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AXA IM Alts Leads New Investment Round in Sanergy’s Africa and Asia Expansion

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AXA IM Alts, a global leader in alternatives investments, through the AXA Impact Fund Climate and Biodiversity, along with Mani Kapital and Kepple Ventures, two Tokyo based investment platforms, have invested in Sanergy, an organics recycling company transforming how cities in the developing world manage waste by upcycling it into valuable agricultural inputs – insect-based protein for animal feed, organic fertilizer, and biomass fuel. This circular economy approach is cleaning up the environment, promoting sustainable agriculture, improving yields for farmers, and creating thousands of jobs along the value chain.

“The future of our planet requires both innovative thinking and bold, climate-friendly investing. We are delighted to partner with AXA IM Alts, an institutional investment manager with a strong investment solutions offering. AXA IM Alts’ vast investment experience and its networks will catalyze our growth,” said Ani Vallabhaneni, Sanergy CEO and Co-Founder.

With AXA IM Alts’s support, Sanergy would be well-positioned to scale its operations in Kenya and across the region. Sanergy collects organic and sanitation waste from agribusiness, urban markets, informal settlements, and central kitchens, then processes these waste streams into insect-based proteins derived from black soldier flies for animal feed replacing unsustainable fishmeal, soil-restorative organic fertilizer for sustainable agriculture, and biomass fuel replacing unsustainable firewood and heavy fuel oil in industrial boilers. AXA IM Alts’s support also positions Sanergy for expansion across Africa and Asia in the coming 5 years. Sanergy has the goal of processing 1 million tons of waste per year by 2026, and aims to operate in at least 10 cities.

“We believe that Sanergy provides a transformational solution to the health and environmental hazards caused by the improper management of waste in Africa and beyond and we are thus very excited to contribute to the next phase of Sanergy’s ambition. Sanergy, which demonstrates that a focus on the health and well-being of people can also lead to significant environmental benefits, is a great addition to our portfolio of investments we manage on behalf of our clients and composed of businesses offering scalable solutions to environmental issues and tangible solutions actively participating to promote biodiversity and fight against climate change,” said Jonathan Dean, Head of Impact Investing, AXA IM Alts.

As part of the investment, the consortium made a secondary investment to acquire the stake held by Acumen and by Global Partnerships. Both of these partners were early stage investors in Sanergy, and their exit marks a resounding conclusion to a successful partnership and offers further proof in the power of impact investing.

“Acumen and Global Partnerships believed in Sanergy’s potential and leadership when we were a very young company. We are forever grateful for their support, mentorship and solidarity as we work to solve important social, environmental and economic challenges and we are so pleased to have rewarded their faith in us,” said David Auerbach, Sanergy President and Co-Founder.

“We first invested in Sanergy when the company consisted of a small group of dedicated founders with a big vision to create a sustainable, cost-effective, and scalable solution to the sanitation crisis in informal settlements,” said Jim Villanueva, Managing Director of the Global Partnerships/Eleos Social Venture Fund. “I’m so proud to see how Sanergy has grown to serve more than 100,000 residents per day with safe sanitation, while producing valuable commercial byproducts from waste inputs. We have confidence in the continued growth of Sanergy globally and are pleased to see long term strategic funders stepping in to take the company forward.”

“Acumen is proud to have supported Sanergy’s founding team who had the courage to address the sanitation problem facing poor communities in East Africa. Acumen’s capital and post investment support helped Sanergy successfully design and implement an innovative business model that provided low-income communities with clean and sustainable toilets. The company is now well positioned to leverage its sanitation by-products to address at scale the challenge of lack of affordable and quality animal feed inputs,” said Shiru Mwangi, Acumen East Africa Regional Director.

Sanergy has also recently been recognized for its work recently as a winner of the inaugural Carl Bergfors’ Food Planet Prize.

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ILLA, an African asset-light FMCG Logistics Company Raises $2M Investment Round

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ILLA Team (Image: Supplied)

Cairo-based FMCG Logistics company ILLA secures a $2M investment round to boost its growth in the market and diversify its offering to the FMCG value chain. The round was co-led by Watheeq Financial Services and Golden Palm Investments. The round saw participation from Loftyinc Capital Management, Kepple Africa Fund, Cubit Ventures, AUC Angels, Oqal Angel Network and FLat6Labs Cairo doubling down on its investment in ILLA for the third time

Founded in 2019 by Mahmoud Elzomor, Alaa Jarkas, Ahmed Sakr, and Hossam Saraya, and shortly joined by a well versed management team with Mohamed Emera as Director of Growth, Mohamed Kamal as CFO, and Khaled Elzomor as Commercial Director ILLA aims to optimize post-production supply chain activities for FMCG brands, starting with middle-mile delivery services, being the most fragmented part of the value chain.

By focusing exclusively on the FMCG market, ILLA was able to capture the business and trust of over 65 clients in its portfolio, with household names to the likes of Coca-Cola, P&G, Danone, Nestle, Juhayna, and Pepsico.

Since 2019, ILLA has been delivering on its core promise of moving goods with efficiency on behalf of FMCG brands, spanning over 5,000,000 KM and completing over 250,000
transactions, across 27 governorates in Egypt leveraging its tech platform to power delivery
operations

Before ILLA, FMCG brands had to rely on a variety of owned and outsourced assets to manage their delivery operations, and that adds to the pain of a fragmented logistics cycle, which gave way to the value offering of ILLA to those brands; a streamlined value chain with visibility, control and growth potential for each individual brand, with ILLA acting as an asset-light logistics  company, leveraging its tech platform and operational intelligence to deliver an unparalleled experience to FMCG brands.

“ILLA will use the funds to fuel its expansion and growth in Egypt and disrupt the traditional route to-market for FMCG companies and SMEs, while building more around its tech platform to deliver more value to its clients and drivers alike”, says Mahmoud ElZomor, Co-Founder and CEO of ILLA

“Mahmoud and the team are tailor-made for ILLA, bringing decades of diversified experience to help drive efficiency into the $15 trillion global FMCG market. With the onset of covid, the global supply chain management industry is suitable for modernization, and ILLA is uniquely positioned as an end-to-end execution platform. In addition, ILLA’s smart logistics solutions also play a crucial role in providing a full stack of operational solutions that will disrupt the sector, and will change the behavior for all stakeholders within the FMCG market,” said Khaled Zaidan of Watheeq Financial Services.

“Middle-mile logistics is one of the most underinvested segments of the global supply chain market. ILLA has identified this massive opportunity in MENA and is offering a full-stack B2B supply chain management platform enabling FMCG brands to reach retailers directly at the lowest cost per case. Mahmoud and team are utilizing the trucking logistics shared economy and tech automation to innovate within a large and fast-growing market.”AJ Okereke, Partner, Golden Palm

 

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Fawry Invest in Sudanese Classifieds and Marketplace Platform alsoug, Marking First Overseas Venture

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 Fawry CEO Eng. Ashraf Sabry (Image: Supplied)

Fawry establishes strategic partnership with Sudanese consumer platform with an eye to scaling up technology platform beyond Egypt.

Fawry (the “Company”, FWRY.CA on the Egyptian Exchange), Egypt’s leading provider of e- payments solutions and digital banking services, announced today that it has finalized an investment in alsoug.com, Sudan’s largest online classifieds platform and marketplace, to help build out alsoug’s new fintech platform, Cashi. Fawry has acquired a strategic minority stake in the alsoug.com/Cashi holding company, marking the Company’s first venture capital investment outside of its Egyptian home market. The investment comes as part of Sudan’s first announced venture capital funding round.

Fawry played a leading role in ensuring the success of the USD 5m round, with the Company’s presence catalyzing involvement from other strategic Western VC players. As a strategic investor in alsoug, Fawry intends to leverage its long track record with white label technology solutions to help the platform expand in scale, enhancing the platform’s merchant acquisition operation, refining its go-to-market approach, and providing valuable insights that inform high-level strategy across all segments of the business.

Founded in 2016 by a world-class team of technology entrepreneurs, alsoug is now Sudan’s leading consumer internet platform and its largest digital marketplace. Alsoug is one of Sudan’s most downloaded apps on the Google Play app store with two million downloads and is a platform where sellers can list everything from real estate and cars to services and commodities.

Despite the political and economic headwinds experienced by Sudan as it goes through a transformative political transition, the platform has grown rapidly since 2016, reflecting alsoug’s highly skilled team of in-house developers, comprehensive coverage by its on-the-ground teams, as well as Sudan’s promising economic fundamentals. Moving forward, and building on the strategic partnership with Fawry, alsoug will significantly expand its service offering by building a new payments network capable of serving customers across Sudan, one of the largest countries on the African continent.

“We’re delighted to be kicking off our partnership with alsoug, one of Sudan’s most exciting prospects and a Sudanese leader in tech innovation. This is our first investment foray outside of Egypt in our thirteen years of operation, and we’re confident that our story with alsoug and Cashi will be a special one. Fawry’s investment in alsoug delivers on our plans to venture into underserved international markets by leveraging our technology and teaming up with strong local players. This investment will provide us the opportunity to strategically expand our footprint into Africa and transfer the experience we’ve gained in the dynamic Egyptian market to neighboring Sudan, an economy with major potential across several sectors and with a significant pool of entrepreneurial talent. Meanwhile, Fawry’s strategic partnership with alsoug leaves it ideally placed to help guide the platform’s rollout of a countrywide payments system, a feat which Fawry has already managed through a scalable, robust, and best-in-class technology platform.” said: Fawry CEO Eng. Ashraf Sabry

“This investment marks a significant milestone not just for alsoug, but for the nascent tech space in Sudan as a whole, which has until today been essentially shut out of the global capital markets. I hope this investment is the first of many and that the huge potential of the tech sector in Sudan is fully realized in the coming years. We are looking forward to working with Fawry, and our new strategic shareholders, to continue our expansion from the classifieds and marketplace space into payments. We will build a payments platform that will deliver financial inclusion to all Sudanese.” said Alsoug co-founder and CEO Tarneem (Nina) Saeed

 

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ReelFruit Secures $3 Million Series A Funding To Expand Production with New Factory

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ReelFruit CEO/Founder; Affiong Williams (Image: Supplied)

ReelFruit, a premium dried fruit company known for its high quality nutritious snacks, today announced a Series A investment of $3M. Alitheia IDF led the round and invested $2M while other investors included Samata Capital and Flying Doctor Healthcare Investment Company. The New Practice advised ReelFruit on the transaction. With the capital, ReelFruit will scale its dried fruit production, develop new products, and increase exports by 10 x to 15 MT in the first year.

Key to its expansion plans, ReelFruit will acquire a new factory in Ogun State to increase its monthly dried fruit production from 6 MT to 30 MT. The factory will hire over 200 people in its first year. With its greater supply of dried fruit, ReelFruit will continue to innovate new products for the local and international markets.

As part of its efforts to secure high quality raw materials, it plans to deepen its existing work with Nigerian fruit farmers. The company will form an agro-extension services program for 250 registered mango and pineapple producers. The program will boost fruit yields and help support a steady supply of high quality raw material for the factory.

To meet strong demand for its dried fruit snacks, ReelFruit will diversify its local and international sales channels. The company will launch an e-commerce channel for direct US sales by 4Q21. ReelFruit will also unlock more B2B opportunities including white-labelling and co-packing to support the national drive toward import substitution. Local buyers will be able to buy dried fruit locally thereby reducing dependence on imports. Reelfruit is already on track to double last year’s revenues by November 2021.

“This investment takes ReelFruit to the next level. We can meet increased demand for our products and tackle one of our biggest challenges – raw material supply. We’re thrilled that this will unleash a greater impact on our value chain by increasing farmer incomes and creating up to 300 decent jobs for Nigerians,” Affiong Williams, ReelFruit CEO/Founder.

“Alitheia IDF is proud to support ReelFruit’s ongoing efforts to boost food production in Nigeria and positively impact communities through deliberate partnerships with local farmers, distributors, and retailers. The investment will strengthen the company to unlock further growth, upskill farmers and improve economic outcomes for thousands of women who play a significant role in the production of ReelFruit’s products,” said Tokunboh Ishmael, Alitheia IDF co-founder.

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