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VKAV: Fueling African Growth with $60M Fund

  • VKAV's $60 Million maiden fund, aimed at funding 21 growth companies across Africa.
  • Collaboration between Verod Capital and Kepple Africa to invest in series A and B startups.
  • VKAV targets companies in digital economy infrastructure and business efficiency sectors.

VKAV, an Africa-focused firm specializing in venture capital, has successfully pulled a $60 million fund for its maiden endeavor. Through access to this capital, VKAV is aiming at funding up to 21 growth companies countrywide.

The recent capital comes from the new backers - SCM Capital, Taiyo Holdings, and C2C Global Education Japan. Apart from these investors, VKAV has also been backed by Japanese institutional investors for example SBI Holdings, Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank, and Japan International Corporation Agency with Japan ICT Fund as well.

This new round of capital represents another great landmark of VKAV, as the company completed its first and second fund closes in 2022 and 2022, respectively. Verod-Kepple, another African VC to secure funding, specializes in investable series A and B startups, which are currently lagging in terms of direct investment deals. In 2022, Okolloh, Yamawaki, and Shinada launched this VC firm as a dual collaboration between Verod Capital, a private equity firm, and Kepple Africa, a Tokyo-based venture capital firm.

The VKAV funds target the companies that deal with the digital economy infrastructure, solve business inefficiencies, and tackle the bean bag consumers. Okolloh highlights how the fund aims at companies that only offer what the market needs. VC fund invests between $1 million and $3 million with $17.5 million invested so far. Typically, they invest 1.5M USD in 12 companies across Nigeria, Egypt, Kenya, Morocco, Côte d'Ivoire, and South Africa.

Edited by Shruti Thapa