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.

This fund aims to accelerate the decarbonization of Africa’s energy grid and drive impactful change in renewable energy development across the continent.

The initiative is backed by key investors, including the Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth, and the UK-funded Renewable Energy Performance Platform (REPP).

REPP 2 is a blended finance vehicle to attract public and private investments in Sub-Saharan Africa’s distributed and small-scale renewable energy market.

This innovative approach supports decarbonization while addressing the $22 billion annual funding gap needed to achieve Sustainable Development Goal 7 (SDG7) — providing universal access to reliable electricity.

“This is Africa’s moment to redefine its energy future,” said Ben Hugues, REPP 2 Director at Camco.

“Investing in the businesses shaping a decentralized, renewable, and reliable African energy grid is paramount. The involvement of world-class investors underscores the importance of blended finance in scaling innovation and delivering both financial and climate impacts.”

Over its lifetime, REPP 2 is projected to add 330 MW of renewable energy capacity and mitigate over 12.7 million tons of carbon dioxide equivalent emissions. It aims to deliver clean energy access to more than 7.7 million people while enhancing the resilience of approximately one million beneficiaries.

The fund is further supported by a technical assistance facility, funded by the Norwegian Agency for Development Cooperation (Norad), to overcome financial and non-financial barriers impeding project development.

This support is expected to stimulate market growth and expedite investments in Africa’s renewable energy sector.

REPP 2 is a critical milestone in Africa’s energy transition, setting the stage for sustainable economic growth and impactful climate solutions across the continent.

The funding, which includes a €4.3 million ($4.5 million) initial round in April and support from key investors such as Janngo Capital, Southbridge Investments, Ciwara Capital, KJ Holding, Audentes Capital, DMG Promotion, and 150 O bter, was finalized with backing from Bpifrance.

This milestone solidifies LAfricaMobile’s mission to empower African businesses by enabling multichannel and inclusive customer interaction through mobile communication.

Malick Diouf, CEO of LAfricaMobile, highlighted the significance of this achievement:

“The finalization of this Series A of €6.5 million ($7 million) marks an important step for the development of LAfricaMobile,” he said.

“This demonstrates investors’ confidence in our value proposition for the Cloud Communication and AI market in Africa and underscores our ability to meet the needs of African companies for seamless customer interaction,” he added.

Diouf also emphasized the company’s commitment to delivering impactful solutions across various sectors, including banking, insurance, fintech, health, education, agriculture, public services, and environmental initiatives.

Raymond Mendy, Executive Director of LAfricaMobile, expressed enthusiasm about the company’s next phase:

“LAfricaMobile is at a crossroads in its development strategy. We face the dual challenge of expanding coverage in French-speaking Central Africa and the opportunity to support public and private organizations in their digital transformation processes.”

“Our tailored service offerings are designed to address the needs of these communities effectively.”

The Series A funding will be instrumental in accelerating the company’s expansion and enhancing its technological capabilities to maintain its leadership position in French-speaking Africa’s cloud communication and AI landscape.

Established in 2015 by Henri Ousmane Gueye, Eyone focuses on providing digital solutions to foster a connected healthcare ecosystem.

Its platform bridges patients with essential stakeholders, such as hospitals, clinics, insurers, international organizations, and governments, to ensure more efficient and coordinated healthcare delivery.

The funding round was primarily supported by the Sonatel Group, which contributed $855,000 through its investment arm, Véhicule d’Investissement et de Financing (VIF), alongside $145,000 from BICIS.

The financial boost will help Eyone refine its digital health services, broaden its reach, and introduce innovative healthcare solutions tailored for the African market.

Eyone’s vision is to transform healthcare on the continent by harnessing technology to close gaps in access and improve the quality of services available to patients and healthcare providers.  

This strategic move aims to boost trade and provide sustainable transport solutions in the Global South.

The agreement includes the deployment of OX Delivers’ all-electric truck fleet, along with access to its proprietary technology platform and vehicle maintenance services.

The franchise partner, OX East Africa, will build on the company’s existing success in Rwanda and expand operations to neighboring countries, including Uganda, Kenya, Tanzania, and Burundi.

Simon Davis, Co-Founder and CEO of OX Delivers, highlighted the importance of the partnership in scaling their business.

“This deal represents a significant milestone for OX Delivers and acknowledges the remarkable progress we’ve achieved with our electric trucks and services in Rwanda. It will enable us to explore new markets, introduce payment apps, and enhance the overall customer experience.”

Davis emphasized the broader mission of fostering economic growth by providing affordable and reliable transport services that empower local businesses to thrive.

Colin Tebbett, the newly appointed CEO of OX East Africa, will lead the franchise’s operations.

Tebbett reflected on the success of OX Delivers in Rwanda, where the company has supported over 5,000 customers, many of whom are smallholder farmers and traders.

“Our service has allowed customers to increase their sales fivefold, demonstrating the transformative impact of efficient, reliable transport. The franchise will expand this model to neighboring countries, creating a self-reinforcing cycle of economic and social growth,” Tebbett said.

Since its pilot launch in Rwanda in 2021, OX Delivers has experienced robust demand, generating over $920,000 in revenue from January to October 2024.

Customers have transitioned from inefficient methods like bicycles and buses to the OX service, which allows them to book space on trucks for faster, safer delivery of goods to markets.

The OX electric truck, originally conceptualized by Sir Torquil Norman and Professor Gordon Murray, has been redesigned by OX’s engineering team for maximum efficiency and affordability.

With operating costs 10 times lower than traditional alternatives, the trucks are tailored for the “as-a-service” business model.