The partnership goes beyond mere monetary terms, with SBI Holdings aiming to rally additional matching commitments from other Japanese institutional investors.
In return, Novastar will offer co-investment avenues and provide market insights.
SBI Holdings will also occupy a non-executive seat on Novastar’s Management Board, while Riki Yamauchi, a former investment banker in Tokyo, will join Novastar’s team to spearhead the partnership’s goals.
Yoshitaka Kitao, the top-tier executive of SBI Holdings, lauded Africa’s potential, highlighting its fast-paced growth, tech-inclined youth, natural assets, and urban evolution.
He envisioned this partnership as a robust conduit between Japan and Africa, fostering financial growth, knowledge transfer, and innovative collaborations.
Novastar has a proven track record of investing in socially and environmentally impactful companies in Africa.
Its portfolio includes Moniepoint, a Nigerian fintech, BasiGo, and mPharma.
The partnership between SBI Holdings and Novastar Ventures is a significant development for the VC landscape in Africa and Japan.
It represents a fusion of visions, ambitions, and a shared commitment to a sustainable and prosperous future for both regions.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Nigerian payment service provider Nomba has raised a $30 million Pre-Series B funding round to enable businesses to easily and securely receive customer payments across Africa.
Logidoo, a leading player in the African logistics and e-commerce space, has announced a significant seed funding boost of $1.55 million.
Arnergy, a Nigerian cleantech startup specializing in distributed renewable energy solutions, has raised $3 million in a bridge round led by All On, an off-grid energy impact investment company supported by Shell.
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