Hi, welcome to Tech This Evening, an After-Work Tech Newsletter from Techparley Africa. Sure, there is a lot to unpack right now. Sit back, while I walk you through.
Top Story: ARM-Harith Targets $200M Fund to Reduce Africa’s Dependence on Foreign Infrastructure Funding
ARM-Harith Infrastructure Investments has secured $76 million at the first close of its Climate Transition Fund, marking a step in efforts to mobilise African pension capital for infrastructure and energy projects across the continent.
The Lagos-based private equity firm, which specialises in sustainable infrastructure investments, is targeting a final close of $200 million for the fund.
Unlike many traditional infrastructure vehicles, the Climate Transition Fund combines both US dollar and local currency investments within a single structure, to address one of the biggest barriers preventing African institutional investors from participating in infrastructure financing.
“With our first fund, we demonstrated that domestic institutional capital can be mobilised into infrastructure equity,” Rachel Moré-Oshodi, ARM-Harith’s chief executive officer, said. “With this successor fund, we are building on that foundation by bringing local and hard-currency capital together within a single platform.”
Quadri Adejumo brings you all the details. Read it here
Other Tech News Stories You Should Read:
BlueFive Capital Acquires 49% Stake in LeasePlan Emirates, Expands into UAE Mobility Market. Read it here
Nigeria’s CreditChek Raises $600,000 to Expand Into East Africa and Transform Africa’s Digital Lending Boom. Read now
Top 10 Job Searching Platforms for Graphic Designers in Nigeria: A Guide to Boost Your Career. Read now.
On Startup News:
UAE’s Algebra AI Emerges From Stealth With $7M Backing to Bring Custom AI Solutions to Mid-Sized Gulf Businesses
Algebra AI, an AI transformation company focused on designing and operating customised AI-powered workflows, has officially launched after securing $7 million in financing from a consortium of investors including Infinity Constellation, BECO Capital, Silicon Badia, and Waseel Investments.
Emerging from stealth with clients already spanning financial services, food and beverage, distribution, and manufacturing, the company aims to help businesses across the Gulf Cooperation Council (GCC) deploy practical AI systems tailored to their operations rather than relying on generic software solutions.
The funding will support the company’s regional expansion, strengthen its AI engineering capabilities, and deepen its managed services offerings as demand for operational AI solutions accelerates across the region.
“There are more than 30,000 mid-market businesses in the GCC, but while these businesses that form the backbone of this economy have been told AI is for them, the market has not produced a model that works for how they actually operate,” founder Anis Harb said.
Yakub Abdulrasheed brings you all the details. Read here
Also Read:
MNT-Halan Reaches $1.4b Valuation After Strategic Backing from Egypt’s Largest Bank for Operational Expansion, here.
Quote of the Day:
“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke.
Thank you for joining me yet again this evening. Stay safe, and see you tomorrow for the next tech newsletter.
Best, Yakub.
