Key Points:
Verod-Kepple Africa Ventures (VKAV), a pan-African venture capital firm, has closed its first fund at $60 million. This allows them to support high-growth startups across the continent.
- Focus: Series A and B growth-stage companies, with a particular interest in those targeting emerging consumer trends.
- Investment Range: $1 million to $3 million per startup, with the potential for follow-on investments.
- Portfolio Sectors: Fintech, mobility, e-commerce, proptech, deep tech, insurtech, energy, and healthcare. (Examples include Uber-backed Moove and climate tech KOKO Networks)
- Geographic Focus: Currently invested in Nigeria, Egypt, Kenya, Morocco, Ivory Coast, and South Africa, with plans to expand into Angola, Zambia, DRC, and Tunisia.
- Investor Backing: The fund is backed by a mix of international and local investors, including Japanese institutions like SBI Holdings and Toyota Tsusho Corporation, as well as Nigerian firm SCM Capital.
VKAV’s Role:
Offer “hands-on support” to portfolio companies, including guidance on scaling operations and navigating the African business environment.
- Provide much-needed capital to high-growth startups in Africa, where Series A and B funding can be scarce.
- Offer “hands-on support” to portfolio companies, including guidance on scaling operations and navigating the African business environment.
Looking Forward:
- VKAV plans to continue seeking investment opportunities in underserved African markets.
- The firm is interested in startups offering vertical ERP solutions, embedded financial services, and future-of-work solutions.
- They are also exploring how artificial intelligence will impact tech-enabled businesses in Africa.
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