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LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in promising African tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and development finance institutions, reflecting strong regional confidence in LoftyInc's investment capabilities. With a focus on helping startups scale, the fund leverages LoftyInc's extensive network and expertise to support founders in overcoming operational challenges and expanding their market reach.
M&A activity in African tech startups continued to decline in 2024, with only 12 deals recorded, a 20% drop from the previous year. Total funding fell to $1.1 billion from $2.4 billion, marking a second consecutive year of downturn, with South African startups leading acquisitions. Notably, mobility startups saw three acquisitions, while fintech's dominance in previous years waned.
LoftyInc Capital Management has announced the first close of its LoftyInc Alpha Fund, raising $43 million to support late-seed investments in promising African tech startups across Nigeria, Egypt, Kenya, and Francophone Africa. The fund aims to empower entrepreneurs in sectors like financial services, logistics, and AI, backed by a diverse group of investors, including sovereign wealth funds and development finance institutions. Managing partner Idris Ayodeji Bello expressed excitement over surpassing fundraising targets, emphasizing the commitment to fostering Africa's tech ecosystem.
IHC Capital Holding has divested a $210 million stake in Adani Enterprises, selling over 8.4 million shares amid ongoing legal challenges faced by the Adani Group. The sale represents a 0.73% stake, executed at an average price of ₹2,168.10 per share. This transaction coincides with a federal indictment against Gautam Adani and senior executives for alleged corruption and securities fraud, which has led to significant political and financial repercussions, including project cancellations in Kenya. Despite these challenges, the Adani Group has raised $1.06 billion to refinance debt, indicating efforts to maintain financial stability.
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in Africa's tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and high-net-worth individuals, reflecting strong regional confidence in LoftyInc's expertise. With a seasoned leadership team, the fund aims to support startups in scaling their operations and navigating market challenges, contributing to Africa's growing role in global innovation.
Kenyan re-commerce startup Badili has secured $400,000 in debt funding from Proparco to enhance its refurbished electronics initiative. Founded in 2021, Badili repairs and reintroduces used mobile phones in Kenya, Tanzania, and Uganda, providing affordable access to top-tier brands while promoting sustainability and reducing electronic waste. CEO Rishabh Lawania expressed optimism about the company's growth and expansion across Africa.
In September 2013, the Kenya Bankers Association and the Banking Insurance and Finance Union reached a Collective Bargaining Agreement for 2013-2015, which addressed various work-related issues, including salary increases for employees in the banking sector. This agreement marks a significant victory for Barclays Bank employees following recent layoffs.
Stuart Chaussee & Associates Inc., AlphaQuest LLC, and Headlands Technologies LLC made significant investments in Ormat Technologies during the 4th quarter, with institutional investors holding 95.49% of the stock. Analysts have given the company a "Moderate Buy" rating, with price targets ranging from $75.00 to $92.00, while the stock recently traded at $69.12. Insider trading activity included a notable sale by Director David Granot and a major shareholder, Corp Orix, who sold millions of shares, reducing their ownership significantly.
Emerging market sovereigns face vulnerabilities amid rising global financial volatility, particularly with the U.S. dollar rallying. Countries like Argentina, Turkey, and South Africa have seen significant currency depreciations, while exposure to currency risk varies widely, with South American nations notably affected. Additionally, potential capital outflows and increased interest burdens could exacerbate financial pressures for several emerging economies.
The potential coalition scenarios for the upcoming German elections include a "Kenya Coalition" of CDU/CSU, SPD, and Greens, though opposition from CSU leader Markus Söder complicates this. A significant victory for the far-right AfD could lead to declines in the Germany 40 index and the eurodollar exchange rate. Investors should monitor market performance closely as polls close on election night for potential volatility.
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