Novastar Ventures Africa Fund II

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

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

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.


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


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status

mPharma offers solutions to health insurance and pharmaceutical companies to make it easier for patients to afford their medications. The company aims to improve pharmaceutical cag

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May 2019 Active
Sure Chill

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

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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.

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Nigeria Africa Other consumer services June 2019 Active