17123251389_bed3c3a1ba_z (1)
Abraaj, a private equity investing firm, has closed $375 million in a second round of funding for North Africa, Disrupt Africa reports.

The Abraaj North Africa Fund II (ANAF II), will focus on investing in mid-market businesses that target the growing consumer class in Algeria, Egypt, Morocco and Tunisia.

“The successful closing of our second generation North Africa Fund demonstrates the continued optimism and belief of our investors in the economic growth and development of this dynamic region,” said Arif Naqvi, founder and group chief executive of the Abraaj Group.“By leveraging our deep local knowledge, global underwriting standards and successful track record, we are well positioned to identify and partner with high growth businesses that we can develop into regional champions. We look forward to investing this fund successfully and thank our investors for the confidence they have shown in Abraaj,” he added.

Established in 2002, Abraaj has investments in growth markets of Africa, Asia, Latin America, Middle East and Turkey. In April 2015, the company closed its first funding round for Sub-Saharan Africa at $990 million.

Photo Credit: Via Flickr Cc

Read this next

Harare Institute of Technology will host workshops showcasing various innovations from its different faculties in celebration of its tenth anniversary, according to reports by Techzim. The workshop will also serve as a convergence of ideas between the university, and the tech industry regarding the Zimbabwean tech scene. Interactions will be centered around issues surrounding: cloud […]

More From TC
Business, Developers, Entrepreneurship, Funding
17th September 2019

Andela, the Africa-focused tech accelerator, is laying off more than 400 employees across three countries as the company changes its business model away from developer training. The company told TechCabal it is laying off 250 junior developers from Nigeria and Uganda and about 170 others in Kenya. CEO Jeremy Johnson said the company will now […]

FBI announces arrest of 167 alleged fraudsters in Nigeria in anti-fraud operation
Business, ecosystem, FinTech, Government, Internet, Mobile, News, Policy, Technology
11th September 2019

The Federal Bureau of Investigation (FBI) has arrested 281 individuals, including 167 in Nigeria, for their involvement in fraudulent business email compromise (BEC) schemes, the agency announced recently. Working with over 12 agencies across multiple countries, the FBI disclosed that the latest arrests are part of Operation reWired, a four-month international operation “designed to intercept […]

TechCabal is a Big Cabal Media brand

Copyright © 2019
All rights reserved

Privacy & Terms