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Finding The Bearing Of Naspers Foundry’s Largely Untouched $100M Stash

One of the most often-told accounts of some of the most successful venture capital investments of all time is one that references a certain South African firm that used to cut its teeth in print media. That South African firm is currently the most-valuable publicly-traded business in Africa and among the top 100 globally.

And what’s the big deal this company pulled off that is often cited as a masterstroke? Well, they cut a USD 32 Mn cheque to a Chinese tech firm in 2001 and by the time they helped themselves to a ~USD 10 Bn windfall in 2018, that initial investment was valued at over USD 175 Bn.

The same South African firm poured a total of USD 616 Mn into a prominent Indian e-tailer starting from 2012, and pocketed USD 1.6 Bn after selling its stake in the e-commerce venture in 2018.

But of course, wins of such scales are hard to replicate and more so in the very own backyard of the said South African firm which has seen scarce success in its own surroundings. And even with a 3-year-old ~USD 100 Mn war chest solely dedicated to backing tech startups in South Africa, things still seem patchy on the home front.

Expensya Raises USD 20 Mn To Grow Expense Management Software

Expensya, a Tunisian B2B expense management solution, has raised USD 20 Mn from MAIF Avenir and Silicon Badia to expand its R&D and international expansion. French investors ISAI and Seventure Partners also participated in the round.

Expensya’s online platform automates company cost management. Its web, mobile, and API-based tools simplify businesses of all sizes to control their entire spending without wasting time on tedious manual tasks.

Deal-Street Africa [April 26- May 2]: 9 Startups Funded, 2 Acquisitions & 1 Fund Launch

Here is a recap of last week’s notable deals on the African continent; Fintechs lead with 35 percent of last week’s total funding deals.

Kidato Raises USD 1.4 Mn Seed Investment To Scale Online School

Kidato, an online school for K-12 students in Africa, announced that it raised a USD 1.4 Mn seed investment from Start Capital and Launch Africa Ventures Fund, to scale its operations. Graph Ventures and Century Oak Capital also participated in the round.

Kenyan e-Health Startup TIBU Raises Seed Funding Round

Kenyan e-health startup, TIBU, raised a seed funding round of an undisclosed amount from Blue Haven Initiative and Kepple Africa Ventures to help it expand its operations.

Egyptian Fintech Startup Kashat Gets Angel Funding

Egyptian microloans fintech startup, Kashat, announced that it raised an undisclosed amount from The Cairo Angels; a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East, and Africa.

South African Fintech Payflex Secures Funding From Australian Multinational

Payflex, a Johannesburg-based fintech startup, announced that it secured an undisclosed investment from Zip Co Limited, an Australian-listed multinational.

Kenya’s Ajua Acquires AI and ML Company WayaWaya

Kenyan consumer experience platform for businesses in Africa, Ajua, announced that its acquisition of WayaWaya, a Kenya-based AI and ML messaging and payments company, to consolidate consumer experience in African SMEs.

Botswana Startup AlphaDirect Secures USD 600 K Pre-Series A Round

Botswanan insuretech startup, AlphaDirect, raised a pre-Series A bridge funding round of USD 600 K from Launch Africa Ventures and Century Oak Capital to help it grow into Zambia and South Africa. The round also included some angel investors from previous rounds.

South African Legal-tech Startups Secure Funding From Imvelo Ventures

Two South African legal-tech startups, Legal Lens and BriefCo, secured an undisclosed amount of funding from Imvelo Ventures, a local venture capital company founded by Capitec Bank and Empowerment Capital Investment Partners.

Three Ghanaian Startups To Receive Grant From MEST and Mastercard Foundation

Three Ghanaian startups were named top performers from the beta 2020 cohort of the MEST Express accelerator program and will receive equity-free funding and support from MEST and the Mastercard Foundation.

The three startups: Bosea, WeGoo, and Motito, will receive USD 10 K, USD 6 K, and USD 4 K respectively to support their operations.

Goodwell Investments Launches USD 60 Mn Fund For Entrepreneurs In Africa

Goodwell Investments, an Amsterdam-based investment firm, launched a USD 60 Mn fund for entrepreneurs in Africa, expected to launch in the second half of this year. The fund will channel money from private investors, family offices, and foundations to fast-growing, scalable small and medium-sized companies.

Adena Sells Stake In Ivory Coast’s Ademat to SPE Capital

Adenia, an African private equity company, has finalized the sale of its 100% equity stake in Ademat to SPE Capital, an African and Middle Eastern private equity firm. Adenia acquired Ademat in September 2016 through its  Adenia Capital (III) fund.

Adenia Sells Stake In Côte d’Ivoire’s Ademat to SPE Capital

Adenia, an African private equity company, has finalized the sale of its 100% equity stake in Ademat to SPE Capital, an African and Middle Eastern private equity firm. Adenia acquired Ademat in September 2016 through its  Adenia Capital (III) fund.

Ademat is one of the leading providers of power security solutions in Côte d’Ivoire. The company offers a wide range of technological solutions to businesses in various sectors, including telecommunications, finance, manufacturing, healthcare, and hospitality.

Uhuru Investment Partners Close Uhuru Growth Fund At USD 113 Mn

Uhuru Investment Partners, a Lagos and Abidjan-based middle-market private equity company, announced the first close of Uhuru Growth Fund I (UGF) at USD 113 Mn, with capital support from CDC Group, as well as other DFI partners, commercial and impact investors. UGF is also backed by AfricaGrow, Kuramo Capital, European Investment Bank, SIFEM, and Finfunnd.

The funds will be used to help businesses that create jobs, improve access to consumer products and services, and expand access to the healthcare and fintech sectors. The first-generation fund will invest in Nigeria, Ghana, and other Francophone markets in West Africa.