Entrepreneurship Zone: 21 April 2023 :: Five notable African private equity and venture capital deals in March

Fri Apr 21 00:10:46 CAT 2023

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Entrepreneurship Zone: 21 April 2023 ::  Five notable African private
equity and venture capital deals in March

*          

 <mailto:zitfmktg at zitf.co.zw> 

We highlight five of the most interesting African private equity and
venture capital investments that came across our desk in March. From cold
chain logistics to eyewear, these transactions highlight the diverse
opportunities across the African continent.

1. Cold chain investments heat up: A.P. Moller Capital to acquire Vector
Logistics

Cold-chain logistics and warehousing in Africa have gained momentum as an
investment theme in recent years. In numerous sub-Saharan African countries,
cold chain infrastructure remains underdeveloped or, in some cases,
non-existent. Reflecting this trend, A.P. Moller Capital has agreed to
acquire Vector Logistics, a South African frozen logistics operator, from
RCL Foods. The company offers multi-temperature warehousing and distribution
services for food products.

2. Wazi Vision lands funding to expand Africa’s eyewear options

Renew Capital has invested in Wazi Vision, a Ugandan company that has
identified an opportunity in Africa’s eyewear industry. Wazi co-founder
Brenda Katwesigye Baganzi explains that high-quality eyewear is often
prohibitively expensive and inaccessible for most of the African population,
while available alternatives fall short in quality and value. Wazi aims to
offer affordable, high-quality eyewear that is designed for African faces
and accessible to the mass market.

Wazi glasses are crafted by a skilled African team, taking into account
various facial features to ensure a fashionable and comfortable fit.
Customers can also design their own frames, choosing from materials such as
acetate, cow horn, bamboo and denim.

3. BlackRock acquires stake in Kenya’s Lake Turkana wind farm

BlackRock Alternatives, a division of the US-based asset management firm
BlackRock, has agreed to acquire a stake in the Lake Turkana wind farm in
Kenya through its Climate Finance Partnership (CFP), a public-private
finance vehicle. The 310MW Lake Turkana wind farm, connected to the national
grid in 2018, now meets approximately 14% of Kenya’s electricity demand and
serves 1.2 million homes. The CFP will purchase a 31.25% stake from Finnish
development financier Finnfund, wind turbine maker Vestas, and the Danish
Investment Fund for Developing Countries.

4. PDC receives funding to widen reach of diagnostic services in Ethiopia

Private equity firm Zoscales Partners is set to make a follow-on investment
in Pioneer Diagnostic Center (PDC), an Ethiopian provider of medical
diagnostic services that offers a comprehensive range of imaging services to
patients and physicians. By combining advanced technology with extensive
clinical expertise and quality patient care, PDC has become a leading
diagnostic service provider in the region. Since Zoscales’ initial
investment in 2020, PDC has expanded from three to seven centres and tripled
its revenue. The new investment will be used to acquire additional equipment
and open new centres.

5. Payday secures $3m to expand global payment solutions for Africans

Payday, a neobank offering global accounts in USD, EUR and GBP to African
customers, has raised $3 million in a seed funding round led by Moniepoint
Inc. Founded in June 2021 by Favour Ori, Payday made history as the first
Rwandan company to join Techstars.

The platform was established to assist African remote workers, freelancers
and digital professionals by facilitating seamless, borderless payments,
enabling global payment processing from over 130 countries. Payday allows
individuals on the continent and in the diaspora to send and receive money
in USD, GBP and EUR, and 20 other currencies, empowering Africans to work
remotely for international organisations and receive payment in their
preferred currency, regardless of location. Currently, the company operates
in Nigeria, Rwanda and the UK.

- Howwemadeitinafrica

Invest Wisely!

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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