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Egyptian founder Mohamed Younes’ Khazenly raises $2.5 million in seed funding

Younes explained that the $2.5 million in institutional funding will help the startup build on its success in the region.

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Egyptian founder Mohamed Younes.

Khazenly has raised $2.5 million in a seed funding round co-led by venture capital firms Shorooq Partners and Arzan Venture Capital, a Kuwaiti company that has made significant investments in the MENA region since 2014.

Khazenly is a Cairo-based on-demand digital warehousing and fulfillment platform founded last year by Egyptian entrepreneur Mohamed Younes, Osama Aljammali, Mohamed Montasser, and Ahmed Dewidar as an on-demand digital warehousing and fulfillment management platform that provides an omnichannel solution to help merchants digitize their businesses.

Since its inception, the startup has handled an eight-digit figure in gross merchandise value, and its platform supports clients in more than 16,000 self-service activities, quickly becoming a partner of choice for merchants across multiple industries – apparel, electronics, home accessories, and FMCG.

Its recent $2.5-million seed funding round co-led by leading regional venture capitalists Arzan Venture Capital and Shorooq Partners, with participation from Camel Ventures and Averroes Ventures, is part of a concerted effort to drive product development and quadruple its facilities.

The startup disclosed that the cash injection will be used to develop Khazenly’s products and services and quadruple its existing facilities. Geographical expansion will also be supported as it continues its rapid growth trajectory during 2022.

Younes, CEO of Khazenly, explained that the $2.5 million in institutional funding will help the startup build on its success and strategically position itself as a regional leader in fulfillment and logistics.

Younes stated: “I am delighted to announce the successful completion of our seed funding round, which means that we can build on our success and position Khazenly as a regional leader in fulfilment and logistics as we shape the future of e-commerce in Egypt and beyond.”

In line with its strategic expansion plans, Khazenly intends to continue expanding its portfolio of data-driven products, such as its flagship Mobile Dark Stores, which improve the merchant experience by forecasting products to be warehoused in accordance with market demand, while also improving the shopper experience by ensuring a timely delivery window.

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Africa’s richest man Aliko Dangote gains $100 million in June

The $100-million increase in his net worth in June follows a $300-million decline in May.

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Aliko Dangote.

Africa’s richest man Aliko Dangote saw his net worth rise by $100 million in June despite the mixed performance of his publicly traded companies, as investors reduced their positions in shares that had delivered impressive year-to-date growth due to profit and valuation concerns.

According to data from the Bloomberg Billionaires Index, Dangote’s net worth increased by $100 million between the start of business on June 1 and the end of business on June 30, rising from $20.3 billion to $20.4 billion.

The $100-million increase in his net worth in June follows a $300-million decline in May, when investors sold down shares in his flagship company Dangote Cement as part of a move to preserve wealth after the cement maker’s stock price surged to an all-time high of N300 ($0.72) per share on May 19.

The increase in his net worth brings his year-to-date wealth gains to $1.32 billion, making him one of the few billionaires in the world who have been able to record impressive gains in their fortunes despite recent stock market declines.

Apart from the multimillion-dollar increase in his net worth in June, the Nigerian billionaire, who recently launched the continent’s largest granulated urea fertilizer complex, received a total dividend of $725.2 million this year from his publicly traded businesses, which is significantly more than the $639.5 million he received last year.

Through his manufacturing conglomerate Dangote Industries Limited, Dangote opened an application nearly four days ago to raise up to N300 billion ($723 million) in medium-term debt funding from Nigerian investors to fund the completion of his $19-billion integrated refinery and petrochemical complex, Dangote Oil Refinery.

The refinery’s pipeline infrastructure, when completed in the first half of 2023, will process 540,000 barrels of Nigerian crude per day in the first phase of operation, increasing to 650,000 barrels per day later.

The refinery will also produce 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas per day.

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Egypt’s richest man Nassef Sawiris loses $600 million in June after gaining $1.25 billion in May

His fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas.

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Egypt's richest man Nassef Sawiris.

After reporting a whopping $1.25-billion increase in his net worth in May, Egypt’s richest man Nassef Sawiris saw his fortune plummet by $600 million in June as the market value of his investment portfolio fell by double digits, mirroring the drop in EU stocks over the month.

Sawiris, a leading Egyptian businessman and one of Africa’s richest billionaires, serves on the boards of Adidas, a leading sportswear manufacturer, and OCI N.V., a global manufacturer and distributor of nitrogen products.

The majority of his fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas, which is valued at $2.11 billion at the time of writing this report.

According to data from the Bloomberg Billionaires Index, Sawiris had a net worth of $7.45 billion at the start of business on June 1, but his net worth dropped to $6.85 billion at the end of business on June 30 due to a decline in the share prices of OCI N.V. and Adidas.

The $600-million decline in his net worth in June follows a drop in EU equities as global markets face immense pressure, with aggressive monetary tightening by the U.S. Federal Reserve and other major central banks fueling fears of an impending economic downturn.

Despite the recent loss, the year-to-date change in Sawiris’ net worth remains positive, with the businessman’s fortune rising by more than $350 million this year, from $6.5 billion at the start of business in January to $6.85 billion at the time of writing.

The increase in his net worth year-to-date can be linked to his stake in OCI N.V., which enjoyed an increase in its valuation after the group reported a 246-percent increase in net income in the first quarter of 2022, from $102 million in the first quarter of 2021 to $354 million, driven by a 108-percent rise in revenue above $2.3 billion due to higher volumes and selling prices.

The group revealed that its outlook remains positive until at least 2024, providing strong support for nitrogen prices to remain above historical averages.

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Ghanaian tycoon Daniel McKorley’s McDan Group to donate land to students for soya bean cultivation

McKorley is a well-known businessman and the founder and CEO of the McDan Group.

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Ghanaian tycoon Daniel McKorley.

Ghanaian tycoon Daniel McKorley has announced plans to donate three to five acres of land to students for soya bean cultivation as part of the efforts to increase food sufficiency in Ghana, as food prices continue to rise due to supply constraints exacerbated by the war in Ukraine.

According to GhanaWeb, the leading business mogul announced the decision at the third edition of the McDanYouthConnect series of events, explaining that the move is part of a concerted effort to improve agriculture and promote food sufficiency in the country. He added that students will be given the opportunity to cultivate one or two products and create value for the nation.

His decision, which was applauded by all dignitaries and persons who attended the event, resulted in the release of 100 acres of land for the block farming project.

McKorley went on to advise students to continue engaging with the “right” people to increase their knowledge base, to network, and to ask for help when trying out something new, as such an attitude in life will allow them to unlock their future potential and grow.

McKorley is a well-known businessman and the founder and CEO of the McDan Group of Companies, an Accra-based transportation and logistics group with three divisions: McDan Shipping, McDan Aviation, and McDan Logistics.

Aside from its core operations in Ghana, the group maintains active operations and an extensive presence in West African countries such as Sierra Leone, Liberia, and Equatorial Guinea through its broad interests in shipping, logistics, and aviation.

McDan Group, led by McKorley, opened its first private jet terminal at an international airport in Accra, Ghana’s capital city, earlier this year, with three planes and one helicopter operating under the McDan Aviation brand.

The jet terminal will serve high-end clients seeking to maximize luxury clients and corporate executives seeking a quick and efficient commute for business purposes.

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