Tag: Infrastructure Development

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Yellow raises $14 million in Series B funding

New Investments

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

Key Developments

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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Ghanaian cleantech startup Kofa secures funding to make clean energy affordable and accessible

New Investments

Ghanaian cleantech startup Kofa secures funding to make clean energy affordable and accessible

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Kofa, a dynamic startup based in Ghana, has secured funding to revolutionize the energy sector with its pioneering Battery-as-a-Service (BaaS) model.

In a bid to overcome the limitations of traditional energy storage systems, Kofa has set its sights on powering the nation’s future with a sustainable and innovative approach. Kofa’s game-changing BaaS model allows customers to access advanced battery technology without the hassle of upfront costs or ownership.

 

This transformative service allows residential and commercial clients to tap into the advantages of energy storage without bearing the burden of heavy capital investment. By proactively harnessing renewable energy sources, Kofa aims to bridge the gap between intermittent power supply and constant demand. Kofa’s recent funding round was led by Mercy Corps Ventures, Shell Foundation, UK’s FCDO (Foreign, Commonwealth & Development Office), and Wangara Green Ventures.

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Nigerian B2B e-commerce startup Sabi raises $38 million in Series B funding

New Investments

Nigerian B2B e-commerce startup Sabi raises $38 million in Series B funding

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Sabi, a prominent B2B African e-commerce platform, has raised $38 million in Series B funding at a valuation of $300 million.

The substantial valuation was driven by a consortium of investors, including Commerz Ventures, Norrsken22, Fluent Ventures, Proof VC and pan-African early-stage investors CRE Venture Capital and Janngo.africa Capital. The funding injection will fuel Sabi’s expansion plans, enhance its technological infrastructure, and bolster its market presence across multiple African countries.

 

Sabi’s platform seeks to revolutionize how B2B transactions are conducted in Africa, providing a seamless digital marketplace for buyers and sellers to connect, negotiate, and trade goods and services. By leveraging technology and economies of scale, Sabi has successfully transformed the traditional B2B landscape, simplifying complex procurement processes and streamlining supply chains for businesses of all sizes.

 

The new funding will enable Sabi to develop its platform further, enhancing its features and user experience. Additionally, Sabi plans to invest significantly in its logistics network and expand its reach to underserved regions, ensuring that businesses across Africa can access a reliable and efficient B2B e-commerce ecosystem. The success of Sabi reflects the increasing investor interest in African startups and highlights the untapped opportunities within the B2B e-commerce space.

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 ADF, Smart African Alliance join forces to boost digital trade in Africa.

Key Developments

ADF, Smart African Alliance join forces to boost digital trade in Africa

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Siemens The African Development (ADF), in partnership with the Smart Africa Alliance, has launched a new project to drive digital trade in Africa.

The $1.5 million project will support the implementation of digital trade facilitation systems in several African countries. Burundi, Kenya, Malawi, Rwanda, Uganda, Tanzania, and Zambia, are among the countries that will benefit from the project. The DATC project is expected to improve trade efficiency in Africa by reducing transaction costs, enhancing predictability, and reducing trade-related risks.

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 Afrilabs welcomes 19 new hubs to supercharge African innovation

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Afrilabs welcomes 19 new hubs to supercharge African innovation

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AfriLabs, one of Africa’s leading networks of technology and innovation hubs, to supercharge African innovation.

This expansion marks a significant milestone in AfriLabs’ mission to catalyze innovation, entrepreneurship, and technology-driven growth throughout Africa. By embracing these new hubs, AfriLabs further solidifies its position as a powerhouse, propelling Africa to the forefront of global innovation. The 19 hubs joining the esteemed AfriLabs network are strategically located across various African countries, ensuring a broad and inclusive representation of the continent’s innovation landscape.

By joining forces, AfriLabs and the newly added hubs will facilitate collaboration, knowledge sharing, and resource mobilization, empowering entrepreneurs, startups, and innovators across Africa.

The newly-added hubs include:

1. Enroot (Egypt)

2. Entrepreneurship Center of Social Impact-(Egypt)

3. Ichraf Jarray of Hive12 (Tunisia)

4. Soha Amer of Universite Senghor (Egypt)

5. iZet Hub (Kenya)

6. Knowledge Hub (KHub) (Ethiopia)

7. WiseHub (Kenya)

8. Antler Foundation Nairobi (Kenya)

9. Knight Ventures (Nigeria)

10. Axia Technology & Innovation Hub (Nigeria)

11. Eridan Group (Nigeria)

12. Mainstream Exelient Hub (Nigeria)

13. AfriTech Hub (Ghana)

14. TechHubHarare (Zimbabwe)

15. Acelera (Angola)

16. Afrisource Innovation Center (Namibia)

17. Fondation Bantu Hub (Congo)

18. IDENTIC Foundacion (Equatorial Guinea)

19. LPC Space (Equatorial Guinea).

 

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Zambia: MTN launches Skills Academy to empower youth with digital skills

Key Developments

Zambia: MTN launches Skills Academy to empower youth with digital skills

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Siemens Did you know that the digital gap in Africa remains a significant challenge, with internet penetration estimated to be around 39.3%

The facility will provide the necessary financial resources to support the growth and development of private sector operations in Africa, which will, in turn, create more jobs, increase productivity, and foster inclusive economic growth. The loan will support various private sector operations, including infrastructure development, agribusiness, energy, and manufacturing. It will also provide financing for small and medium-sized enterprises (SMEs) in Africa, which is critical to job creation and economic growth.

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AfDB secures $350 million from JICA to support Africa’s private sector

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AfDB secures $350 million from JICA to support Africa’s private sector

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The African Development Bank Group (AfDB) has secured a $350 million loan from the Japan International Cooperation Agency (JICA) to enhance its support for private sector operations in Africa.

The facility will provide the necessary financial resources to support the growth and development of private sector operations in Africa, which will, in turn, create more jobs, increase productivity, and foster inclusive economic growth. The loan will support various private sector operations, including infrastructure development, agribusiness, energy, and manufacturing. It will also provide financing for small and medium-sized enterprises (SMEs) in Africa, which is critical to job creation and economic growth.

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African Startups to benefit from Capria Ventures’ new $100 million fund

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African Startups to benefit from Capria Ventures’ new $100 million fund

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Capria Ventures, the global investment firm focused on backing early-stage impact-driven businesses, announced its first Global South Fund II close at $100 million.

The new fund will focus on investing in 20-25 tech startups in Africa, India, Southeast Asia, Latin America, and the Middle East. The Global South Fund II aims to generate positive social and environmental impact in sectors such as healthcare, education, financial inclusion, and agriculture.

The fund’s investors include a mix of development finance institutions, family offices, and institutional investors from around the world.

Key among the investors in the fund includes Gates Ventures, the investment vehicle of tech mogul, Bill Gates. Other institutional investors include Crystal Springs Foundation, Inc., OIP Investment Trust, Sall Family Foundation, and Brakeman Family Trust, as well as two founders of Pioneer Square Labs. The Global South Fund II builds on the success of Capria’s first fund.

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