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Verod-Kepple Africa Ventures Raises $60 Million to Fuel Growth for African Startups
Verod-Kepple Africa Ventures (VKAV), a pan-African venture capital firm, has secured $60 million for its first fund. This funding will be used to support promising African companies in the growth stage.
The recent closing of the fund comes at a time when investment in African tech startups has declined. VKAV’s commitment to growth-stage companies provides a much-needed boost to the continent’s entrepreneurial ecosystem.
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Focus on Series A and B Companies
VKAV plans to invest in up to 21 startups across Africa, with a focus on Series A and B rounds. This funding round typically falls between $1 million and $3 million, with the potential for additional investment. The VC firm has already invested in 12 companies, deploying $17.5 million so far.
Investors from Africa and Japan
The $60 million fund was raised from a combination of African and international investors. Some of the key backers include Nigerian firm SCM Capital, alongside several Japanese institutional investors such as SBI Holdings, Toyota Tsusho Corporation, and Sumitomo Mitsui Trust Bank.
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Addressing Market Gaps
VKAV looks to invest in companies that address critical challenges and inefficiencies within African industries. Their focus areas include:
- Digital infrastructure development
- Solutions that improve efficiency in existing businesses
- Creating new markets
The VC firm is also sector-agnostic, meaning they are open to investing in a wide range of industries, including fintech, healthcare, energy, and proptech.
Expanding the African Tech Ecosystem
VKAV’s pan-African approach extends beyond traditional startup hubs. They aim to explore investment opportunities in emerging ecosystems like Angola, Zambia, DRC, and Tunisia. This strategy highlights their commitment to fostering innovation across the entire continent.
Verod-Kepple Africa Ventures’ successful fundraise is a positive sign for the future of African startups. With increased access to growth capital, these companies can scale their operations and address the continent’s pressing needs.
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