Investors update: May 10 2023 - Egypt to get $250m data center via Khazna, Benya partnership

Egypt to get $250m data center via Khazna, Benya partnership

Highlights

• Khazna Data Centers, the largest network of hyper-scale data centers in the Middle East and North Africa is entering Egypt with Benya Group, a provider of integrated solution, digital transformation, and ICT infrastructure in the region.
• The new $250 million facility will be the country’s first hyper-scale data center, to be built at the Maadi Technology Park, Egypt’s first specialized investment zone.
• With an expected capacity of 25MW of IT load, the data center is expected to unlock opportunities for businesses in Egypt aiming to expand internationally, and targeting multinational corporations in MENA markets.

Source: ABC

Our Takeaway

The planned data center marks the first in a series of hyper-scale facilities that Benya and Khazna plan to introduce to Egypt in the future. The construction of the new data center is expected to commence later this year, with completion targeted for within the coming three years. Beyond Egypt, Africa’s cloud computing and data center market is seeing significant investments poured by operators with the hope of bridging a demand gap while tapping into the market revenue potential. The market was valued at $2 billion in 2020 and is expected to grow to $5 billion by 2026.

---

SA healthtech startup Quro Medical raises $1.3m funding

Highlights

• South African startup Quro Medical has raised $1.3 million in funding from the Mineworkers Investment Company (MIC).
• Founded in 2018, Quro Medical offers a hospital-at-home solution that combines hardware and software with clinical experience to manage acutely ill patients in the comfort of their homes. 
• With the support of MIC, Quro Medical will be able to further develop its technology and expand its reach, improving healthcare outcomes and reducing costs for patients and providers.

Source: Disrupt Africa

Our Takeaway

Since the outbreak of the coronavirus pandemic, the popularity of telemedicine—an innovative way of getting access to and delivering healthcare using digital devices such as mobile devices and computers—has risen significantly. Per a McKinsey study, telemedicine grew 78x in April 2020. In Africa, where fewer than 50% of Africans have access to modern health facilities and the doctor-to-patient ratio stands at 1:5,000, the budding healthcare tool is equally making new, significant inroads.

---

Inua Capital launches impact-focused $8m fund for Ugandan SMSEs

Highlights

• Inua Capital has unveiled its flagship fund, Inua Impact Fund, with over $8 million of commitments.
• The fund is reportedly the first resident impact investment equity fund in Uganda that is investing, with a gender lens, in high-potential entrepreneurs and small- and medium-sized enterprises (SMEs) with financing needs of $100,000 to $500,000.
• Inua Impact Fund is backed by renowned impact investors including IPDEV (a member of the I&P Group) and the EU-funded Agriculture Financing Initiative (EDFI AgriFI).

Source: ABC

Our Takeaway

The increasingly diversified capital pool available in Africa could play a potentially important role in supporting the growth of small and mid-size businesses that would otherwise struggle to access capital from banks. Access to capital remains a significant barrier to the growth of many SMEs, with available data shows a $330 billion financing deficit for the small enterprises that make up 90% of businesses on the continent. It’s a problem several startups and foreign investors are particularly keen to address as it promises attractive returns.