HomeNigeriaVerod-Kepple Africa Ventures Closes First Fund, at $60M

Verod-Kepple Africa Ventures Closes First Fund, at $60M

Verod-Kepple Africa Ventures, a Lagos, Nigeria-based venture capital firm, closed its first fund, at $60M.

Key institutional investors in the fund included SBI Holdings, Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank, Japan International Corporation Agency, Japan ICT Fund, SCM Capital, formerly known as Sterling Capital Markets Limited, from Nigeria and a few additional institutional investors from Japan, including Taiyo Holdingsand C2C Global Education Japan.

With a focus on growth stage companies, VKAV is tackling the growing gap of funding available, particularly from locally-based investors, for companies moving to Series A and B stages in Africa. The fund will focus on 3 key themes:

  • companies building digital infrastructure across different sectors;
  • inefficiency solvers who are solving for friction primarily between businesses or between businesses and consumers; and
  • market creators who are creating economic opportunities for people, based on the changing dynamics of the overall African economy and demographics.

The team will also provides portfolio companies with support from fundraising to partnerships, governance, ESG implementation, talent and legal.

So far, the vehicle has backed 12 companies including Moove Africa, KOKO Networks, Ceviant, Chari, Shuttlers, Nawy, Julaya, NowPay, Chefaa, Cloudline, Zone, and mTek-Services. 

VKAV is the first fund by Verod-Kepple Africa Partners, a joint venture between Verod Capital Management, a West African private equity firm investing in mid-sized enterprises across sectors, and Kepple Africa Ventures.