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

Sub-Saharan Africa: Ethiopia, Kenya, Rwanda, Tanzania, Uganda

Investment field

Investment Companies & Funds

Activity

SME Fund

Organisation

Zoscales Fund I

Domicile

Ethiopia

More investments in

Zoscales Fund I

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.

CGF Crown Cork Manufacturing

Ethiopia

A leading manufacturer of metal crown corks that it supplies to multinationals in the beverage industry.

Ethio-Asia Industries

Ethiopia


Ethio-Asia Industries is Ethiopia’s first privately-owned manufacturer of personal care products, including soap and detergent, and the only native manufacturer with a nationally recognized brand.

Pioneer Diagnostics Center

Ethiopia

PDC is a forerunner in quality imaging diagnostic services in Ethiopia.

Ahadukes Food Products

Ethiopia

Ahadukes is a producer of mainstream and premium biscuits for the Ethiopian domestic and export markets.

Africa Jobs Network

Ethiopia

Africa Jobs Network is a recruiting platform positioned as one of East Africa’s talent search industry leaders.

View more of our investments in this region

African Minerals Limited

Enterprises

African Minerals Limited

  740,784.67

  Uganda

  22/12/2009

  Debt

European Financing Partners S.A.

Investment Companies & Funds

European Financing Partners S.A.

  5,000,000.00

  India, Kenya, Nigeria, Senegal, Tanzania, Zambia

  08/12/2010

  Debt

Bank of Africa Group S.A.

Financial Institutions

Bank of Africa Group S.A.

  1,954,160.00

  Benin, Burkina Faso, Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Madagascar, Mali, Niger, Rwanda, Senegal, Tanzania, Uganda

  30/03/2011

  Equity

Agri-Vie Fund II

Investment Companies & Funds

Agri-Vie Fund II

  350,000.00

  Kenya, South Africa, Tanzania, Uganda, Zambia

  23/11/2020

  Subsidy

Phatisa Food Fund 2

Investment Companies & Funds

Phatisa Food Fund 2

  5,767,300.00

  Ghana, Kenya, Malawi, South Africa, Tanzania, Uganda, Zambia

  29/01/2021

  Equity

Electrical Controls and Switchgear Ltd.

Enterprises

Electrical Controls and Switchgear Ltd.

  725,111.00

  Uganda

  27/01/2015

  Debt

European Financing Partners S.A.

Investment Companies & Funds

European Financing Partners S.A.

  6,000.00

  India, Kenya, Nigeria, Senegal, Tanzania, Zambia

  21/11/2003

  Equity

Grofin East Africa Fund LLC.

Investment Companies & Funds

Grofin East Africa Fund LLC.

  2,211,000.00

  Kenya, Rwanda, Tanzania, Uganda

  25/01/2006

  Equity

Rubaya-Nyabihu Tea Company Ltd.

Enterprises

Rubaya-Nyabihu Tea Company Ltd.

  3,674,000.00

  Rwanda

  01/03/2017

  Debt

AgRIF Coöperatief U.A.

Investment Companies & Funds

AgRIF Coöperatief U.A.

  105,000.00

  Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal

  11/09/2018

  Subsidy

AgRIF Coöperatief U.A.

Investment Companies & Funds

AgRIF Coöperatief U.A.

  5,438,332.50

  Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal

  18/06/2015

  Equity

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  350,000.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  23/11/2020

  Subsidy

KCB Kenya

Financial Institutions

KCB Kenya

  19,583,388.00

  Kenya

  22/12/2020

  Debt

African Rivers Fund III

Investment Companies & Funds

African Rivers Fund III

  1,500,000.00

  Democratic Republic of Congo, Uganda

  01/09/2020

  Equity

African Rivers Fund III

Investment Companies & Funds

African Rivers Fund III

  6,113,520.00

  Democratic Republic of Congo, Uganda

  01/09/2020

  Equity

Fairtrade Access Fund

Investment Companies & Funds

Fairtrade Access Fund

  350,000.00

  Bolivia, Brazil, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Tanzania, Uganda

  07/04/2020

  Subsidy

Alios Finance S.A.

Financial Institutions

Alios Finance S.A.

  2,877,422.00

  Kenya, Tanzania, Zambia

  15/12/2015

  Debt

EFC Uganda

Financial Institutions

EFC Uganda

  16,144.00

  Uganda

  18/12/2019

  Subsidy

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  21,757.30

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  12/11/2019

  Subsidy

Frontier Energy II

Investment Companies & Funds

Frontier Energy II

  8,151,000.00

  Kenya, Rwanda, Tanzania, Uganda

  21/03/2018

  Equity

AfricInvest Financial Inclusion Vehicle

Investment Companies & Funds

AfricInvest Financial Inclusion Vehicle

  10,000,000.00

  Morocco, Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Zambia

  14/12/2017

  Equity

Fairtrade Access Fund

Investment Companies & Funds

Fairtrade Access Fund

  3,000,000.00

  Bolivia, Brazil, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Tanzania, Uganda

  24/10/2019

  Equity

ARPE Ltd.

Infrastructure

ARPE Ltd.

  8,236,550.00

  Uganda

  07/12/2016

  Debt

EFC Uganda

Financial Institutions

EFC Uganda

  285,933.00

  Uganda

  28/09/2016

  Equity

EFC Uganda

Financial Institutions

EFC Uganda

  1,000,000.00

  Uganda

  23/03/2018

  Equity

African Rivers Fund

Investment Companies & Funds

African Rivers Fund

  4,118,275.00

  Democratic Republic of Congo, Uganda

  02/02/2016

  Equity

Kivuwatt Ltd.

Infrastructure

Kivuwatt Ltd.

  7,750,715.07

  Rwanda

  24/08/2011

  Debt

Rwimi EP Company

Infrastructure

Rwimi EP Company

  9,426,443.00

  Uganda

  29/07/2015

  Debt

Rwanda Mountain Tea

Infrastructure

Rwanda Mountain Tea

  1,986,637.72

  Rwanda

  21/12/2011

  Debt

Africa Renewable Energy Fund

Investment Companies & Funds

Africa Renewable Energy Fund

  8,896,000.00

  Ghana, Kenya, Senegal, Uganda, Zambia

  30/10/2014

  Equity

Beyond the Grid Solar Fund

Investment Companies & Funds

Beyond the Grid Solar Fund

  4,175,007.50

  Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda

  26/10/2017

  Debt

Agri-Vie Fund II

Investment Companies & Funds

Agri-Vie Fund II

  6,552,700.00

  Kenya, South Africa, Tanzania, Uganda, Zambia

  20/01/2017

  Equity

TLcom TIDE Africa

Investment Companies & Funds

TIDE Africa

  4,367,820.00

  Kenya, Nigeria

  28/06/2019

  Equity

Ethos Mezzanine Partners 3

Investment Companies & Funds

Ethos Mezzanine Partners 3

  8,868,980.00

  Burundi, Ethiopia, Kenya, Malawi, Mozambique, Rwanda, South Africa, Tanzania, Uganda, Zambia

  13/06/2019

  Equity

7 Hills

Enterprises

7 hills

  77,000.00

  Uganda

  05/10/2006

  Subsidy

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  620,000.00

  Tanzania

  01/08/2007

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  145,000.00

  Tanzania

  05/02/2009

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  1,500,000.00

  Tanzania

  15/09/2009

  Debt

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  274,000.00

  Tanzania

  25/02/2010

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  225,000.00

  Tanzania

  28/06/2012

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  425,000.00

  Tanzania

  30/05/2013

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  100,000.00

  Tanzania

  01/12/2007

  Subsidy

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  13,700.00

  Tanzania

  26/03/2012

  Subsidy