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Johnvents Group Secures $40.5 Million Investment from BII to Boost Cocoa Processing in Nigeria

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Johnvents Group Secures $40.5 Million Investment from BII to Boost Cocoa Processing in Nigeria

Johnvents Group, a prominent Nigerian agribusiness and manufacturing conglomerate, has received a $40.5 million investment from British International Investment (BII), the UK’s development finance institution and impact investor.

The investment is set to enhance the operations of Premium Cocoa Products Ile-Oluji, a key subsidiary of Johnvents Group, enabling it to reach its full annual production capacity of 30,000 metric tonnes of cocoa.

As the world’s fourth-largest cocoa producer, Nigeria has significant untapped potential in the global cocoa market.

However, challenges related to processing inefficiencies and sustainability practices have hindered the country’s ability to maximize exports.

Johnvents Group aims to address these challenges by utilizing the newly secured funding to modernize its production processes and strengthen its sustainability and traceability initiatives, ensuring compliance with global standards for ethical sourcing.

A core aspect of this investment is the company’s ambition to achieve 100% traceable cocoa by 2027, with at least 90% of its supply certified.

This strategic move is expected to boost production efficiency, increase Nigeria’s export competitiveness, and provide economic benefits to local cocoa farmers by fostering fair trade and sustainable farming practices.

Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, highlighted the importance of this collaboration in overcoming key obstacles in Nigeria’s cocoa industry:

“We are pleased to support Johnvents Group in addressing critical barriers to growth in the sector. This investment will benefit local farmers, strengthen Nigeria’s trade position, and enhance the country’s global presence through increased exports,” he stated.

Echoing this sentiment, Jonny Baxter, British Deputy High Commissioner in Lagos, emphasized the UK’s commitment to sustainable investments in Nigeria.

“The UK is proud to support high-quality, sustainable investments that create jobs and foster mutually beneficial partnerships across Nigeria,” Baxter noted.

John Alamu, Group Managing Director of Johnvents Group, described the investment as a pivotal step in strengthening Nigeria’s agribusiness sector:

“This funding for our Premium Cocoa Products Ile-Oluji facility marks a major advancement in our goal to build a sustainable and globally competitive cocoa industry. It will enhance our processing capabilities, empower thousands of farmers, and contribute significantly to Nigeria’s economic growth,” Alamu remarked.

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IFC Grants $37 Million Loan to Mohinani Group for PET Recycling in Ghana and Nigeria

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IFC Grants $37 Million Loan to Mohinani Group for PET Recycling in Ghana and Nigeria

The International Finance Corporation (IFC) has announced a collaboration with Ghana-based manufacturer Mohinani Group to enhance plastic waste recycling in Ghana and Nigeria.

The initiative aims to tackle environmental challenges while promoting economic growth through sustainable plastic waste management.

As part of the partnership, IFC is extending a $37 million loan to Mohinani Group’s subsidiaries, Polytank Ghana and Sonnex Packaging Nigeria, to support the establishment of polyethylene terephthalate (PET) recycling plants in both countries.
 
These facilities will focus on converting plastic waste into recycled PET (rPET) resins, which serve as a substitute for virgin PET resins used in food and beverage packaging.

Each recycling plant will have the capacity to produce 15,000 tonnes of rPET resins annually, with around 90% of the raw materials sourced from small businesses engaged in plastic collection.
 
This initiative is expected to generate over 4,000 direct and indirect jobs across the value chain while reducing reliance on imported resins, resulting in estimated annual savings of $21 million per country.

Roshan Mohinani, Strategy and Transformation Manager at Mohinani Group, highlighted the project’s goal of advancing environmental sustainability and fostering economic empowerment.
 
“The rPET initiative was conceived to close the bottle-to-bottle recycling loop in Africa while improving the quality of life in the region,” he stated.
 
“It is expected to create thousands of jobs, particularly benefiting women and young people in Ghana and Nigeria.”

IFC’s Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, emphasized the significance of the initiative in addressing both economic and environmental concerns.
 
“By recycling up to 30,000 tonnes of PET waste annually, these new plants will not only contribute to a cleaner environment but also support local economies by replacing imports with locally recycled materials,” she said.

PET, a widely used polymer resin, is a key material in food and beverage packaging.
 
Through this partnership, IFC and Mohinani Group seek to strengthen Africa’s recycling infrastructure while fostering a circular economy that benefits both businesses and communities.

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Egyptian SaaS Startup Qme Raises $3 Million Seed Funding to Revolutionize Appointment Booking

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Egyptian SaaS Startup Qme Raises $3 Million Seed Funding to Revolutionize Appointment Booking

Egyptian software-as-a-service (SaaS) startup Qme has raised $3 million in seed funding, with AHOY, a deep-technology company, leading the investment round.

The funding will support Qme’s expansion and further development of its AI-driven appointment booking solutions, which aim to improve efficiency and streamline operations across multiple industries.

Qme’s platform is designed to address persistent inefficiencies in appointment scheduling and queuing systems, particularly in the Middle East and North Africa (MENA) region.

Research indicates that individuals spend an average of six months of their lives waiting in queues, while 92% of appointments in the region are still booked over the phone—contributing to a 31% no-show rate and compounding operational challenges.

Since launching commercially in 2023, Qme has served over 100,000 customers across healthcare, banking, and government sectors.

The startup reports significant efficiency improvements, reducing average wait times from 116 minutes to just 14 minutes.

It has also helped lower phone booking no-show rates to under 1% and replaced traditional paper-based queuing systems with digital alternatives, saving an estimated 50,000 square meters of paper.

The fresh investment aligns with Qme’s participation in AHOY’s Startup Builder Initiative, a program committed to supporting 10,000 entrepreneurs and 30,000 software developers across MENA by 2030.

The initiative focuses on innovation in infrastructure sectors, including transportation, aviation, and smart cities.

Through its partnership with AHOY, which specializes in logistics, aviation, and traffic management, Qme will gain access to advanced technology and industry expertise to accelerate its growth in complex markets such as the Gulf Cooperation Council (GCC) and Africa.

Maged Negm, CEO and Co-Founder of Qme, emphasized the transformative potential of this collaboration.

He noted that AHOY’s expertise in operational excellence and advanced technology will be instrumental in scaling Qme’s solutions to optimize movement and enhance customer experiences in dynamic environments.

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Tony Elumelu Foundation Secures $6 Million UAE Partnership to Support African Entrepreneurs

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Tony Elumelu Foundation Secures $6 Million UAE Partnership to Support African Entrepreneurs

The Tony Elumelu Foundation (TEF), a leading philanthropic organization dedicated to empowering young entrepreneurs in Africa, has entered into a $6 million strategic partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation.

The announcement, made at the World Government Summit, signifies a major boost for African entrepreneurship, offering business training, mentorship, networking opportunities, and $5,000 in non-refundable seed capital to 1,000 emerging business owners across the continent.

The formal agreement was signed by Tony O. Elumelu, founder of TEF, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.

This collaboration underscores the commitment of both entities to fostering economic growth and supporting youth-led businesses in Africa, reinforcing economic ties between the two regions.

Since its launch in 2015, the TEF Entrepreneurship Programme has been instrumental in nurturing Africa’s entrepreneurial landscape. The initiative has:

  • Provided training to over 2.5 million entrepreneurs through its digital platform, TEFConnect.
  • Disbursed more than $100 million in funding to 21,000 businesses.
  • Created over 1.5 million jobs, helping lift two million people out of poverty.

With the latest financial backing from the UAE, the foundation will further extend its reach, enabling an additional 1,000 African entrepreneurs to benefit from essential business resources and financial support.

The Khalifa Bin Zayed Al Nahyan Foundation, known for its extensive contributions to education, healthcare, economic empowerment, and enterprise development, is reinforcing its dedication to global economic progress through this initiative.  

Speaking on the partnership, Tony Elumelu emphasized the transformative potential of entrepreneurship in Africa:

“Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future. By providing access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.”

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EIB Invests €15 Million in I&P Afrique Entrepreneurs 3 Fund to Support African Entrepreneurs

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EIB Invests €15 Million in I&P Afrique Entrepreneurs 3 Fund to Support African Entrepreneurs

The European Investment Bank (EIB) has announced a €15 million investment in the newly established I&P Afrique Entrepreneurs 3 (IPAE 3) fund, managed by Investisseurs & Partenaires.

The fund is designed to support high-potential local businesses in various sectors, including agriculture, health, energy, water, industry, and services.

The EIB joins the West African Development Bank (BOAD) and Proparco as one of the first investors in IPAE 3, with the goal of attracting additional public and private sector contributors to expand the fund’s impact.

EIB Vice-President Ambroise Fayolle emphasized the significance of this investment, particularly in West Africa and Madagascar, where access to financial support for startups remains limited.

“This initiative aims to provide financing for startups and assist in their growth, fostering responsible entrepreneurship and empowering women entrepreneurs. By doing so, we are contributing to job creation and the development of future business leaders,” Fayolle stated.S

ébastien Boyé, Co-CEO of Investisseurs & Partenaires, expressed pride in the ongoing collaboration with the EIB, a partnership that has spanned nearly two decades.

“The EIB’s early commitment to IPAE 3 is instrumental in the success of this fundraising round. It underscores confidence in our approach and expertise. The fund aims to provide financial support to responsible and innovative businesses that tackle Africa’s most pressing challenges while promoting economic inclusion, particularly for women,” Boyé noted.

With this latest investment, IPAE 3 is set to drive economic development across Africa by funding enterprises that contribute to sustainable growth and social impact.

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Madica Invests in Four African Startups to Drive Innovation and Growth

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Madica Invests in Four African Startups to Drive Innovation and Growth

Madica, a pre-seed investment programme dedicated to supporting early-stage startups in Africa, has announced a new $800,000 investment spread in four promising startups.

Each selected startup will receive $200,000 alongside an 18-month tailored investment programme to foster growth, innovation, and long-term sustainability.

The programme offers a highly personalized curriculum, hands-on mentorship, and executive coaching from industry leaders, including Yoeal Haile, co-founder of the fintech company Sava.

Additionally, founders will benefit from two-week, fully funded immersion trips to key entrepreneurial ecosystems in cities such as Cape Town and London.

The initiative is strategically designed to help startups scale, attract follow-on funding, and establish a solid foundation for future success.

The Four Startups Selected for Investment

  1. Medikea (Tanzania) – Founded by Elvis Silayo and Desire Ruhinda, Medikea is a digital healthcare platform that integrates telemedicine and in-person facilities to enhance access to primary and specialized healthcare services.
  2. Motherbeing (Egypt) – Led by Nour Emma and Yousef Elsamaa, Motherbeing leverages AI-driven technology to provide health and wellness solutions for Arab women, offering AI-assisted guidance, educational content, and diagnostic services.
  3. Pixie Motors (Tunisia) – Founded by Anis Fekih and Wafa Dhifi, Pixie Motors focuses on sustainable urban mobility, offering eco-friendly electric vehicles for both city travel and last-mile delivery services.
  4. ToumAI (Morocco) – Established by Odin Demassieux, Imade Benelallam, and Yousef Rhamani, ToumAI harnesses AI and large language model (LLM) voice analytics to provide multilingual customer insights and voice solutions. The startup recently secured an additional $1 million investment to enhance AI capabilities in Africa.

Madica’s Commitment to African Startups

Since its launch in 2022, Madica has played a pivotal role in supporting early-stage African startups by addressing key challenges such as access to funding, mentorship, and market expansion.

In its first year, the programme supported eight startups and secured six new investments.

The initiative has also surpassed its goal of achieving 50% gender diversity in leadership teams, backing female-led companies across eight countries and six different sectors.

Earlier in 2024, Madica invested $200,000 in three African startups—Kola Market, GoBEBA, and Newform Foods—as part of its first investment programme.  

Madica operates in collaboration with Flourish Ventures, a global fintech venture capital firm, with the shared mission of empowering African entrepreneurs through financial backing and world-class business support.  

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Egyptian E-Commerce Platform Taager Raises $6.75 Million Pre-Series B Funding to Drive Expansion

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Egyptian E-Commerce Platform Taager Raises $6.75 Million Pre-Series B Funding to Drive Expansion

Egyptian social commerce platform Taager has successfully raised $6.75 million in a pre-Series B funding round to accelerate its growth within the Middle East and North Africa (MENA) region and enhance its technological capabilities.

Founded in December 2019, Taager operates as a social e-commerce marketplace, providing online sellers with a comprehensive suite of backend services.

 
These include logistical support such as storage and shipping, as well as an online marketplace connecting them with wholesalers.
 
By leveraging artificial intelligence (AI) and data science, the platform enables new entrepreneurs to establish and scale their online businesses with minimal risk.
 
It also simplifies pricing structures and streamlines product selection, allowing sellers to focus on business operations while Taager manages logistical complexities.

Currently operating in Egypt, the United Arab Emirates (UAE), Saudi Arabia, and Iraq, Taager has served over 45,000 online sellers. With the latest investment, the company aims to expand its presence further in the region.

The funding round was led by Africa-focused tech growth fund Norrsken22 and attracted participation from Endeavor Catalyst and Beltone VC. Existing investors, including 4DX Ventures, RAED Ventures, BECO Capital, and Breyer Capital, also contributed to the oversubscribed round.

The fresh capital injection will enable Taager to refine its data insights and tools for social sellers, diversify its product offerings, and expand its workforce.

“Over the past five years, we have built the fundamentals of social commerce from the ground up. In the last two years, we have refined our business model to become more capital-efficient and scalable while improving core unit economics. Now, we are ready to scale rapidly, with a goal of growing fivefold in the coming years,” said Mohamed Elhorishy, co-founder and CEO of Taager.

Nivesh Pather, principal at Norrsken22, commended Taager’s impact on the MENA e-commerce landscape, highlighting the company’s role in equipping thousands of entrepreneurs with essential tools and infrastructure.

“This team has demonstrated remarkable success in expanding into multiple markets profitably, including Saudi Arabia. We are excited to support Mohamed and his team as they embark on their next phase of growth,” he said.

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Nigerian Fintech Raenest Raises $11M Series A Funding to Expand Cross-Border Payment Solutions

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Nigerian Fintech Raenest Raises $11M Series A Funding to Expand Cross-Border Payment Solutions

Raenest, a global multi-currency accounts platform serving individuals and businesses across Africa, has successfully raised $11 million in Series A funding.

The funding round was led by QED Investors, with additional support from Norrsken22 and continued investment from Ventures Platform, P1 Ventures, and Seedstars.

This latest equity-based investment brings Raenest’s total venture funding to $14.3 million.

Raenest’s retail product, Geegpay, provides freelancers with virtual accounts in USD, GBP, and EUR, allowing them to receive payments, manage multi-currency wallets, and perform currency conversions.

Additionally, users have access to both virtual and physical debit cards for seamless international transactions.

In March 2023, the company expanded its services to businesses under the Raenest for Business brand, streamlining international remittance processes for enterprises operating in Africa.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) service to help foreign companies pay African employees while ensuring compliance with local regulations.

However, the co-founders quickly identified a more pressing challenge: individuals struggling to receive payments efficiently.

“A U.S. company might not be affected by a five-day delay in payments, but for someone in Nigeria or Kenya, such delays can significantly impact their finances, especially when converting to local currency,” said CEO Victor Alade.

Since its inception, Raenest has processed over $1 billion in payments, marking a 160% growth over two years.
The platform currently supports more than 700,000 freelancers who receive payments from platforms such as Upwork, Fiverr, and Gusto.

Additionally, over 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta, use Raenest for cross-border transactions.

Commenting on the investment, Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, stated:

“At QED, we’re excited to support Raenest as they revolutionize cross-border banking for Africans. Their commitment to financial inclusion and seamless user experience makes them a transformative player in the fintech space.”

Lexi Novitske, General Partner at Norrsken22, also highlighted the importance of Raenest’s mission, noting:

“Africa’s gig economy is expanding by 20% annually, yet cross-border payment challenges remain. Raenest is addressing a critical gap, ensuring freelancers and businesses can efficiently receive and manage their funds.”

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Sahel Capital Backs Nigeria’s Agriarche to Boost Market Access for Smallholder Farmers

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Sahel Capital Backs Nigeria's Agriarche to Boost Market Access for Smallholder Farmers

Sahel Capital, through its Social Enterprise Fund for Agriculture in Africa (SEFAA), has provided a $500,000 working capital loan to Agriarche, a company focused on improving market access for smallholder farmers in Nigeria.

The investment aims to enhance connections between farmers and fast-moving consumer goods (FMCG) companies, strengthening Nigeria’s agricultural supply chains.

Agriarche plays a crucial role in addressing challenges within Nigeria’s fragmented commodity value chains.

The funding will enable the enterprise to expand its reach, ensuring stable pricing for farmers and optimizing the agricultural supply network for FMCG companies.

According to Deji Adebusoye, a partner at Sahel Capital, Agriarche is making a significant impact on smallholder farmers’ livelihoods by leveraging technology to reduce the distance between farmers and economic hubs.

This has led to fairer pricing and greater reinvestment opportunities for farmers.

“By partnering with Agriarche, FMCG companies can drive meaningful impact for smallholder farmers, who remain the backbone of Nigeria’s food system,” Adebusoye noted.

Sahel Capital manages multiple funds, including the Fund for Agricultural Finance in Nigeria (FAFIN), which supports SME agribusinesses in the country, and SEFAA, which provides structured debt financing to agribusiness SMEs across 13 sub-Saharan African countries.

The firm is also in the process of raising capital for a new investment initiative, the Sahel Capital Agribusiness Fund II, aimed at expanding agribusiness opportunities across West Africa.

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