DealMakers AFRICA
Egyptian deep tech company, Intella has raised US$3,4 million in pre-Series A funding to drive their expansion plans in the Saudi market. The decision has been taken to re-locate the firm’s headquarters from Egypt to Saudi Arabia. The funding round was led by HALA Ventures and Wa’ad Ventures, with participation from Sanabil500, INSEAD’s alumni angel network and other investors.
Tom Preston-Werner, co-founder of GitHub, has invested in Egyptian fintech MoneyHash. The funding forms part of an undisclosed seed round. MoneyHash was founded in 2020 and allows companies to build a payment stack that suits their individual needs.
Renew Capital Angels has invested an undisclosed sum in micro insurance platform, Jamii.one, to drive the expansion of financial inclusion across Ethiopia. Jamii.one’s growth comes from its partnership with self-organised Ethiopian community groups called “Iddirs” that bring together about 50 people who make monthly contributions for informal cooperative-style insurance for funerals and other such events. With more than 30% of Ethiopians participating in Iddir groups, Jamii.one provides an app-based solution for data tracking, registration and management.
Hybrid solar solutions company, WATT Renewable Corporation has raised US$13 million in funding from Empower New Energy to enhance its renewable energy portfolio in Nigeria. This will be achieved through the addition of 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers. This is Empower New Energy’s largest investment to date.
PetroNor E&P ASA has reach agreement to acquire New Age (African Global Energy)’s 32% stake in the OML 113 Joint Operation Agreement in Nigeria. PetroNor will pay US$6 million in cash plus a deferred future gas production payment of up to a maximum of $20 million to acquire the OML stake – OML 113 contains the Aje Field.
Mali’s SAMA Money Group has acquired Première Agence de MicroFinance (PAMF) Mali for an undisclosed sum. The fintech announced the deal just weeks after it received approval as an Electronic Money Establishment from the Central Bank of West African States.
The Kenya government this week, rescinded the deal struck at the end of President Uhuru Kenyatta’s administration last year which saw the government acquire the remaining 60% stake in Telkom Kenya from PE investor Helios for Ksh6 billion. It has now been announced that the 60% stake will be acquired by the UAE’s Infrastructure Corporation of Africa. This means that Helios will have to refund the Kenyan Government and sell its stake directly to the UAE firm, thus avoiding the technicalities of the Government having to sell the Telkom stake as a parastatal.
Acasia Ventures has led an undisclosed Pre-Seed funding round in Senegal’s AI-driven FMCG intelligence platform Lengo-AI. Co-led by Ventures Platform, other investors included P1 Ventures, Launch Africa, Voltron Capital and a number of angel investors.
DealMakers AFRICA is the Continent’s M&A publication.
www.dealmakersafrica.com
