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Novastar Ventures is an investment manager founded in 2014 to support entrepreneurial initiatives across Africa. The firm operates from key locations in Lagos, London, and Nairobi, reflecting its commitment to the African market. With a total assets under management (AUM) of approximately $260 million, Novastar Ventures has established itself as a significant player in the venture capital landscape, particularly in East and Anglophone West Africa.
The organization focuses on partnering with entrepreneurs who are developing innovative solutions to pressing challenges within their communities. By investing in transformative businesses, Novastar Ventures aims to create lasting value for a broad demographic, thereby fueling an entrepreneurial revolution across the continent.
Novastar Ventures invests in a diverse range of sectors, including healthcare, energy, climate, fintech, food-agtech, consumer goods, logistics, biotech, and commerce. The firm targets businesses at various stages, specifically seed, Series A, and growth equity. The typical check size ranges from $200,000 to $8 million, depending on the fund and the specific investment opportunity.
The firm emphasizes its commitment to sustainability and impact, ensuring that its investments contribute positively to the communities they serve. Novastar Ventures seeks to partner with entrepreneurs who are dedicated to developing scalable solutions that address the basic needs of everyday consumers, particularly in underserved markets.
Novastar Ventures has built a diverse portfolio of 20 companies, each addressing critical needs in their respective sectors. Notable portfolio companies include:
Abel Boreto: Investment Director with extensive experience in venture capital and investment management.
Andrew Carruthers: Co-founder & Managing Partner, instrumental in launching the firm and its funds.
Brian Waswani Odhiambo: Partner with a focus on identifying and supporting high-potential startups.
Dayo Oduleye: Investment Analyst, specializing in market research and analysis.
Dieko Ojo: Investment Associate, involved in deal sourcing and portfolio management.
Dominic Michel: Investment Director with a strong background in operational support for portfolio companies.
Dot Beck: Director of Social & Environmental Value, focusing on impact measurement and sustainability.
Ebube Emodi: Operations professional ensuring smooth operational processes within the firm.
To pitch to Novastar Ventures, founders should use the contact form available on their website at novastarventures.com/contact or send an email to info@novastarventures.com. It is advisable to include a clear overview of the business model, market opportunity, and how the startup addresses consumer needs. Response times may vary, so founders should be prepared for potential follow-up discussions.
In January 2024, Novastar Ventures made its first investment from Fund III, committing $3.5 million to Sistema.bio, a company focused on bioenergy solutions. Fund III, known as the Africa People and Planet Fund III, began deployment in June 2024, with a target size of $200 million.
Recent portfolio additions from Fund III include ARC Ride, GreenWheels, and Chowdeck, all of which focus on sustainability and innovative solutions in their respective sectors.
Q? What are Novastar Ventures' investment criteria?
A: Novastar Ventures focuses on transformative businesses that address basic consumer needs in sectors such as healthcare, fintech, and energy. They invest at seed, Series A, and growth equity stages.
Q? How can startups apply or pitch to Novastar Ventures?
A: Startups can pitch to Novastar Ventures through their website at novastarventures.com/contact or via email at info@novastarventures.com.
Q? What makes Novastar Ventures different from other VCs?
A: Novastar Ventures emphasizes sustainability and impact alongside financial returns, focusing on businesses that create lasting value for communities.
Q? What is the geographic scope of Novastar Ventures?
A: Novastar Ventures primarily invests in East and Anglophone West Africa, targeting markets that are often underserved.
Q? What is the typical check size for investments?
A: The typical check size ranges from $200,000 to $8 million, depending on the fund and investment stage.
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