Zoscales Fund I

Equity : April 2019

BIO has invested USD 5 M in equity in Zoscales Fund I, a PE fund targeting SMEs in East Africa.

Amount

€ 4,169,100.00

Type of investment

Equity

Development impacts

Local economic growth
Private sector consolidation/innovation

Beneficiary locations

Africa: Ethiopia, Kenya, Rwanda, Tanzania, Uganda

Investment field

Investment Companies & Funds

Activity

SME Fund

Organisation

Zoscales Fund I

Website

http://www.zoscales.com/

Domicile

Ethiopia

More investments in

Zoscales Fund I

Subsidy € 350,000.00 (2020)
Subsidy € 21,757.30 (2019-2020)

Zoscales Fund I is a private equity fund that targets to invest tickets of USD 3-8 M in SME that are based in Ethiopia (70%) or in the neighbouring East African countries of Kenya, Uganda, Tanzania, Rwanda and Djibouti.

The fund is sector agnostic with focus and experience in consumer goods, healthcare, materials and clean technology/renewable energy sectors.

Development impacts

Local economic growth
The Fund is expected to have a strong impact on local economic growth through the providing of long-term capital to SMEs.
Private sector consolidation/innovation
Private equity is not at all developed in Ethiopia.
The local financial institutions do not sufficiently provide long term financing to SME.
The fund is one of the first movers in private equity in Ethiopia, BIO’s additional funding will help to perform relevant investments and build cases that support further development of private equity investments in the country.
Thanks to its added value, the fund manager will help institutionalize and formalize investee companies.

Made possible through this investment

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

Africa Jobs Network

Ethiopia

Africa Jobs Network is an online employment search engine with head offices in Addis Ababa and Nairobi. The Company generates its revenue from job listing packages, recruitment services and consultancy & training. In addition, AJN provides personnel management and temporary workspace services for its clients.

Ahadukes Food Products

Ethiopia

Ahadukes Food Products S.C. is an affordable biscuit producing company that started production in 2015 targeting the regular segment of the biscuit market.

CGF Crown Cork Manufacturing

Ethiopia

Established in 2012, CGF Crown Cork Manufacturing PLC manufactures and supplies metal crown caps to the carbonated soft drinks and beer markets in Ethiopia.

Ethio-Asia Industries

Ethiopia

C.10.89 Manufacture of other food products n.e.c.

Founded in 1998, Ethio – Asian Industries S.C. is the first privately owned soap and detergent company in Ethiopia. The company manufactures and distributes a diverse portfolio of well-known bath soaps and laundry brands.

Pioneer Diagnostics Center

Ethiopia

Established in 2006, Pioneer Diagnostic Center is a forerunner in quality imaging diagnostic services in Ethiopia. PDC operates from four centers in Addis Ababa and one center in upcountry market.