ImpactAlpha, May 14 – Nairobi- and Lagos-based Novastar Ventures invests in startups delivering basic goods and services to Africa’s low-income households. It raised $108 million for its second fund and has already invested in three companies: pharmacy supply-chain tech venture mPharma; off-grid refrigerator manufacturer Sure Chill; and motorcycle ride hailing company MAX.ng.
Novastar’s investors include AXA Impact Fund, along with a roster of development finance institutions that represent an even greater share of Africa’s impact capital in the COVID crisis. They include: CDC Group, European Investment Bank, Dutch Good Growth Fund, FMO, Proparco, Norfund and the Swiss Investment Fund for Emerging Markets, or SIFEM.
Novastar reached a $72.5 million first close for the fund in late 2018.