Novastar Ventures Africa Fund II

Kenya, Nigeria Health, Other consumer services, Manufacturing, Financial services

Novastar Ventures is a Nairobi-based venture capital firm which specialises in early stage ventures in East Africa.  The firm primarily invests in education, healthcare, agri-businesses, food, and water sectors which target low-income communities.

Novastar Ventures is a Nairobi-based venture capital firm which specialises in early stage ventures in East Africa. The firm primarily invests in education, healthcare, agri-businesses, food, and water sectors which target low-income communities.

Our investment

In 2018, CDC made a $15 million commitment to the first close of Novastar Ventures Africa Fund II.

Expected impact

Novastar will catalyse growth in businesses that provide basic goods and services at scale and economic opportunities for low income, mass markets. If successful, the fund can help prove the venture impact investing model in Africa.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Financial services, Health, Manufacturing, Other consumer services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
Novastar Ventures Limited
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
October 2018
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$15m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
mPharma Data Inc

mPharma is a company using technology and data to make medicine supply chains more efficient, and to make quality healthcare affordable and accessible to everyone in Africa. It currently operates in Ghana, Nigeria, Kenya, Rwanda, Zambia and Ethiopia, serving about a million patients every year through over 400 pharmacies.

View investment details

Africa Health May 2019 Active
Sure Chill

Sure Chill is a platform cooling technology. It uses water to enable continuous cooling from inconsistent power.

View investment details

Kenya Africa, East Africa Manufacturing May 2019 Active
Metro Africa Xpress (MAX.NG)

MAX is an online delivery platform working to fix Africa's last-mile delivery and online-retail problems.

View investment details

Nigeria Africa, West Africa Other consumer services June 2019 Active
Turaco Inc.

Turaco Inc is a technology company working in the insurance industry in Kenya and Uganda

View investment details

Africa, East Africa Financial services November 2020 Active