Corporate Deals Roundup: e& acquires stake in Vodafone, as Carepoint raises $10 million

The UAE’s biggest telecoms operator, e&, which was formerly known as Etisalat Group, acquired a stake in Vodafone Group Plc. Other African startups also raised notable funding during the week.

Nairametrics tracks major deals consummated in the Nigerian corporate scenes with emphasis on companies that have their major operations in the country or with significant interest in Nigeria.

Below is a compilation of deals announced between the 13th and 22nd of May 2022. The information was sourced from news reports, and press releases amongst other reliable sources.

e&, formerly known as Etisalat Group, acquired 9.8% stake in Vodafone for $4.4 billion

  • The UAE’s biggest telecoms operator, e&, which was formerly known as Etisalat Group, has acquired a 9.8% stake in Vodafone Group Plc, a British mobile carrier for $4.4 billion.
  • The deal makes the UAE-based company the largest shareholder in Vodafone, ahead of BlackRock Inc., the Vanguard Group Inc., and HSBC Holdings Plc, according to Bloomberg data. In total, the group acquired approximately 2,766 million shares in Vodafone at $1.59 (130 pence), reflecting a premium of about 10% to its closing price of 117.82 pence on Friday.
  • Meanwhile, the state-controlled group said it is not planning to make an offer for the rest of Vodaphone, though it revealed that it wants to remain a long-term investor.

Healthtech startup, Carepoint raises $10 million to expand service across Africa 

  • CarePoint, a technology-driven healthcare startup, has raised a $10 million bridge round to accelerate its growth across Africa as it seeks to make healthcare accessible to the masses.
  • The startup, which is currently in Nigeria, Kenya, Ghana, and Egypt, is planning to expand to North and East Africa to continue its expansion driven by mergers and acquisitions.
  • The latest funding round was led by TRB Advisors which brought the total funding raised by CarePoint to $30 million. It follows an $18 million Series A round announced mid-November last year.

Kenyan startup, Bamba raises $3.2 million

  • Bamba, mobile-first enterprise software for micro-merchants in Africa, has secured $3.2million in seed funding to scale its app and build out its team.
  • Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high-profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford.
  • The company is currently in stealth mode and will use the new capital to build out its mobile product offer, scale its engineering team and expand its user base across 12 sub-Saharan African countries with high mobile money penetration.

Mustard launches £4 million investment vehicle to build Africa-focused brand

  • Mustard, an Africa-focused venture agency has launched its idea-stage programme, a £4 million investment vehicle to build narrative-led technology ventures from the very start.
  • According to the London-based company, the development is aimed at originating Africa-focused ventures capable of resonating with global audiences as it will be designed to play the role of both investor and builder from the earliest stage possible.
  • In addition to identifying visionary, veteran and influential individuals with globalisable venture ideas, the company said it will provide the capital and expertise in engineering, design and storytelling to explore a company even before it is incorporated.

Nigerian startup, Topship secures $2.5 million to boost international shipping

  • Digital freight forwarding startup, Topship has raised a $2.5 million seed round from institutional and individual investors. With the funding, the company seeks to create the easiest way for African businesses to export and import parcels and cargo to their customers, suppliers, and distributors worldwide.
  • The funding was led by Flexport and backed by Y Combinator- Soma Capital, Starling Ventures, Olive Tree Capital, Capital X and True Capital. The individual investors in the round include Immad Akhund, Mercury CEO, and Arash Ferdowsi, co-founder of Dropbox.
  • Topship was founded in 2020 during the pandemic when co-founder and CEO Moses Enenwali noticed a surge in merchants’ needs for shipping parcels and cargo outside Nigeria. He had built relationships with these merchants following his time with logistics company ACE Logistics and e-commerce fulfilment provider, Sendbox.

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