A pair of early-stage investors, who have made fivefold returns funding African startups since 2017, said they plan to list a blank-check company targeting technology companies from the continent, Bloomberg reports.
Investment banker Vishal Agarwal (pictured) and corporate lawyer Raj Kulasingam hope to emulate the success they saw as investors in Swvl Inc., an Egyptian bus-hailing service now based in Dubai, that’s merging with Queen’s Gambit Growth Capital. An Africa-focused SPAC would fill a gap to provide funds for a startup needing capital to rapidly expand, according to Agarwal. Read more.
