DealMakers AFRICA

Galileo Resources plc is to acquire a 29% stake in BC Ventures, the owner of a prospective lithium project near Kamativi in Southwest Zimbabwe and two gold licenses close to Bulawayo. The assets are owned through Zimbabwean subsidiary Sinamatella Investments. Following the Galileo will hold an 80% interest in BC Ventures. The Consideration Shares will be issued at 1.2 pence per share which is a premium of 4.4. The purchase consideration of £6 million will be settled by the issue of 50 million Galileo shares at 1.2 pence per share, a premium of 4.4% to the closing price of 1.15 pence pre share on August 8, 2022. The consideration shares are subject to a 12-month lock up.

Sango Capital, a South African investment management firm, has acquired a controlling stake in Tunis Stock Exchange-listed Sotipapier, a manufacturer of Kraft paper, test line and flute paper based in Tunisia. The stake was acquired from private equity firm SPE Capital for an undisclosed sum.

Kenyan social commerce startup Flo by Saada has been acquired by US-based Elloe. Flo by Saada enables small and medium enterprises to build solutions and process payments through USSD and programmable SMS. Financial details were not disclosed.

Ghanaian cashflow and spend management platform Float has acquired Nigerian cloud-based accounting company Accounteer for an undisclosed sum. The deal is in line with Float’s strategic objective to become the financial operating system for Africa’s SMEs.

IProcure, a Kenyan agritech startup, has raised US$10,2 million in a series B round led by Investisseurs & Partenaires with participation from Novastar Ventures, British International Investment and Ceniarth. The funding will be used to scale into the East Africa region, particularly Uganda and Tanzania and to launch a credit offering for agro-retailers.

Pastel, a Nigerian digital bookkeeping platform for merchants, has raised US$5,5 million in a seed round. The round was led by pan-African venture capital firm TLcom with participation from Global Founders Capital, Golden Palm Investments, DFS Labs, Plug and Play, Ulu Ventures and Soma Cap. Funding will be used to expand its product offering, develop additional finance management features and tools around group savings, loans and payments for small business.

Bonbell, an Egypt-based restaurant management platform, has closed an initial funding round for $350,000. The investment, from a Canadian angel investor will be used to further develop Bonbell’s app which launched earlier this year. The foodtech startup offers a cloud-based online food ordering and delivery system enabling restaurant managers to handle dine-in orders, table reservations and curb side delivery.

Nigerian TeamApt, a fintech startup operating a business payments and banking platform, has secured an undisclosed sum from venture capital firm QED Investors. The investment will be used to scale the business across Africa.

Lori Systems, a Nairobi-headquartered African on-demand logistics and trucking company has raised an undisclosed sum in a pre-Series B round. The funds, raised from Google and existing investors, will be used to scale new product lines and reach profitability. The company digitises haulage, providing shippers with solutions to manage their cargo and transporters.

DealMakers AFRICA is the Continent’s M&A publication
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