Novastar Ventures announces final close of second Africa fund

The Novastar Ventures Africa Fund II (NVAF II), managed by Nairobi and Lagos based Novastar Ventures, has reached a final close of $108 million (a 35% uplift on Novastar’s maiden fund).

NVAF II is backing the next generation of entrepreneurs in Africa addressing proven demand for basic goods and services with innovative business models that widen access, improve quality, and lower cost for the mass market in these emerging economies.

NVAF II received backing from several European development finance institutions (including the CDC Group, European Investment Bank, Dutch Good Growth Fund and FMO) as well as private asset managers such as AXA Impact Fund.

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