DealMakers AFRICA

Incofin Investment Management, the Belgian-headquartered international impact investment company, has disposed its 20% stake in ACEP Burkina (held through Incofin CVSO, a cooperative investment fund open to small investors) to French impact investor, Solidarité Internationale pour le Développement et l’Investissement (SIDI). ACEP is the second largest microfinance institution in Burkina Faso by portfolio size and offers a broad range of financial solutions to SMEs, institutions and high net-worth individuals.

Kansai Paint Co, a Japanese, Osaka-based chemical company, is to sell its African operations to Dutch multinational paints and coatings company AkzoNobel. Kansai Paint which has a footprint in 12 African countries will receive US$450 million for the sale of assets.

Cairo-based Appetito, the Egyptian grocery and household products delivery service, is to acquire Lamma, a Tunisian on-demand delivery business with a presence in Tunisia and Morocco. The financial details of the deal are undisclosed.

African-focused fintech platform Finclusion Group has received an equity investment from The Cairo Angels Syndicate Fund, a micro venture fund investing in early-stage startups in the Middle East and Africa.

BURN Manufacturing, a Kenyan manufacturing company specialising in the design and manufacture of biomass, electric and LPG cookstoves, has, via a long-term quasi-equity instrument received US$4 million. The investment by Spark+ Africa Fund will enable BURN to increase the capacity of its manufacturing facility in Nairobi and finance the expansion of its business in new markets including Somalia, Ghana, Nigeria, Mozambique and the DRC.

Nigerian mobility technology company DriveMe has raised an undisclosed sum in a pre-seed funding round which will aid its local expansion and product development. The platform sources drivers, verifies their credentials and pairs them with vehicle owners and fleet operators.

Enko Education, a network of African international schools headquartered in South Africa, has closed its US$5,8 million series B round led by Adiwale Partners with participation from the Steyn Capital family office among others. Funds will be used to increase the number of students in the network.

Natrify, an Egypt-based biotechnology startup, has raised a six figure pre-Seed round to further its product development. Natrify offers a sustainable and biodegradable alternative to single-use plastic, having recently developed Adigide, a plastic that is biodegradable in many environments. The investment was raised from Ambo Ventures, a venture capital fund focused on investing in impact-driven and socially responsible African startups.

Betastore, the Nigerian-based B2B startup, has raised US$2,5 million in a pre-Series A funding round led by 500 Global, VestedWorld and Loyal VC. The funds will be used to scale the business into Ghana, the DRC and Cameroon by year-end. The retail marketplace enables informal traders to source fast-moving consumer goods directly from the manufacturer/distributor thereby keeping costs competitive.

Egypt-based on-demand delivery startup Gooo Delivery has raised an undisclosed amount in a pre-seed round. The startup offers point-to-point delivery services via the use of an app which enables users to order a range of goods in several cities across Egypt. Funds will be used to scale the business.

DealMakers AFRICA is the Continent’s M&A publication
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