Novastar Ventures has closed the capital raise of a $108-million Novastar Ventures Africa Fund II.
The fund will target businesses in East and West Africa from its offices in Nairobi and Lagos.
Tech publication Techmoran reported in an article yesterday that the second fund was able to raise capital from institutional investors that participated in the investment company’s first fund.
The second fund has already led or co-led financing rounds in three companies, namely healthtech mPharma, Sure Chill, a platform cooling technology company, and Nigerian on-demand motorcycle ride sharing and logistics business Max.ng.
These include private asset manager’s AXA Impact Fund II, several private family offices and leading European development finance institutions CDC Group, European Investment Bank, Dutch Good Growth Fund, FMO, Proparco, Norfund and Sifem
The publication said Novastar’s first fund of $80-million together with a $12.5-million co-investment facility invested in 15 companies. The first fund was aimed only at companies based in East Africa.