The investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda, scale warehouse technology, and next-generation software that captures post-harvest pricing, and develop a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda.

The additional warehouses will provide 230,000 MT of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent.

BII’s investment will also help to develop new markets for smallholder farmers and provide them with access to training and other resources to improve their productivity and profitability.

The investment in AFEX is expected to have a significant impact on food security in Africa.

By supporting smallholder farmers to produce more and higher quality crops, AFEX is helping to increase the availability of food and reduce prices for consumers.

The company’s investment in storage and processing facilities will also help to reduce food waste and ensure that more food is available for people to eat.

Overall, the investment in AFEX is a positive development for Africa’s agricultural sector and food security.

The partnership goes beyond mere monetary terms, with SBI Holdings aiming to rally additional matching commitments from other Japanese institutional investors.

In return, Novastar will offer co-investment avenues and provide market insights.

SBI Holdings will also occupy a non-executive seat on Novastar’s Management Board, while Riki Yamauchi, a former investment banker in Tokyo, will join Novastar’s team to spearhead the partnership’s goals.

Yoshitaka Kitao, the top-tier executive of SBI Holdings, lauded Africa’s potential, highlighting its fast-paced growth, tech-inclined youth, natural assets, and urban evolution.

He envisioned this partnership as a robust conduit between Japan and Africa, fostering financial growth, knowledge transfer, and innovative collaborations.

Novastar has a proven track record of investing in socially and environmentally impactful companies in Africa.

Its portfolio includes Moniepoint, a Nigerian fintech, BasiGo, and mPharma.

The partnership between SBI Holdings and Novastar Ventures is a significant development for the VC landscape in Africa and Japan.

It represents a fusion of visions, ambitions, and a shared commitment to a sustainable and prosperous future for both regions.

Egyptian healthtech startup Almouneer has raised $3.6 million in seed funding to develop and scale its DRU app, a platform for lifestyle and diabetes management.

The round was led by Dubai-based Global Ventures, with participation from Wrightwood Investments, Proparco, and Digital Africa via the Bridge Fund.

Almouneer’s DRU app allows users to upload their medical records, including blood sugar levels and blood pressure readings.

It also provides access to up-to-date medical information and current medication details and offers teleconsultation features so patients can connect with healthcare professionals via chat or phone.

The app is particularly valuable in regions like Africa and the Middle East, where the burden of diabetes is high and access to healthcare can be limited.

According to the International Diabetes Federation, the number of people with diabetes in the Middle East and North Africa is projected to increase by 96% between 2019 and 2045.

Almouneer’s co-founder and CEO, Noha Khater, said the company plans to use the funding to expand its product offerings into adjacent markets within Africa and the Middle East.

The company is also considering expanding to Saudi Arabia, the UAE, Nigeria, and Kenya in the coming year.

This investment marks the inaugural investment from Injaro’s Injaro Ghana Venture Capital Fund (IGVCF) and represents a significant step in Zeepay’s Series A.5 fundraising round.

Zeepay is a pioneering player in the digital termination of remittance (DTR) sector and the mobile money market, with a footprint in over 20 countries across the globe.

The company specializes in facilitating cross-border payments directly into mobile wallets, serving regions spanning Africa and the Caribbean.

Zeepay’s core vision is to foster financial inclusion and revolutionize cross-border payments, particularly in underserved, low-income markets.

Injaro’s investment is expected to fuel Zeepay’s expansion across multiple countries and reinforce its presence in these new markets.

The investment also aligns with IGVCF’s strategic approach of collaborating with Ghanaian small and medium-sized enterprises (SMEs), demonstrating credible growth potential.

Jerry Parkes, the Managing Director of Injaro Investment Advisors, expressed his enthusiasm about the partnership with Zeepay, which is spearheaded by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur.

Parkes described their joint aspiration to build a successful Ghanaian multinational and become a frontrunner in the fintech industry.

Parkes also emphasized the importance of financing Zeepay with Ghanaian capital, which ensures that the investment’s profits circulate within the local economy, fostering a virtuous cycle of economic development.

He added that this investment signifies a significant initial step towards establishing connections between Ghana’s pension funds and remarkable local businesses that are pivotal drivers of Ghana’s economic growth.

Injaro’s investment in Zeepay is a landmark event for Ghana’s fintech sector and demonstrates the growing confidence of local investors in the country’s entrepreneurial ecosystem.

The investment is expected to accelerate Zeepay’s growth and expansion, enabling the company to reach more underserved communities and promote financial inclusion across Africa and beyond.

REPP 2 is being developed by Camco, a climate and impact fund manager, and is designed to generate substantial climate, economic, and gender-related impacts while also ensuring sustainable returns for its investors.

Sub-Saharan Africa is facing a significant challenge, with approximately 590 million people lacking access to electricity.

The International Energy Agency estimates that $22 billion is required annually to provide reliable energy access throughout the continent by 2030.

Additionally, Africa is grappling with an escalating series of climate-related challenges, and its nations need an estimated $2.8 trillion by 2030 to fulfill their Nationally Determined Contributions under the Paris Agreement.

REPP 2 has been structured as an innovative blended finance facility, leveraging a combination of public, private, and commercial funding to invest in small-scale and decentralized renewable energy projects in sub-Saharan African countries.

Through its private sector approach and a strong focus on supporting communities vulnerable to climate change, the fund is expected to make 35 to 40 investments over its lifetime.

These investments will support the development of decentralized renewable energy sources and enhance the resilience of national grid infrastructure, thereby promoting economic development in sub-Saharan Africa.

It is anticipated that REPP 2 will provide new or improved access to clean, reliable, and affordable power to 7.7 million people across Africa.

This will not only increase economic opportunities but also enhance access to productive energy-related activities.

Furthermore, the fund aims to mitigate 12.7 million tonnes of carbon dioxide equivalent in greenhouse gas emissions over the lifetimes of its projects.

Additionally, it intends to invest $70 million in projects aligned with 2X’s gender lens investing criteria and mobilize $786 million in third-party funding to promote green growth in target countries.

The blended finance structure of REPP 2 represents an evolutionary advancement from the $120 million REPP facility, which was previously fully funded by the UK’s Foreign, Commonwealth, and Development Office.

This development follows the signing of an indicative term sheet by the REPP board for a junior equity investment of up to $50 million from REPP into REPP 2.

The program supports companies across the agri-food value chain, with a strong emphasis on companies creating a sustainable future through innovation.

It is a mix of virtual and in-person programming, with four months of virtual training and support followed by two in-person weeks of support and networking.

Selected ventures will gain access to corporates and farmers, as well as investment opportunities, expert mentorship, and brand exposure.

Applications are open until November 10, 2023, and the program will run from March to August 2024.

The THRIVE Global Accelerator Program is a significant development for the African agri-food startup ecosystem.

It provides startups with the resources and support they need to grow and scale their businesses, which can have a major impact on the African economy and food security.

The program’s focus on sustainability is also important, as African agriculture faces a number of challenges, including climate change and land degradation.

Startups that are developing innovative solutions to these challenges can play a vital role in transforming the African agri-food sector.

What are the benefits of the program for startups?

The THRIVE Global Accelerator Program offers a number of benefits for startups, including:

• Access to expert mentorship from experienced entrepreneurs and investors
• Investment opportunities from leading venture capital firms
• Brand exposure through the THRIVE network
  Networking opportunities with corporates and farmers
• Virtual and in-person training and support

How can startups apply for the program?

To apply for the THRIVE Global Accelerator Program, startups must complete an online application. The application includes questions about the startup’s business model, team, and impact on the agri-food sector.

The THRIVE Global Accelerator Program is a valuable opportunity for African agri-food startups to access the resources and support they need to grow and scale their businesses.

This funding round was led by CRE Venture Capital and saw participation from notable investors, including Antler, EQ2 Ventures, Goodwater Capital, Chandaria Capital, and several angel investors.

Established in 2021 by co-founders Ananth Gudipati (CEO) and Abhinav Solipuram (CTO), Sukhiba Connect initially embarked on its journey as a community commerce platform, streamlining buyer orders and simplifying bulk purchases for manufacturers.

However, the startup later transitioned to the conversational commerce sphere, primarily due to the capital-intensive nature of the initial model.

Sukhiba Connect has since developed a remarkable B2B conversational commerce tool that enables companies to engage with and sell products to their clients through Meta’s popular messaging service, WhatsApp.

With this innovative platform, sellers can seamlessly send notifications, categorize customers, manage orders, and accept local payment options like M-PESA, Kenya’s widely used mobile money service.

On the customer side, individuals can effortlessly browse product catalogs, add or remove items from their carts, and complete the entire checkout process, all without leaving the WhatsApp ecosystem.

Kenya boasts the distinction of being the leading African nation in WhatsApp usage, with a staggering 97% of Internet users in the country relying on the messaging service.

Notably, WhatsApp has become the preferred communication channel for internet users aged between 16 and 64, surpassing other social media platforms, as revealed by a survey conducted in the third quarter of 2022.

While WhatsApp offers several features to assist businesses in establishing in-app stores, certain gaps persist, and localization remains a challenge.

Sukhiba Connect, alongside other social commerce startups like Tushop and Kapu, has been diligently addressing these issues, but the co-founder, Ananth Gudipati, asserts that there is still a vast untapped potential in this space.

Sukhiba Connect’s B2B conversational commerce tool has enabled over 30 businesses to embrace WhatsApp commerce, the majority of which are prominent distributors and manufacturers serving nearly 15,000 micro, small, and medium-sized enterprises (MSMEs), including retailers.