Electric Vehicle Manufacturer Roam launches its first mass transit bus in Nairobi
Kenyan-Swedish electric vehicle manufacturer Roam has launched the first mass transit electric bus to ply various routes in Nairobi. The bus, with a capacity of 90 passengers is part of the company’s strategy to build vehicles for mass transportation.
Orginal Article Link: https://africabusinesscommunities.com/tech/tech-news/kenya-electric-vehicle-manufacturer-roam-launches-its-first-mass-transit-bus-in-nairobi/
Solv Kenya Launches MSME Marketplace with Kes 10bn Annual Credit Issuance Plan
Following a successful rollout to India's 65 million MSMEs through an e-commerce platform since last year, Solv is making its debut in Africa. Solv Kenya’s priority focus is on supply chain financing by facilitating connections and negotiations between verified MSMEs and financial institutions for affordable credit under favorable conditions and pricing.
Orginal Article Link: https://africabusinesscommunities.com/tech/tech-news/solv-kenya-launches-msme-marketplace-with-kes-10bn-annual-credit-issuance-plan/
Italian Geothermal Union and Geothermal Association of Kenya sign partnership agreement
The Italian Geothermal Union (UGI) and the Geothermal Association of Kenya (GAK) have created a partnership to support geothermal development in Kenya.
Orginal Article Link: https://www.thinkgeoenergy.com/italian-geothermal-union-and-geothermal-association-of-kenya-sign-partnership-agreement/
Solv Kenya Launches MSME Marketplace with Kes 10bn Annual Credit Issuance Plan
Following a successful rollout to India's 65 million MSMEs through an e-commerce platform since last year, Solv is making its debut in Africa. Solv Kenya’s priority focus is on supply chain financing by facilitating connections and negotiations between verified MSMEs and financial institutions for affordable credit under favorable conditions and pricing.
Orginal Article Link: https://africabusinesscommunities.com/tech/tech-news/solv-kenya-launches-msme-marketplace-with-kes-10bn-annual-credit-issuance-plan/
Solv Kenya Launches MSME Marketplace with Kes 10bn Annual Credit Issuance Plan
Following a successful rollout to India's 65 million MSMEs through an e-commerce platform since last year, Solv is making its debut in Africa. Solv Kenya’s priority focus is on supply chain financing by facilitating connections and negotiations between verified MSMEs and financial institutions for affordable credit under favorable conditions and pricing.
Orginal Article Link: https://africabusinesscommunities.com/tech/tech-news/solv-kenya-launches-msme-marketplace-with-kes-10bn-annual-credit-issuance-plan/
UAE fund unveils Sh3.5bn investment deal in Kenya
The Khalifa Fund for Enterprise Development (KFED), which is backed by the government of the Emirate of Abu Dhabi has announced its first investment in Kenya to the tune of $30 million (Sh3.57 billion).
The UAE Fund in February established a local innovation and entrepreneurship centre with an eye on Kenya deals.
The Abu Dhabi Stated-backed fund said the capital would be channelled through the Kenyan Youth Enterprise Development Fund.
The funds will target to provide early-stage funding to promising start-ups and founders, it added. It was not immediately clear whether the capital is a loan or a grant.
“More than 3,000 projects with 40 percent allocated for women will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth,” said KFED.
The fund says on its website that it has disbursed loans amounting to Sh40.8 billion (1.32 billion AED).
Orginal Article Link: https://www.businessdailyafrica.com/bd/markets/capital-markets/uae-fund-unveils-sh3-5bn-investment-deal-in-kenya-3907686
German Manufacturer Stihl Group Picks Kenya As East African Hub
German outdoor power tools manufacturer The Stihl Group is set to establish its East African hub in Kenya.
The subsidiary dubbed Stihl East Africa will be servicing clients in Kenya, Uganda, Tanzania, DRC, Rwanda, and Burundi among others. The offices will be launched later this month.
Stihl East Africa Chief Executive Officer Francois Marais said Kenya is a gateway into Eastern and Central Africa and its infrastructure allows for entry into these markets.
“Our plan is to distribute our products from Kenya into the traditional East African Market which includes Tanzania, Uganda, Burundi, Rwanda, South Sudan, Ethiopia, and the Horn of Africa countries. We are also looking at the new partner state in the East African Community (EAC), the Democratic Republic of Congo (DRC). We will have representatives on the ground in all these countries ultimately looking after our customers via the dealership model,” Marais said.
The Kenyan hub will be the second in Africa, Stihl established its first Africa sales subsidiary in 1996 in South Africa.
“Kenya is a stable and vibrant economy with a lot of growth potential, the local talent in Kenya has really allowed us to expand our business through their expertise and local insight,” Marais said.
The STIHL Group develops, manufactures, and distributes outdoor power equipment for forestry, agriculture, landscaping, construction, and cleaning customized for professionals and discerning consumers.
The firm is targeting the booming Agriculture and construction sectors in the region, as governments continue to increase investments in these areas.
Agriculture is a sector that is central to the EAC economy, contributing between 24 and 44 percent of GDP in partner states, while also accounting for the livelihood of about 80 percent of the region’s population.
Orginal Article Link: https://www.capitalfm.co.ke/business/2022/08/german-manufacturer-stihl-group-picks-kenya-as-east-african-hub/
Kenya’s iProcure closes $10.2m Series B to digitize rural supply chains in Kenya and beyond
Kenya’s iProcure, a startup offering agricultural inputs and digital supply chain solutions in rural Africa, has announced the closure of its $10.2 million Series B round.
The investment was in debt and equity which came from a number of international investors led by impact investor Investisseurs & Partenaires (I&P).
Joining the round were Novastar Ventures and British International Investment (BII) (formerly CDC Group) which injected $3 million into the deal. The impact investment group and US-based New General Market Partners and Ceniarth also participated in the round.
iProcure, which has grown 23 times in the past five years, will use the investment to scale and solidify its position in East Africa and support its expansion into Uganda and Tanzania, as well as upscaling its technologies, logistical infrastructure, and distribution network. iProcure will also launch a credit offering for agro-retailers to purchase supplies.
Niraj Varia, iProcure’s new CEO and former partner at Novastar Ventures, said, “In addition to bolstering our existing operations with more warehouses and delivery vehicles, this funding will expand iProcure’s product offering to include credit services and a new POS system for agro-dealers to better forecast their inventory needs and reduce pilferage within their shops. This will help our 5,000+ partner retailers increase their earnings and better serve the hundreds of thousands of farmers that depend on each shop.”
Orginal Article Link: https://agfundernews.com/iprocure-closes-10-2m-series-b-to-digitize-rural-supply-chains-in-kenya-and-beyond
Kenyan insurtech Lami raises $3.7M seed extension led by Harlem Capital
Right from the launch of its first product in 2020, Kenyan insurtech Lami Technologies set out to increase insurance penetration in Kenya and the rest of Africa. It began on this path by building and distributing an end-to-end digital insurance platform and API that allowed businesses in different sectors to create tailored insurance solutions for their customers.
With its API platform gaining ground in the insurance space, the startup is also planning to provide tech solutions that will digitize agents and brokers too, helping them streamline their operations — to reach a wide customer base and sell online. These plans also include enabling the digitization of traditional insurers as innovation continues to shape the industry.
Speaking to Techcrunch, Lami’s founder and CEO Jihan Abass further announced plans to offer additional insurance product lines, while also revealing that the startup has made an entry into Egypt and Nigeria. All this against the backdrop of a $3.7 million seed extension raised in a round led by Harlem Capital — which invests in minority and women founders.
Other investors that participated in the round include early-stage VC firm Newtown Partners, Peter Bruce-Clark (a partner at New York’s research-driven venture capital company Social Impact Capital), Caribou Honig and Jay Weintraub of InsureTech Connect (a networking platform for insurtech innovators) and senior members from Exotix Advisory, a corporate finance and mergers and acquisition boutique focused on emerging markets. The latest funding adds to the $1.8 million seed funding the insurtech raised last year.
Orginal Article Link: https://techcrunch.com/2022/08/02/kenyan-insurtech-lami-raises-3-7m-seed-extension-led-by-harlem-capital/
Kenya commences shipment of fresh avocados to Chinese market
The first batch of fresh avocados grown in Kenya and destined for the Chinese market was flagged off Tuesday at a ceremony attended by senior government officials, diplomats, and industry executives.
The first batch of fresh avocados grown in Kenya and destined for the Chinese market was flagged off Tuesday at a ceremony attended by senior government officials, diplomats, and industry executives.
Kenya became the first African country to export fresh avocados to China in a move set to further boost the economic ties between the two countries.
David Osiany, the chief administrative secretary of the Ministry of Industrialization, Trade and Enterprise Development, said that by exporting fresh avocados to China, Kenya's foreign exchange earnings were set to spike and unleash economic vitality in the country.
"The export of fresh avocados to China is a monumental feat that will boost our economy and benefit key players across the avocado value chain including farmers," said Osiany.
Orginal Article Link: https://english.news.cn/20220803/39b06b81ce534f78849941b783dd6744/c.html