Logistics startup Jetstream Africa has raised USD 13mn in debt and equity for its pre-series A round which it will use to expand into new countries and to support its technology platform.
Debt providers were Cauris and Proparco, while Octerra, Wuri Ventures, Seed9, The MBA Fund and ASCVC. Existing investors Golden Palm and Alitheia also invested in this round.
The company competes counts Sote, OnePort 365 MVX and SEND among its competitors.
KarmSolar receives $3mn in debt financing from HSBC
KarmSolar has received USD 3mn (EGP 83mn) in debt financing from HSBC to develop its Farafra Solar Grid, the company’s second grid solution. The grid will focus on the region’s agricultural sector which uses inefficient decentralised diesel generator setups and is expected to drive down costs significantly.
The kickoff of the Farafra Solar Grid enables us to achieve our vision of extending affordable, reliable solar energy to relatively inaccessible parts of the country. It is very refreshing to see institutions like HSBC willing to focus their efforts and trust towards investing in nonconventional projects like the Farafra Solar Grid.
Ahmed Zahran, co-founder & CEO Karmsolar
The grid aims to become fully operational by Q323, with phase one of the project comprising a 3.4 MWp solar PV station, 3.7 MVA diesel generators and a 4MWh/1MW solar battery storage system. It will allow for approx. 60% solar penetration and aims to reach 100% in three years, therefore offsetting roughly 5,200 tonnes of CO2 emissions per year.
The solar power developer and electricity distributor was founded in 2011 by Ahmed Zahran, Xavier Auclair, Yumna Madi and Randa Fahmy.