African Rivers Fund

Equity : February 2016

African Rivers Fund (ARF) invests in small and medium-sized enterprises in Central and Eastern Africa.

Amount

€ 4,118,275.00

Type of investment

Equity

Development impacts

Local economic growth
Private sector consolidation/innovation

Beneficiary locations

Sub-Saharan Africa: Democratic Republic of Congo, Uganda

Investment field

Investment Companies & Funds

Activity

SME fund

Organisation

African Rivers Fund

Website

https://xsmlcapital.com/funds/african-rivers-fund/

African Rivers Fund is an SME mezzanine fund active in Central Africa with a specific focus on Democratic Republic of Congo (“DRC”). It is managed by Dutch fund manager XSML and will build on its experience acquired with the Central African SME Fund (“CASF”).

The Fund aims to achieve sustainable economic development by:

encouraging entrepreneurship in these fast growing markets, and;

creating a local manufacturing, services and agricultural base to provide Central African economies with locally produced goods and services.

Currently, many opportunities remain unexploited due to the lack of risk capital and support. By filling this gap, entrepreneurial efforts can have a multiplier impact, creating jobs and income. Often, entrepreneurs create businesses with regional growth prospects.

Development impacts

Local economic growth
Access to long-term financing for SMEs
Private sector consolidation/innovation
BIO will support the growth of the only fund manager dedicated to Central Africa with a certain track-record. The aim is mainly to diversify the high political risk in DRC and to establish a Central-African approach.

Made possible through this investment

Thanks to the direct funding from BIO, the following second-line investments have been made possible.

Aurora

Democratic Republic of Congo

Aurora ASBL is a school established in 2012 offering French, English IB and Montessori education at nursery, primary and secondary level. The school has been founded by Mrs. Jayshree Aurora, who has longstanding experience in school administration in Kinshasa, with a degree in Accounting, Finance and Administration from the Université Libre de Bruxelles. Aurora distinguishes itself by offering high quality education at international standards at attractive prices in Kinshasa.

B.I.S.

Democratic Republic of Congo

B.I.S. is a generic pharmaceutical manufacturer established in 1994 and produces and markets some 50 products in DRC. B.I.S. focuses on solid research and a specialized offering to treat conditions of ear, nose, eyes, throat and skin. The company was founded by Mr. Jeremiy Lubiba, who has over 20 years’ experience in pharmaceutical production in Kinshasa. B.I.S. distinguishes itself by offering high quality pharma products at attractive prices.

Ecopharm

Uganda

Ecopharm has a network of twelve pharmacies in Kampala, through which it provides branded pharmaceuticals, branded generic medicines as well as locally produced pharmaceuticals. In addition, Ecopharm sells over-the-counter medicines and personal care products.

Ice Industries

Uganda

Ice Industries (ICE) is a producer of flake ice, which is used mainly to keep fresh produce cold and is an essential element for the fishing sector in Uganda. The investment from ARF will be used to more than double the companies’ capacity of ice production, so that larger quantities of ice can be provided to the local fishing communities, at lower prices.

KARE

Uganda

KARE is a distributor and wholesaler of essential consumer goods based in Uganda. As a distributor, KARE helps locally manufactured brands to sell their products as detergent, soap, vegetable cooking oil and water to low-income households.

M&N services

Uganda

M & N Cleaning & Fumigation Services Ltd. is a cleaning, pest extermination & fumigation company. It is also involved in related services such as general cleaning of commercial and residential premises focusing on carpets, upholstery and hard floors and compound maintenance.

Maison Galaxy

Democratic Republic of Congo

Galaxy is a retail chain specialised in cosmetics and other consumer products, founded by Ashiq Adatia in 2014, and operates thirty stores.

Monishop

Democratic Republic of Congo

Monishop is a supermarket retailer in Kinshasa.

SoGood

Democratic Republic of Congo

SoGood is the first wholesaler in the Congo focused on the distribution of fresh, frozen and dry good to the hospitality sector (restaurants, hotels, etc.) in Kinshasa.

SOS Médecins de Nuits

Democratic Republic of Congo

MDN is a healthcare clinic based in Kinshasa and founded by Drs. Guy Bandu, Serge Holenn and Didier Mayemba in 2009, with the addition of Dr. Yves Lubenga in 2017 and operates from three locations in Kinshasa.

Telcare

Uganda

Telcare is one of the leading operators of mobile money kiosks in Uganda. Telcare has 39 kiosks and four shops located in Kampala through which it provides mobile money transfer services on mobile platforms.

TMR

Uganda

TMR is a general hospital that specializes in maternity healthcare, emergency relief and Ears, Nose and Throat. TMR hospital offers healthcare on both an outpatient and inpatient basis, including a pharmacy, operating theatre, ICU, maternity ward and a laboratory.

Qualicoff

Uganda

Qualicoff buys green Robusta coffee beans from small holders through a network of small merchants which are then cleaned, graded and sorted before being bagged for export.

Quickprint

Democratic Republic of Congo

Established in 2014, Quickprint is a digital printing shop in Gombe, Kinshasa and offers modern printing solutions for corporates, NGOs and SMEs in the area.

Read impact and news about this project

Impact Story

Vaccines can be produced in Africa

14-09-2021

BIO has invested in African Rivers Fund I and III, managed by XSML.

Jarl Heijstee is the co-founder and managing partner of XSML. This is his story.

Impact Story

Ice is important business

16-12-2019

BIO made a USD 5 M investment in ARF / XSML, an SME mezzanine fund active in Central Africa.
Mr Norman Batuma got a loan from XSML. This is his story.