Lagos, Nigeria – Verod-Kepple Africa Ventures (“VKAV”) is pleased to announce that it has raised an additional US$10 million as part of its ongoing fundraising for its pan-African venture fund from Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT), a Japanese public-private investment fund.
VKAV represents the flagship fund of Verod-Kepple Africa Partners, a joint venture between Verod Capital Management Limited (Verod Capital) and Kepple Africa Ventures. Established in 2022, VKAV focuses on nurturing scalable, tech-enabled, post-revenue enterprises dedicated to addressing multifaceted challenges across diverse industries on the African continent.
Among VKAV’s notable limited partners include prominent Japanese public agencies such as JICT and the Japan International Cooperation Agency (JICA), as well as publicly listed corporations like Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank (SMTB), and SBI Holdings. The fund’s current portfolio includes strategic investments in companies such as Moove Africa (operating across multiple markets, providing smart vehicle finance for mobility entrepreneurs), NowPay (Egypt, offering financial wellness solutions for employees), Koko Networks (Kenya, specialising in clean cooking technology), Ceviant (Nigeria, focusing on treasury management and trade finance), Chari (Morocco, a B2B e-commerce platform for FMCG), Shuttlers (Nigeria, facilitating shared mobility), Nawy (Egypt, offering an end-to-end platform for property transactions), and Julaya (serving as a neobank for businesses in Francophone West Africa). In May 2023, VKAV was voted “Start-ups’ most favoured investor” in Africa” in a renowned French economic media outlet Jeune Afrique survey.
JICT, a prominent public-private investment fund, was founded in 2015 and has a track record of successfully promoting the overseas expansion of Japanese businesses in ICT and postal services by providing risk-tolerant capital for various projects. Through a collaborative effort leveraging JICT’s expertise and VKAV’s extensive regional networks and market insights, we aim to facilitate connections and valuable business connections between Japanese corporations and prominent African start-ups. Our particular focus will be on accelerating the growth of start-ups in core ICT sectors, including fintech and digital transformation, thereby contributing to addressing pressing social challenges on the African continent.
Amane Oshima, CEO and Representative Director at the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT), commented, “It is expected that Africa, as the final growth frontier in the world, presents tremendous opportunities for Japanese companies seeking to expand overseas. However, the continent’s unique and complex socio-economic context often hinders successful market entry. Through this LP investment opportunity, we believe our partnership with VKAV, a trusted collaborator with an extensive local presence and profound business knowledge, will support Japanese companies to enter this market and expand their business in ICT sector.”
Satoshi Shinada, Partner at Verod-Kepple Africa Ventures (VKAV), also expressed their pleasure in welcoming JICT, a highly reputable institution from Japan, stating, “The African market has been rapidly evolving into a gigantic economic market and a pivotal driver of global economic growth. We firmly believe that Japanese corporations have a crucial role to contribute towards this historic transformation, and their potential returns and rewards are substantial. We are genuinely excited and confident that, in collaboration with JICT, we will further facilitate Japanese corporations’ successful market entry efforts into Africa.”
For further information, please visit https://vkav.vc or contact:
Karabo Maelane: Head – Investor Relations & Communications, Verod-Kepple Africa Ventures
Tel: +234 1 462 8646/7
Email: investorrelations@vkav.vc
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