Finafrica is the first microfinance network offering insurance products in Africa and aims to become a key player in financial and insurance inclusion in the continent. The company provides better protection for micro-entrepreneurs (including their households), a lower cost of credit for borrowers benefiting from insurance and a more controlled cost of risk for microfinance institutions. This investment – comprising an equity fundraise together with a convertible bond – will enable Finafrica to consolidate its growth and pursue its network expansion strategy across Africa, reinforcing its financial inclusion mission.
About Finafrica
Founded in 2018, Finafrica is a subsidiary of Groupe Duval and is the first microfinance network offering insurance products in Africa. With its ten subsidiaries, Finafrica supports 1.2 million clients on a daily basis in five countries (Guinea, Cameroon, Senegal, Côte d’Ivoire and Rwanda).
About Proparco
Proparco is a subsidiary of the French Development Agency group and has been working alongside the private sector for over 45 years with a diversified range of financial tools adapted to the company’s different stages of development.
AC(V) continues Adenia’s long-term investment strategy of making control investments in medium-sized companies across Africa with proven business models that offer significant opportunities for operational and ESG improvements. The fund is sector-agnostic and larger than its predecessors, AC(IV) (EUR 230m) and AC(III) (EUR 95.8m), with a total size of USD 470m. This fundraising supports the expansion of Adenia’s private equity platform and long-term investment capacity across Africa.
About Adenia Partners
Adenia Partners is a private equity firm managing $880 million in assets, with over 20 years of commitment to responsible and sustainable investments in Africa. With a strong track record, Adenia Partners has raised 5 funds, completed over 30 investments, and successfully executed 18 exits.
Founded in 2017, Trigger’s Reports has developed a unique and price-disruptive solution to make accessible security to the greatest number of people. Through its platforms, companies can assess and monitor security threats and communicate them to their staff.
Trigger’s Reports already offers its services to over 16,000 users through local and multinational corporates operating in Africa. In order to expand its client portfolio and further invest into R&D to integrate new technological features to its platform, Trigger’s Reports opened its capital to Eurofind. This growth capital investment will support the company’s product development and commercial expansion.
With over 3,000 employees spread over four countries, Eurofind is receptive to the challenges faced by companies to ensure employee-security in certain geographies. Its shareholders therefore provided Triggers’ Report with the necessary equity to achieve its growth strategy.
About Trigger’s Reports
Founded in 2017, Trigger’s Reports is a start-up based in Dakar which offers an information and alert platform for security risk management. Trigger’s Report platform also enables to geolocate people, vehicles, assets, and offers a wide range of taylormade addons.
About Group Eurofind
Founded in 1972, in Ivory Coast, Eurofind is a diversified conglomerate operating in West Africa with activities in steel processing, plastics and chemicals industry, food, agribusiness, and real estate.
About ARVF II
ARVF II is a private-equity fund investing in Africa, with a focus on fast-growing SMEs in East Africa. The fund focuses on majority or large minority growth capital and buy-out capital investments in Africa (Ethiopia, Kenya and Uganda, with opportunistic investments in Tanzania and Rwanda). The fund is managed by Ascent Capital and has reached its final closing in July 2022, with a total size of USD 128m.
About Ascent Capital
Ascent Capital is a fund manager in East Africa. Ascent counts with a strong track record in various industries including manufacturing, consumer goods, healthcare and financial services.
Founded in 2011, IDC is a West African drilling company, with a unique positioning between local drillers and international majors. With more than thirty drilling rigs, IDC offers drilling services to the mining majors as well as to companies active in the construction and water sectors. IDC’s equity raise from Adiwale Partners, a leading West African private equity fund, will enable the company to expand further in West Africa, including in Sahel countries.
About IDC
Created in 2011 (www.idc-drilling.com/) is one of the leading African companies offering drilling services to the mining, construction, and water industries with four subsidiaries in West Africa (Senegal, Mali, Ivory Coast and Burkina Faso). IDC has been a member of the Senegalese Chamber of Mines (Chambre des Mines du Sénégal, CMDS) and the Côte d’Ivoire Chamber of Mines (Chambre Des Mines de Côte d’Ivoire, CDMCI) since 2011.
About Adiwale Partners
Adiwale Partners (www.adiwale.com) is an independent private equity fund manager founded in 2016 and based in Abidjan. It manages Adiwale Fund I, a 60 million euros fund. Adiwale Fund I offers growth capital and operational support to mid-size companies looking to strengthen their core activities and expand in West Africa and beyond. The fund invests primarily in consumer goods and services, business services and manufacturing.
BBOXX, a next generation utility, successfully closed a $50 million Series D funding round. Mitsubishi Corporation led the round followed by ENGIE Rassembleurs d’Energies (affiliated to ENGIE Group), impact investor Bamboo Capital Partners, Dutch impact investment fund DOEN Participaties and Canadian growth equity firm MacKinnon, Bennett & Company (MKB).
Ranked among the top five African start-up funding deals of 2019 (WeeTracker), this cross-border transaction marked a key milestone in supporting BBOXX’s scale-up across the continent.
About BBOXX
BBOXX is one of Africa’s leading off-grid energy suppliers. The company provides electricity to over 500,000 people and has installed more than 100,000 solar home systems in East, Central and West Africa.
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses together with its global network of around 1,800 companies. The Group has eight business units that operate across various industries including environmental energy, materials solutions, mineral resources, urban development & infrastructure, mobility, food, smart-life creation and power solutions industry.
