Funding review: November sees deal slowdown

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French development financier Proporco’s equity funding for Kenya-based electric bus company BasiGo was the only major funding deal in the sector in November, according to an analysis by Mobility Rising. While Proparco and BasiGo have not revealed the investment sum, The Big Deal Africa has estimated the value of the deal at a minimum of about $5 million. 

• November’s funding is the lowest this year, a sharp contrast to October during which four EV companies raised a total of $119.5 million. October saw a twelve-fold growth from the $10 million raised in September in a single deal. 

• Equity has dominated the funding landscape for years, but debt is becoming more prominent as the sector matures. Companies are also deploying alternative methods to raise cash like crowdfunding.  

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