KFW DEG

KFW DEG offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries. Their customers can rely on their expertise: They can benefit from their market knowledge, their 21 locations worldwide, and their international network. For entrepreneurial success and development.

Tolga Kirhan

Vice President Equity and Mezzanine

Past deals in Africa and Middle East

Oze

Venture Round in 2025
Oze is a digital platform designed to support small and medium-sized enterprises (SMEs) in Africa by providing tools for managing sales, expenses, and customer data. The app enables entrepreneurs to track their financial activities efficiently and offers tailored recommendations, reports, and business education to enhance their operations. Oze also provides access to coaching for users seeking additional guidance. By leveraging data and machine learning, Oze can assess credit risk and facilitate affordable financing options through banking partners. With a user base exceeding 150,000, Oze has established itself as the largest online community of SMEs in West Africa, demonstrating significant impact as 97% of businesses using Oze for over nine months have reported growth or profitability.

Co-operative Bank of Kenya

Debt Financing in 2024
The Co-operative Bank of Kenya Limited, established in 1965, is a banking institution incorporated under the Companies Act in Kenya. Originally registered under the Co-operative Societies Act, it transitioned to its current structure in 2008 to align with requirements for listing on the Nairobi Securities Exchange. The bank offers a wide range of financial services, including corporate and retail banking, investment, and asset management. It operates through three primary segments: Retail Banking, which serves individual customers with loans, deposits, and related services; Wholesale Banking, catering to corporate and institutional clients; and Group Functions, which encompasses support departments such as ICT and Finance. The majority of the bank's revenue is derived from its Retail Banking operations, highlighting its significant role in providing financial services to the Kenyan population.

Indorama Fertilizers

Debt Financing in 2024
Indorama Fertilizers operates a world-class, 1.4 million metric tonnes per annum urea manufacturing facility based in Port Harcourt, Nigeria. The plant has been developed to global environmental, social and construction standards. It plays a key role in supporting the agricultural sector in Nigeria by providing a reliable supply of fertilizers for local farmers, thereby enabling import substitution and supporting the diversification needs of the Nigerian economy. Indorama Fertilizers is also advantageously located to serve neighboring West African countries and key Western hemisphere markets, including North America, South America and Europe

Copia Global

Series C in 2023
Copia Global Inc. is an e-commerce company based in Nairobi, Kenya, that focuses on providing a consumer catalog order and delivery system for middle to low-income individuals in the developing world. Founded in 2013, the company leverages mobile technology and a network of local agents to facilitate access to a diverse range of quality goods at reasonable prices. Its platform enables users, including those without direct internet access, to browse products and place orders with local shopkeepers, who can then fulfill these orders and manage payments through a mobile payment system. This approach not only empowers consumers but also enhances the distribution capabilities of local businesses, making it easier for rural and peri-urban populations to access essential products conveniently.

BUA Cement

Post in 2023
BUA Cement Plc specializes in the production and marketing of cement under the brand name "BUA Cement." The company manufactures CEM II type cement that meets Nigerian Industrial Standards, making it suitable for various construction applications such as block-making, plastering, and concrete works. Known for its high early strength, rapid setting, and low heat of hydration, BUA Cement is recognized for its quality production process. The company generates revenue primarily through the sale of bagged and bulk cement, with the majority of its business operations concentrated in Nigeria.

Hayat Kimya

Debt Financing in 2023
Hayat Kimya is a consumer goods company that offers household cleaning, baby, personal, and women's care products. It is one of the main companies of Hayat Holding, a Turkish enterprise with a successful track record and consists of 41 companies that operate in various industries including FMCG, port operations, construction, wood industry, and energy. Hayat Kimya ranks 56th in the ISO 500 list of the Istanbul Chamber of Industry thanks to its environment-friendly manufacturing processes. Hayat Kimya was establihsed in Üsküdar, Istanbul, Turkey.

Lulalend

Series B in 2023
LulaLend is more than a company. It’s a belief in the power of small business, making a difference, building a better solution and striving for excellence. We work hard to empower businesses across South Africa with the funds they need to grow, and we have a great time doing it!

Husk Power Systems

Debt Financing in 2023
Husk Power Systems Pvt. Ltd. is a renewable energy company based in Patna, India, that focuses on generating and distributing electricity to households, community services, small businesses, and factories. Founded in 2007, the company utilizes biomass waste—such as rice husks and other agricultural residues—to produce electricity through its proprietary technology. Husk Power Systems designs and operates mini-power plants and micro-grids, offering electricity as a pay-for-use service primarily to rural areas. This approach not only provides reliable lighting, reducing reliance on kerosene, but also fosters economic development by enabling microenterprises and the use of electricity-operated machinery. By creating a sustainable energy ecosystem at each power plant, Husk Power Systems aims to deliver shared value to its stakeholders and stimulate local economies.

Hayat Kimya

Debt Financing in 2022
Hayat Kimya is a consumer goods company that offers household cleaning, baby, personal, and women's care products. It is one of the main companies of Hayat Holding, a Turkish enterprise with a successful track record and consists of 41 companies that operate in various industries including FMCG, port operations, construction, wood industry, and energy. Hayat Kimya ranks 56th in the ISO 500 list of the Istanbul Chamber of Industry thanks to its environment-friendly manufacturing processes. Hayat Kimya was establihsed in Üsküdar, Istanbul, Turkey.

Zuri Health

Grant in 2022
Zuri Health is a telemedicine company based in Nairobi, Kenya, established in 2020. It offers affordable and accessible healthcare solutions through a mobile app, website, and SMS services, catering to patients without smartphones and those in rural areas. Users can schedule lab and diagnostic tests, consult with doctors, purchase medications from pharmacies, and arrange home visits with qualified medical professionals. The platform also features an artificial intelligence-powered chatbot to enhance user experience and provide first-level medical consultations. Zuri Health aims to create a universally accessible healthcare experience for all individuals, regardless of their location or resources.

agriBORA

Grant in 2022
agriBORA is focused on creating a comprehensive ecosystem for smallholder farmers in Africa, integrating farming inputs, financial services, and market access. The company develops a location-specific farm decision support system that leverages data-driven insights to enhance productivity and mitigate risks associated with smallholder agriculture. By combining technology with personal support, agriBORA aims to empower farmers and agribusinesses with actionable information and digital tools across the agricultural value chain, facilitating effective trading and improving overall farm management.

Kiri EV

Grant in 2022
Kiri EV is a manufacturer of electric vehicles and charging systems focused on the Kenyan and East African markets. The company produces a variety of electric transportation options, including scooters, motorcycles, auto rickshaws, and carriers. Their vehicles incorporate advanced features such as direct current motor technology, antilock braking systems, customizable components, removable batteries, and silent motors. Kiri EV aims to demonstrate the viability and importance of electric vehicles in transforming transportation across the African continent, challenging the traditional motor industry in the process. By offering affordable and innovative solutions, Kiri EV seeks to promote the adoption of electric mobility in the region.

liwwa

Series B in 2022
liwwa, Inc. operates a peer-to-peer lending platform that connects small and medium-sized enterprises (SMEs) in need of capital with investors seeking to diversify their portfolios. The platform allows borrowers to apply for small business loans while offering investors the opportunity to earn regular monthly returns. Liwwa conducts in-house assessments of the creditworthiness of businesses and implements a lease-to-own model that provides an interest-free return for investors. Founded in 2013 and headquartered in Amman, Jordan, liwwa has raised seed funding to expand its team and develop new product offerings, thereby enhancing its capacity to support SMEs in the MENA region and beyond.

Tugende

Grant in 2022
Tugende is a financial services company based in Kampala, Uganda, focused on empowering informal sector entrepreneurs and small to medium-sized enterprises. Founded in 2012, Tugende primarily assists motorcycle taxi drivers in transitioning from renting to owning their motorcycles within eighteen months, thereby enhancing their income, job security, and road safety. In addition to motorcycles, Tugende provides business assets such as special hire taxis, matatus, and boat engines, as well as supplementary assets for existing clients like smartphones and salon equipment. The company also offers a range of services, including care services for health and life insurance, safety training, and value-added services like genuine parts and maintenance support. By addressing the credit gap and facilitating asset ownership, Tugende helps clients achieve financial independence and sustainable livelihoods.

Pezesha

Grant in 2022
Pezesha is a digital financial marketplace based in Nairobi, Kenya, that connects small and medium-sized businesses (SMBs) to various financing options, including working capital, float financing, and LPO financing. Founded in 2016, Pezesha aims to enhance access to affordable credit for micro-businesses by leveraging credit and data analytics to link lenders with low-income borrowers. The platform facilitates a shared economy by converging lending and other financial services, thereby enabling underserved SMBs to participate in the formal financial system. Through its innovative approach, Pezesha seeks to empower businesses and improve their growth potential by providing essential financial resources.

Copia Global

Series C in 2022
Copia Global Inc. is an e-commerce company based in Nairobi, Kenya, that focuses on providing a consumer catalog order and delivery system for middle to low-income individuals in the developing world. Founded in 2013, the company leverages mobile technology and a network of local agents to facilitate access to a diverse range of quality goods at reasonable prices. Its platform enables users, including those without direct internet access, to browse products and place orders with local shopkeepers, who can then fulfill these orders and manage payments through a mobile payment system. This approach not only empowers consumers but also enhances the distribution capabilities of local businesses, making it easier for rural and peri-urban populations to access essential products conveniently.

BCP Bank

Debt Financing in 2021
BCP Bank (Mauritius) Ltd, established in 2003 and headquartered in Ebene, Mauritius, is a comprehensive commercial bank offering a wide range of financial services. It provides retail banking, including savings and current accounts, fixed deposits, and personal loans, as well as corporate banking services such as trade finance, syndicated loans, and treasury management. Additionally, it offers insurance products, foreign exchange services, and private banking. The bank operates through six branches and serves individuals, small and medium-sized enterprises, corporates, and international businesses. It is a subsidiary of Banque Centrale Populaire and Groupe Sipromad SA.

Eranove

Venture Round in 2021
Eranove SA, formerly known as Finagestion, is a prominent provider of public service management, focusing on electricity and drinking water production in West Africa. The company operates in Côte d’Ivoire, Senegal, and the Democratic Republic of Congo, with a long-standing presence in these regions. Its activities encompass electricity generation through hydroelectric dams and thermal power stations, as well as the transmission and distribution of electricity. Eranove is also involved in the production and distribution of potable water, managing treatment facilities and water transport networks. Additionally, the company addresses sewage and rainwater collection and offers data transmission services through power lines. Eranove is committed to corporate social responsibility, adhering to quality and environmental standards recognized by international certifications. Founded in 2003 and headquartered in Paris, France, Eranove plays a critical role in enhancing access to essential services across its operational territories.

Liquid Intelligent Technologies

Debt Financing in 2021
Liquid Intelligent Technologies is an independent data, voice, and IP provider focused on building a digital future for Africa. Founded in 2004 and headquartered in Ebène, Plaines Wilhems, the company has developed an extensive fiber network that spans over 18,000 kilometers across several African countries, including Uganda, Kenya, Rwanda, Zambia, Zimbabwe, Botswana, the Democratic Republic of Congo, Lesotho, and South Africa. Liquid Intelligent Technologies offers a variety of services such as broadband, leased lines, private networks, telecommunications connectivity, and web hosting. These services are designed to support both public and private sector enterprises in enhancing their digital experiences and navigating their digital journeys effectively.

Hazelcast

Series D in 2020
Hazelcast, Inc. specializes in developing an open-source data distribution platform designed for Java applications. The company offers a range of solutions, including an in-memory data grid that facilitates the sharing and partitioning of application data across clusters. Its stream processing engine, Hazelcast Jet, supports continuous intelligence by ingesting and processing data in real time. Additionally, the Hazelcast Management Center provides a web-based interface for monitoring and managing clusters, allowing users to track system performance and update configurations. Hazelcast's unified platform integrates fast data storage with stream processing, enabling businesses to streamline their real-time architectures for applications in artificial intelligence and machine learning. Founded in 2008 and headquartered in Palo Alto, California, with a research office in Istanbul, Turkey, Hazelcast serves a diverse clientele, including notable organizations across various industries.

Sky.Garden

Grant in 2019
Sky.Garden is an e-commerce platform based in Nairobi, Kenya, that facilitates online sales for businesses across Africa. Founded in 2015, it primarily serves informal traders, small and medium enterprises, and established businesses, enabling them to sell products to targeted audiences. The platform provides users with a comprehensive inventory management system, allowing them to upload products, set prices, and manage stock levels. Additionally, Sky.Garden automates payment reconciliation and offers local shipping and payment options, giving retailers greater control over their operations. Accessible through a mobile application, the platform aims to simplify the selling process for African retailers.

M-Birr

Venture Round in 2018
M-BIRR Limited provides mobile banking services through its innovative platform, M-BIRR, which facilitates mobile money transactions for financial institutions in Ethiopia. Established in 2009, M-BIRR was the first Ethiopian-based mobile money service and has since become a leader in the sector, recognized for its extensive customer base, distribution network, and transaction volume. The platform offers a range of services, including domestic money transfers, balance inquiries, cash in/out through agents, loan repayments, and international remittances. Users can conveniently deposit and withdraw funds, pay utility bills, and make purchases both online and offline. M-BIRR caters to residential and business customers, as well as banks and microfinance institutions. Headquartered in Dublin, Ireland, the company continues to play a significant role in enhancing financial inclusion across urban and rural areas in Ethiopia.

Awamo

Seed Round in 2017
awamo GmbH provides a cloud-based microcredit management solution tailored for microfinance institutions in emerging markets, particularly in sub-Saharan Africa. The platform is mobile-friendly and incorporates biometric identification and authentication to enhance security and accessibility. By digitizing credit management, risk management, and portfolio management processes, awamo enables over 300 institutions to serve more than 450,000 consumers efficiently. The market potential is significant, with over 600 million individuals in sub-Saharan Africa benefiting from microfinance services. In regions where awamo operates, more than 16,000 microfinance institutions employ around 210,000 staff members, providing services to over 53 million consumers. The microfinance sector is experiencing robust growth, with a projected annual increase of over 10%. As the population in Africa is expected to double by 2050, awamo's solution positions itself to facilitate financial inclusion and local economic development by allowing institutions to connect and offer additional products and services. The platform processes over 150,000 transactions monthly, handling more than 7 million euros, thus demonstrating its impact on the microfinance landscape.

Retailability Proprietary

Private Equity Round in 2017
Retailability Proprietary operates in the fashion apparel retail sector, based in Durban, South Africa. The company specializes in providing a range of fashionable in-house and branded clothing and accessories, catering primarily to low and lower-middle income consumers in Southern Africa. Through its retail chain of stores, Retailability enables customers to access stylish apparel at affordable prices, meeting their diverse preferences and needs.

General Emballage

Private Equity Round in 2016
General Emballage is a prominent supplier and manufacturer of corrugated cardboard in Algeria, having established its operations in 2002. The company produces a variety of packaging solutions, including double-layered and double-double layered cardboard, catering to diverse industries. Its product range includes containers for dairy, food, fruits, and vegetables, as well as standard boxes and corrugated paper sheets used in food processing, pharmaceuticals, cosmetics, household appliances, and electronics. With a workforce of approximately 1,000 employees, General Emballage operates three production facilities located in Akbou, Setif, and Oran, contributing significantly to its growth in the packaging sector.

Beloxxi

Private Equity Round in 2016
Beloxxi Industries Limited is a Nigerian company that specializes in the production and supply of cream cracker biscuits. Founded in 1994 and headquartered in Agbara, Nigeria, the company operates with a focus on quality and affordability. Beloxxi's biscuits are produced using a hygienic and efficient process, utilizing high-quality raw materials without additives. The product range is designed to meet global standards while providing healthier snacking options for customers in Nigeria and West Africa. The company's distribution network ensures that its products are accessible to a wide audience, reflecting its commitment to consumer satisfaction and continuous improvement.

Helios Towers DRC

Debt Financing in 2016
Helios Towers DRC is a leading provider of telecommunications infrastructure and maintenance services in the Democratic Republic of the Congo. As the first independent tower company in Africa, it has developed a substantial network of over 6,500 towers across various markets on the continent. The company specializes in constructing and maintaining telecommunications towers, offering passive infrastructure services to wireless telecommunications service providers. By leasing space on its towers, Helios Towers DRC plays a crucial role in supporting the growing demand for connectivity in one of the fastest-growing regions in the world.
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