SBI Holdings Inc., a Japanese conglomerate, aims to raise $80 million for Novastar Ventures to explore investment opportunities in African startups.
According to the statement released by both companies, SBI Holdings will invest $40 million in an undisclosed minority share of Novastar, while securing a matching $40 million from Japanese institutional investors.
Yoshitaka Kitao, the Chairman and CEO of SBI Holdings noted the deal,
Steve Beck, the Managing Partner of Novastar Ventures noted,
Novastar Ventures is one of the largest African-focused venture capital with over $200 million raised from institutional investors since 2014.
The company has aided in funding Nigerian startups such as Moniepoint, TradeDepot, MAX, mPharma, and Elephant Healthcare.
SBI Holdings’ action indicates its entry into the African startup industry, mirroring another Japanese company, Softbank’s involvement through its Vision Fund Emerge Program.
Through its Vision Fund Emerge program, Softbank led the $400 million funding round for Opay in 2021.
