Tag: Infrastructure Development

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

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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

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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

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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

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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

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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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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy, a leading provider of clean energy solutions in Africa, has secured $50 million in funding to accelerate the deployment of clean and reliable power solutions for businesses across the African continent.
 

CrossBoundary Energy specializes in developing and operating distributed solar energy projects for commercial and industrial clients. By offering solar-as-a-service, the company eliminates the upfront costs and operational complexities associated with traditional energy systems. This approach enables businesses to access clean and reliable power, reduce their carbon footprint, and lower energy costs, boosting their competitiveness and sustainability.

 

The $50 million investment will support CrossBoundary Energy’s ambitious plans to expand its project pipeline, reach new markets, and deepen its impact across the continent. With this funding, the company aims to accelerate the deployment of solar energy systems, providing businesses with a cost-effective and environmentally friendly alternative to conventional power sources. With Africa’s energy demand projected to rise significantly in the coming years, the need for scalable and sustainable power solutions has never been more critical.

CrossBoundary Energy’s $50 million funding injection will play a vital role in addressing this challenge and driving the continent towards a more sustainable and resilient energy infrastructure

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Egyptian-based logistics startup Trella raises $3.5 million for scaling

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Egyptian-based logistics startup Trella raises $3.5 million for scaling

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Trella, an Egyptian-based logistics startup, has raised $3.5 million in a recent funding round led by Avanz Capital.

This significant investment will enable Trella to expand its operations further, enhance its technology platform, and solidify its position as one of the leading players in the logistics industry. With the newly secured funding, Trella plans to expand its operations, strengthen its presence in existing markets, and explore opportunities in new geographies.

 

The investment will also be allocated towards enhancing its technology platform, which leverages data-driven insights and machine learning algorithms to optimize freight matching, improve efficiency, and deliver a seamless logistics experience.

Launched in 2022, Trella aims to address the logistics challenges businesses face in emerging markets, particularly in the Middle East and Africa. The platform connects shippers with carriers by leveraging technology, streamlining the process and providing real-time visibility and transparency throughout the transportation journey.

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Yellow raises $14 million in Series B funding

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Yellow raises $14 million in Series B funding

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Yellow, a leading PayGo solar startup in Africa, has secured $14 million in Series B funding to scale across Africa.

Convergence Partners led the funding round with participation from the Energy Entrepreneurs Growth Fund, managed by Triple Jump, and follow-on investment from Platform Capital Investment Partners. Founded in 2018, Yellow offers affordable and accessible solar energy solutions to off-grid households in Africa.

 

The company’s PayGo model enables customers to pay for solar energy products in installments, making clean energy solutions more affordable for low-income households. Yellow’s innovative approach has garnered recognition and support from various organizations, including the United Nations Development Programme and the World Bank.

The $14 million funding round will allow the startup to accelerate its expansion plans and increase its market penetration across the continent. The investment will be primarily allocated to expanding Yellow’s distribution network, enhancing its product offerings, and investing in research and development to improve technological advancements.

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Can Africa Manufacture Its Own Vaccines? Mastercard Foundation & IDP Partnership Is a Pivotal Step Towards Africa’s Health Independence

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Can Africa Manufacture Its Own Vaccines? Mastercard Foundation & IDP Partnership Is a Pivotal Step Towards Africa’s Health Independence

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The Mastercard Foundation and the Institut Pastuer De Dakar (IDP) have unveiled a $45 million partnership to strengthen Africa’s healthcare infrastructure and foster vaccine manufacturing autonomy.

The collaboration aims to bolster the continent’s vaccine manufacturing capabilities and enhance its preparedness for future health crises. The investment will be strategically utilized to support the development of vaccine manufacturing hubs across Africa. These hubs will serve as centers of excellence, equipped with state-of-the-art infrastructure, advanced technology, and research facilities to facilitate vaccine production, distribution, and quality control.

 

Through this partnership, the Mastercard Foundation and IDP aim to foster collaboration among African nations, academia, research institutions, and the private sector. The objective is to create a robust ecosystem that promotes knowledge sharing, skills development, and technology transfer, ultimately enabling Africa to produce safe, affordable, and effective vaccines locally.

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