DealMakers AFRICA

Beltone Venture Capital and Citadel International have backed Egyptian furniture e-commerce platform ariika with US$3 million in Series A extension funding. The funding will be used to accelerate local and regional growth.

Winock Solar, a Nigerian company specialising in solar and energy efficient lease-to-own equipment for micro and small businesses, has secured a US$1,6 million equity investment from Acumen Fund and All On Partnerships for Energy Access.

Morocco’s luxury tea and infusion packing solutions firm, Imperium Holding, has secured a €25 million investment from Proparco, IFU and SI Advisers. The funding will support the company’s expansion plans which are projected to create an additional 933 jobs.

Impact investor, Incofin has invested €3 million in Ugandan social enterprise, SPOUTS International. SPOUTS manufactures and distributes ceramic water filters designed to eliminate the need to boil water using firewood and charcoal, thus conserving natural resources, decreasing household costs and lowering carbon emissions.

Egypt-based private equity firm Ezdehar Management has acquired the remaining 40% interest in Zahran Market Z.A.E. Ezdehar acquired a majority stake in the supermarket chain back in 2022, partnering with the Zahran family to strengthen the company’s management capabilities and systems to drive growth and expansion. Financial terms of the deal were not disclosed.

In a move to further expand its footprint in the private education space, South African group ADvTECH has announced the acquisition of Ethiopian school group Flipper International School based in Addis Ababa. The acquisition will add five schools and an additional 3,000 students to the Group’s international portfolio. The US$7,5 million deal will be funded internally by ADvTECH.

Access Bank UK announced the acquisition of a majority stake in the fourth-largest bank in Mauritius, Afrasia Bank. The deal is part of Access Bank UK’s expansion plans in Africa and strengthening its global footprint. The company did not disclose the value of the deal.

Amenli, an Egyptian insurtech founded in 2020, has secured a US$2,3 million funding round led by the European Bank for Reconstruction and Development (EBRD) Venture Capital arm and includes a follow-on investment by Y Combinator.

IMIZI Rum, a Rwandan distillery and rum brand, has closed a US$500,000 pre-seed round from angel investors in North American, London, Singapore and Rwanda. The funding will be used to expand production, support distribution growth outside of Rwanda and establish a brand house in Kigali.

Voltron Capital, Zrosk, WEAV Capital, MasterCard Foundation, Kaleo Ventures and a group of angel investors have backed Lingawa in a pre-seed funding raise of US$1,1m. The Nigerian edtech, formerly known as TopStar, will use the funding to develop an interactive app, expand the language offerings and recruit talent.

DealMakers AFRICA is the Continent’s M&A publication
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