Novastar held the final closing of Novastar Ventures Africa Fund II (NVAF II) with total commitments of $108 million. Now managing more than $200 million of capital, Novastar is one of the largest platforms dedicated to financing early and growth-stage businesses in Africa.
While Novastar’s first fund was limited to East Africa, NVAF II expands its geographic reach from East to West Africa in search of founders building breakthrough businesses in the region.
With offices in Nairobi and Lagos, Novastar backs start-ups that address proven demand for basic goods and services with innovative business models that widen access, improve quality, and lower cost for the mass market in these emerging economies. The fund targets businesses
where positive social impact for low-income households is a natural byproduct of their commercial success.
Co-founder and Managing Partner Andrew Carruthers notes: “While Novastar now manages more than $200 million of capital, we don’t think of ourselves primarily as fund managers. The focus and real interest in our work is partnering with high-capacity, ambitious entrepreneurs to help them bring their ideas to life and multiply their impact. The COVID-19 pandemic has obviously compounded the significant challenges for entrepreneurs building businesses in our territories. The strongest entrepreneurs will seize the opportunities that arise during the crisis, and we expect to see more entrepreneurial talent released from ‘safe jobs’ that are no longer safe.”
Novastar’s first fund of $80 million together with a $12.5 million co-investment facility has backed 15 companies, each reflecting the VC’s focus on mass-market scale potential, business model innovation and
outstanding entrepreneurial leadership. While that fund continues to invest follow-on capital into the successful businesses in its portfolio, NVAF II targets new early and growth stage businesses in East and
As with its first fund, NVAF II is a multi-round investor with the scale and flexibility to tailor support to each portfolio company’s stage of development, from seed to scale. Seeing strong deal flow in both East and West Africa, NVAF II has already led or co-led financing rounds in
mPharma, a technology-driven healthcare company creating efficiencies in the supply chain for quality drugs through its Vendor Managed Inventory (VMI) model, driving down costs to patients through its rapidly growing retail channels and partnerships. mPharma now operates in Ghana, Nigeria, Kenya, Zimbabwe and Zambia.
Sure Chill, a platform cooling technology company that enables refrigerators to maintain a constant temperature without constant power supply. The company is adapting its technology to supply a wide
range of off-grid and weak-grid applications in Africa.
Metro Africa Xpress (MAX), a Nigerian-based on-demand motorcycle ride sharing and logistics business, making mobility and transportation safe, affordable, accessible and sustainable. NVAF II benefited from the strong backing of the primary institutional investors in Novastar’s maiden
venture fund who matched or increased their commitments.
Leading private asset manager’s AXA Impact Fund II joined with several private family offices and leading European development finance institutions CDC Group, European Investment Bank, Dutch Good Growth Fund, FMO, Proparco, Norfund and SIFEM to capitalize the fund.
Co-founder and Managing Partner Steve Beck commented: “We are grateful for our investing partners who have helped us capitalize NVAF II at the beginning of this difficult period. Many of the world’s most innovative, successful businesses today were born out of recessions and crises of various kinds. Our investment strategy is well suited to this environment. We back breakthrough businesses that serve the common good; ones that will have staying power and profoundly positive impact precisely because they are innovating ways to address basic needs and the biggest challenges in our region.”
The Miss Universe-Greatest Celebration of Women
-SOFIE ZERUTO The Miss Universe Organization is a global, inclusive of organizations that celebrates all cultures, backgrounds and religions. It creates and provide a safe space for women to share their stories and drive impact personally, professionally, and philanthropically. The women who participate in this…
All Africa Music Awards; Categories and Regions
-MUSIC IN AFRICA All Africa Music Awards (also referred to as AFRIMA) is an annual awards event. The awards event was established by the International Committee AFRIMA, in collaboration with the African Union (AU) to reward and celebrate musical works, talents and creativity around the African continent while promoting…
African Acts And The Grammy Award
-FUMILAYO KANMODI African music is now getting much-deserved recognition, and talented stars have been rewarded for their hard work. One award many covet has always been the Grammy Award, and we have had African acts that have received the award. In our little way of…
Nigeria’s Former Jonathan Tells African Leaders To Put Humanity First
Joke Falaju, Abuja Bags African Heritage awardFormer President Goodluck Jonathan has urged African leaders privilege to hold public offices to become servants of the people, and not turn themselves into the “bosses of the people”.Jonathan stated this while receiving the African Democracy and Peace Icon…
The Risk And Reward Of ChatGPT In Cybersecurity
Juan is an experienced CTO with a demonstrated history of working in the computer and network security industry. He is an information technology professional skilled in SAP and Oracle applications, computer forensics, vulnerabilities research, IPS/IDS and information security. Unless you’ve been on a retreat in…
Explained – History Of Money From Fiat To Crypto
What is money? Money as a concept has been a cornerstone of human civilization and economic development. To start with the latter, money is a method of storing value and worth, and it also functions as a medium of exchange that allows individuals to exchange…
Studies Show That Nigerian Crypto Foreign Investment Is At A Record Low
Foreign direct investment in Nigeria fell by 33% last year due to a severe shortage of dollars, which discouraged crypto companies from expanding into the country. The largest economy in Africa has a foreign investment problem despite exponential growth in crypto adoption. The National Bureau…
Growing The Bitcoin Development Ecosystem In Africa
– Abubakar Nur Khalil | Bitcoin Magazine Bitcoin development in Africa, with a proper regulatory environment, could equally accelerate the continent and the technology. In this piece, we’ll be analyzing the current state of the Bitcoin developer ecosystem in Africa, ways to improve it and…