March 20th, 2023: Verod-Kepple Africa Ventures (“VKAV”) is pleased to announce that it has raised US$43 million as part of its ongoing fundraising for its pan-African venture fund. The fund’s initial backers include institutions such as SBI Holdings, Toyota Tsusho Corporation, and individual investors such as Mr. Osamu Kaneda.
VKAV is the first fund by Verod-Kepple Africa Partners, a joint venture between Verod Capital Management Limited (Verod Capital) and Kepple Africa Ventures. Launched in 2022, VKAV invests in scalable, tech-enabled, post-revenue businesses addressing difficult challenges across various industries on the continent. VKAV’s current investments include Moove Africa (Multiple markets: smart vehicle finance for mobility entrepreneurs); NowPay (Egypt: financial wellness for employees); Koko Networks (Kenya: clean cooking technology company); Ceviant (Nigeria: treasury management and trade finance); Chari (Morocco: B2B e-commerce for FMCG); Shuttlers (Nigeria: Affordable and reliable shared mobility); Nawy (Egypt: end-to-end platform powering property transactions), Julaya (Francophone West Africa: neobank for businesses in Africa). The fund’s announcement comes on the back of a resilient 2022 in the African tech-ecosystem, where the interest in venture capital in Africa grew by 8% despite a global economic crisis.