DealMakers AFRICA

Mediterrania Capital Partners, a private equity firm focused on growth investments in SMEs and mid-cap companies in Africa, has exited its investment in private educational group Groupe Scolaire René Descartes (GSRD). The exit of the Tunisian company was executed through an MBO led by GSRD’s management.

Gold producer Caledonia Mining Corporation Plc, focused on mining in Zimbabwe, has further expanded its footprint in the country with the acquisition of Motapa Mining from UK company Bulawayo Mining. Motapa holds a mining lease over exploration property in southern Zimbabwe adjacent to the Bilboes gold project – Bilboes was acquired in July 2022. Caledonia Mining’s primary asset is the Blanket Mine in Zimbabwe.

Pasofino Gold, a Canadian-based mineral exploration company listed on the TSX-V, has advised Hummingbird Resources (HB) that it will exercise its option to acquire HB’s 51% stake in the Dugbe gold project in Liberia. Pasofino will issue shares to HB in settlement, resulting in HB owning 51% of the outstanding shares of Pasofino on completion of the consolidation.

CardinalStone Capital Advisers, a West African private equity fund manager, has invested US$6 million in AfyA Care, a healthcare group providing integrated healthcare services. The investment formed part of AfyA’s series A capital raise.

valU, the Egypt-based buy-now-pay-later lifestyle-enabling fintech platform, has made an investment into Hoods with the aim of capitalising on Hoods’ unique platform – a live entertainment commerce platform in the Middle East.

Morocco-based Spotter, a fintech startup enabling businesses to assess the creditworthiness of customers, has raised an undisclosed sum from UM6P Ventures.

Eden Care, a Rwanda-based digital insurer, has raised an undisclosed sum in a pre-seed funding round from DOB Equity, Seedstars International, Norrsken Foundation and Bathurst Capital.

Fintech platform Money Fellows has raised US$31 million in a Series B round. CommerzVentures, Middle East Venture Partners and Arzan Venture Capital led the investment in the Egypt-based startup. Funds will be used to accelerate growth, expand product offerings and scale its expansion across Africa and Asia.

SmallSmall, a Nigerian proptech, has raised US$3 million ($2 million in equity and $1 million in debt) in seed funding. The startup has three product lines – buy, rent and stay. Investors in the round included Oyster VC, Asymmetry Ventures, Vivaz and Niche Capital with participation from several angel investors. Funds will be used to scale within Nigeria.

The Bank of Africa in Morocco has secured a financial package of €13 million from the European Bank for Reconstruction and Development to support Morocco’s green transition.

MTN Nigeria has secured €100 million in financing from the European Investment Bank. The financing will be used to accelerate its network expansion programme.

DealMakers AFRICA is the Continent’s M&A publication
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