Yassir, an African ride-hailing company, raised $150 million in a bond sale in just 193 minutes, according to a Bloomberg report. This is a sign of growing confidence in African tech, as investors are increasingly willing to put money into early-stage companies.
The bond sale was led by Credit Suisse and Standard Chartered, and drew orders from over 100 investors. The bonds have a maturity of five years and a yield of 8.5%.
Yassir plans to use the proceeds from the bond sale to expand its operations across Africa and to develop new products and services. The company is currently operating in six countries: Algeria, Morocco, Tunisia, Egypt, Ivory Coast, and Senegal.
The bond sale is a major milestone for Yassir, which was founded in 2016. The company has raised over $300 million in funding to date, and is valued at over $1 billion.
The success of Yassir’s bond sale is a sign of the growing maturity of the African tech ecosystem. Investors are increasingly willing to invest in early-stage companies, and there is a growing appetite for African assets.
This is good news for African entrepreneurs, who will now have easier access to capital. It is also good news for African consumers, who will benefit from new products and services developed by these companies.
The bond sale is also a sign of the growing importance of Africa in the global economy. The continent is home to a young and growing population, and is rapidly urbanizing. This is creating new opportunities for businesses, both African and foreign.
The success of Yassir’s bond sale is a positive development for Africa, and is a sign of the continent’s bright future.
