundation.

 

Founded in 2015, Nuru has emerged as a frontrunner in the renewable energy landscape, leveraging innovative technologies to deliver affordable and reliable energy solutions to underserved communities in the DRC. With this latest funding injection, Nuru is poised to accelerate its operations and make substantial strides in expanding renewable energy access, particularly in remote areas where traditional energy infrastructure is limited.

 

The investment will be utilized to bolster Nuru’s existing operations, including the deployment of additional solar power systems, the establishment of mini-grids, and the implementation of energy storage solutions. Nuru aims to address the diverse energy needs of communities, supporting households, businesses, and public institutions with reliable and sustainable power sources by adopting this multi-faceted approach,

 

As Nuru sets its sights on scaling up its operations, the Series B funding marks a turning point in the quest for widespread renewable energy access in the DRC. It serves as a beacon of hope, showcasing the potential of innovative solutions to address energy poverty while mitigating climate change’s adverse effects.

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Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

Key Developments

Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

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EASTCASTLE INFRASTRUCTURE LIMITED, one of the leading telecom infrastructure providers, has secured a $60 million investment from the IFC – International Finance Corporation.
 

The funding will be utilized to expand EastCastle’s telecom towers network across the Democratic Republic of Congo (DRC), bolstering connectivity and improving access to telecommunications services in the country. EastCastle has been at the forefront of providing reliable and efficient telecom infrastructure solutions in the DRC, where access to telecommunications services remains a significant challenge due to geographical constraints and limited infrastructure.

 

With this new investment, EastCastle aims to bridge the digital divide by expanding its network of telecom towers, which will enhance connectivity and facilitate the delivery of affordable and high-quality telecommunications services to previously underserved areas. The $60 million investment from IFC comes at a critical time when the DRC is experiencing rapid growth in mobile phone usage and demand for reliable network coverage.

 

The expansion of EastCastle’s telecom towers network will contribute significantly to meeting this growing demand, especially in remote and rural areas where connectivity has traditionally been scarce. As EastCastle prepares to expand its telecom towers network, the company will collaborate closely with local communities, mobile network operators, and relevant stakeholders to ensure the efficient deployment and maintenance of the infrastructure.

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Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

Key Developments

Digital-first and data-led distribution platform Kyosk Digital Services acquires KwikBasket to revolutionize the African fresh produce market

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Kyosk aims to leverage its technological prowess to streamline the supply chain, enhance convenience, and improve access to high-quality fresh produce across the continent.
 

Kyosk Digital Services, a digital-first and data-driven distribution platform known for its innovative solutions in the digital retail space, has set its sights on the untapped potential of the African fresh produce market with the acquisition of e-grocery platform KwikBasket.

KwikBasket has earned a strong reputation for its user-friendly interface, wide product selection, and efficient delivery network. By joining forces with Kyosk, KwikBasket’s platform will benefit from advanced digital capabilities and a robust infrastructure, enabling it to scale rapidly and meet the evolving needs of customers. The acquisition aligns with Kyosk’s broader vision to transform Africa’s retail landscape through digital innovation.

 

By integrating KwikBasket’s operations into its existing ecosystem, Kyosk aims to offer consumers a seamless shopping experience, bridging the gap between local farmers and urban customers. One of the key objectives of the acquisition is to empower small-scale farmers by providing them with a reliable and transparent marketplace to showcase their produce.

 

Kyosk’s technological expertise will enable farmers to access a broader customer base, reduce post-harvest losses, and improve their overall profitability. The expansion into the African fresh produce market comes at a time when e-commerce and digital solutions are gaining momentum across the continent. Kyosk recognizes this trend and aims to become a dominant player in the African e-grocery landscape.

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FAO to launch fall armyworm research Hub in Kenya to pave way for innovative solutions in crop protection

Key Developments

FAO to launch fall armyworm research Hub in Kenya to pave way for innovative solutions in crop protection

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Kyosk  The Food and Agriculture Organization (FAO) has announced plans to establish a dedicated Fall Armyworm Research Hub in Kenya.
 

This initiative aims to provide a comprehensive and collaborative platform for research, knowledge sharing, and effective management strategies to mitigate the impact of this pest on agriculture. The Fall Armyworm Research Hub will be located in Kenya, a country significantly affected by the invasive pest.

Establishing this hub in the heart of East Africa reflects the region’s importance as an agricultural hub and highlights Kenya’s commitment to tackling the challenges posed by the fall armyworm.

This move by the FAO comes in response to the urgent need for targeted research and coordinated efforts to control the spread of the fall armyworm.

The pest, native to the Americas, has rapidly spread across Africa, causing substantial damage to crops such as maize, sorghum, rice, and other staple food crops.

The Research Hub will serve as a focal point for scientists, researchers, and policymakers to collaborate on understanding the biology and behavior of the fall armyworm, as well as developing effective strategies for its management.

The hub aims to facilitate knowledge exchange, develop innovative approaches, and strengthen regional capacity to combat this pest effectively by bringing together experts from different fields and countries.

Through the Fall Armyworm Research Hub, the FAO aims to support national and regional efforts in Africa by providing technical expertise, training, and access to advanced technologies.

The collaborative nature of the hub will foster partnerships between governments, research institutions, and other stakeholders, creating a united front in the battle against the fall armyworm.

This initiative aligns with the FAO’s broader commitment to sustainable agriculture, food security, and the livelihoods of smallholder farmers.

The hub is expected to strengthen Africa’s response to the fall armyworm.

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Kenya secures $21 million from AfDB to support women and youth entrepreneurs in Agriculture – Copy

Key Developments

Kenya secures $21 million from AfDB to support women and youth entrepreneurs in Agriculture

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AfDB approves $21 million to support Kenyan youths and women entrepreneurs in agriculture.
 

The African Development Bank (AFDB) has approved a $21 million financing to support Kenyan youths and women entrepreneurs in agriculture. With agriculture being a crucial sector in the country, contributing to employment, food security, and economic growth, this funding is poised to make a meaningful impact. The approved financing package will provide financial resources, technical assistance, and capacity building to Kenyan youths and women involved in various agricultural value chains.

The ultimate goal is to enhance their productivity, competitiveness, and overall business operations, thus creating a more conducive environment for entrepreneurship in agriculture.

 

The AFDB aims to address critical challenges faced by young and women entrepreneurs in the agricultural sector through targeted interventions and initiatives. This includes access to finance, technical know-how, market linkages, and relevant training opportunities. By bridging these gaps, the AFDB strives to unlock the untapped potential within the agricultural industry and empower a new generation of agripreneurs. The financial support will be channeled towards diverse activities, including:

  • Providing loans and credit facilities to aspiring and existing youth and women entrepreneurs in agriculture.

  • Investing in innovative agribusiness start-ups and initiatives that have high growth potential.

  • Facilitating access to modern technologies, equipment, and machinery to enhance productivity and efficiency.

  • Delivering tailored training programs and mentorship to develop business skills and entrepreneurial acumen.

  •  Strengthening value chains and promoting market integration for agricultural products.

  • Promoting sustainable agricultural practices and climate resilience among entrepreneurs.

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SEACOM secures $207 million from IFC to boost digital connectivity in Africa

Key Developments

SEACOM secures $207 million from IFC to boost digital connectivity in Africa

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SEACOM LTD, one of the leading Pan-African data services providers, has secured $207 million in funding from the International Finance Corporation (IFC) to accelerate digital connectivity in seven African countries.

The funding will be utilized to expand and upgrade its submarine and terrestrial cable infrastructure across the African continent. The funding will also support deploying new fiber-optic networks and enhancing existing infrastructure, ensuring faster, more reliable, and affordable internet connectivity for businesses and consumers.

The seven countries set to benefit from SEACOM’s infrastructure development include Kenya, Tanzania, Mozambique, South Africa, Rwanda, Uganda, and Djibouti. These countries were selected due to their strategic geographic locations and potential to significantly impact regional digital transformation efforts. The investment aligns with SEACOM’s commitment to bridging the digital divide and promoting inclusive growth in Africa.

The project aims to unlock opportunities in various sectors, including e-commerce, telecommunication services, healthcare, education, and finance, by bolstering digital connectivity. Improved internet access will enable businesses to expand operations, drive innovation, and enhance productivity.

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