Naguib Sawiris's battery-swapping group has built the largest network of its kind in the Middle East and North Africa. Whether each cabinet earns back the batteries it cycles is a question it has not answered.
“This investment is part of the Choose Africa initiative, which Proparco launched to support SMEs and startups across Africa,” said Jérémie Ceyrac, Proparco’s Investment Director.
Accrue’s agent network model mirrors the approach of established mobile money platforms like MPesa and Moniepoint, which have played a transformative role in financial inclusion across Africa.
The latest funding contributions are part of Egypt’s broader “Fund of Funds” initiative, which has ambitious plans to secure up to $1 billion in funding.
“The extension of our strategic partnership reaffirms our shared commitment to creating a more sustainable and prosperous future for Africa,” said USTDA Director.
This change effectively acknowledges that smaller transactions, previously subject to the same level of scrutiny as larger ones, were overburdening both regulators and investors.
In July 2022, CrossBoundary Energy announced the completion of a US$40 million equity investment from Norfund and KLP, Norway’s largest pension company.
The $24 million investment will fund Enko Education’s large-scale acquisition strategy aimed at consolidating Africa’s fragmented K-12 education market.
Naguib Sawiris's battery-swapping group has built the largest network of its kind in the Middle East and North Africa. Whether each cabinet earns back the batteries it cycles is a question it has not answered.
In the space of a fortnight, a handful of browser games built by Nigerian developers has generated more attention, and more argument, than the country’s game industry has seen in years. The question is whether any of it constitutes a market.
