👨🏿‍🚀TechCabal Daily – Planet42 raises $100 million

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AFRICAGOGREEN FUND SECURES $47 MILLION FOR AFRICAN CLIMATE TECH

The AfricaGoGreen Fund (AGGF) has planted some good news today, announcing its successful second fundraising of $47 million in investments from the International Finance Corporation (IFC), the African Development Bank (AfDB), the Nordic Development Fund (NDF), and the Sustainable Energy Fund for Africa (SEFA).

Per Africagogreen, this brings AGGF’s total funding to $138 million—a little over $120 million away from its $230-$250 million goal.

This is reportedly the first structured debt fund in Africa focused on energy efficiency solutions. This investment will enable the fund to branch out its financing for climate-friendly African projects. These projects include purchasing high-efficiency appliances and industrial equipment, retrofitting existing and new green buildings, and installing rooftop solar, and battery storage for residential, commercial, and industrial consumers, and more.

It’s good to see more Africa-focused funds get the green light to fuel Africa’s journey towards a more sustainable future.

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CBN IN TALKS TO PARTNER WITH BLOCKCHAIN COMPANY R3

Word on the street is that the Central Bank of Nigeria (CBN) is chatting with New York-based blockchain company R3 to give the infrastructure of their digital currency, e-naira, a revamp.

This doesn’t mean the CBN is seeking to immediately part ways with Bitt Inc.—the Utah-based blockchain company it previously worked with to issue the e-naira. Apparently, Bitt is still adding more features to the e-naira as we speak. Moreover, per Coindesk, Bitt knows that the CBN is exploring all their options to increase the sophistication of its digital infrastructure.

So why is the CBN talking with R3?

The CBN might be thinking that it needs to “coin” some fresh ideas to boost adoption of the CBDC.

Despite ranking as one of the top 10 countries with the most crypto adoption in the world, Nigerians are largely ignoring the CBDC, e-naira. The e-naira is struggling to gain widespread acceptance, with only ₦4 billion worth of transactions (~ $10 million) since its launch in October 2021 recorded, as revealed by the CBN governor in August 2022. Only less than 0.5% of Nigerians use the e-naira, despite more than 10% of the Nigerian population being exposed to crypto assets.

The CBN governor previously cited a lack of awareness for the low adoption rate, but it seems like the CBN is also hoping that a “complete makeover” will do the trick. 

PLANET42 RAISES $100 MILLION

Estonia-founded and South Africa-based vehicle rental startup, Planet42, has announced that it has closed a $100 million round to scale its operations across South Africa and Mexico.

The investment, according to CEO Eerik Oja, comprises $15 million of equity from new and existing shareholders, including Naspers Limited, Andrew Rolfe, Change Ventures, $10 million of debt from shareholders, and a $75 million credit facility from Rivonia Road Capital.

The funding will be used to ramp up the company’s South Africa operations and further accelerate the process of penetrating the Mexico market.

“In South Africa, we want to put the pedal to the metal using this new financing to quickly add about 10,000 more cars to the fleet,” said Oja in an interview with Bloomberg. “In Mexico we are exploring where best to find customers, and how to switch on dealerships, so it takes time to get the ball rolling, but we have started to test the market and have about 250 cars on that side.”

He stated that the reason for gunning for the Mexican market was a result of the similarities they realised between the country’s operating environment and that of South Africa.

Planet42 employs proprietary algorithms and data points to score a customer’s risk level and generate an offer to buy a car from a dealership of choice within minutes. 

The startup claims to have almost a thousand car dealerships in its network, which generates about 40% of its sales.

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