Verod-Kepple Africa Ventures (VKAV) has successfully closed its inaugural fund, securing a total of $60 million in investments. The funding round saw participation from prominent investors including SBI Holdings, Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank, Japan International Corporation Agency, and the Japan ICT Fund.
Notably, new investors such as SCM Capital (formerly known as Sterling Capital Markets Limited) from Nigeria, as well as institutional investors from Japan, including Taiyo Holdings and C2C Global Education Japan, also contributed to the fund.
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Established in 2022, Verod-Kepple Africa Ventures (VKAV) marks the inaugural fund by Verod-Kepple Africa Partners, a joint venture between Verod Capital Management and Kepple Africa Ventures.
This latest capital injection follows VKAV’s previous fundraising efforts in 2022 and 2023, which saw support from Japanese institutional investors. Tingting Peng, Chief Capital, Strategy & Impact Officer at Moove, expressed enthusiasm for the continued investment in the African tech ecosystem, highlighting VKAV’s commitment to fostering prosperity and reducing economic inequality across the continent.
VKAV’s investment strategy focuses on three key areas: companies involved in building digital infrastructure across various sectors, inefficiency solvers addressing friction within business interactions, and market creators offering economic opportunities driven by Africa’s evolving economy and demographics. By targeting growth-stage companies, VKAV aims to bridge the funding gap, particularly for companies transitioning to Series A and B stages in Africa.
Ory Okolloh, partner at VKAV, emphasized the need for growth-stage capital, especially from locally-based investors, to support African companies in scaling and achieving sustainable profitability. The fund intends to prioritize Series A and B investments while remaining open to pre-Series A opportunities if deemed favorable.
VKAV has already invested in 12 companies, including Moove Africa, KOKO Networks, Ceviant, Chari, Shuttlers, Nawy, Julaya, NowPay, Chefaa, Cloudline, Zone, and mTek-Services. Portfolio companies have praised VKAV for its value-added support beyond financial investment, citing assistance in areas such as market entry strategies and government relations.
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