Kenya-based wearable tech startup CladLight created the Smart Jacket, a wearable jacket with modified reflector and transmitter, to make motorbike driving more stable and help reduce the number of accidents in the country.
Africa
Off Grid Electric scores $7M to provide solar energy to Tanzanian homes
Arusha, Tanzania-based solar energy provider Off Grip Electric scored $7 million in a funding round led by Vulcan Capital, SolarCity, and Omidyar Network to power homes with prepaid electricity.
Nigerian mobile security startup i.Sec nabs $10M in funding
Nigeria-based mobile security startup i.Sec nabbed $10 million in a funding round from private equity group Synergy Capital to prepare for its public launch this May and for other undisclosed purposes.
Pohamba calls on foreign firms to invest in Namibia's infrastructure development
During the inauguration of the Keemanshoop Old Mutual Retail Centre yesterday, Namibia President Hifikepunye Pohamba called on foreign firms to invest in the country's infrastructure development to help the improve its economy.
ECP acquires 33pct interest in Algeria-based Pepsi bottler
Washington, US-based private equity firm Emerging Capital Partners (ECP) is acquiring a 33% interest in Algeria-based PepsiCo Inc bottler Atlas Bottling Corp for an undisclosed amount as part of an expansion plan.
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Nairobi, Kenya-based private equity firm Catalyst Principal Partners acquired Dar es Salaam, Tanzania-based heavy equipment rental and logistics firm EFFCO for an undisclosed amount as part of its strategy to invest in high-growth companies in eastern Africa.
West Perth, Australia-based public exploration and mining firm Golden Rim Resources raised $491,000 in placement to continue developing its Balogo project in Burkina Faso, Africa while the firm is still trying to determine other funding options.
Africa is already in the radar of large American technology corporations and venture capitalists as IBM, Microsoft and Intel Capital make bets on startups in the continent, TechCrunch reported.
Koos Bekker, the Chief Executive Officer of South Africa-based e-commerce and media giant Naspers Ltd, will be stepping down on April. He will be replaced by Bob van Dijk, Reuters reported.
Robert Lamprecht has been named as the South Africa Chief Executive Officer of Renaissance Capital Holdings, a Russia-based investment bank. He replaces Clifford Sacks who now serves as the firm's South Africa Chairman, Bloomberg reported.
Kolkata, India-based business group Gillanders Arbuthnot & Co Ltd entered an agreement to buy out Malawi-based tea and macadamia producer Group Development Ltd for an undisclosed amount, according to a stock market disclosure.
For the past 18 months, small and medium enterprises (SMEs) in Africa bagged $10 million in investment from London, UK-based non-profit business development organization African Private Equity & Venture Capital Association (AVCA).
To streamline its private equity and real estate fund operations, South Africa-based IDS Fund Services has selected the technology solutions offered by eFront, a statement said.
AECI Ltd, the South African explosives and chemicals manufacturer, will be buying the the African water treatment business of Clariant for a price tag of $36.7 million, Bloomberg reported.
