Verod-Kepple Africa Partners, a pan-African venture capital firm, which reached the second close of its first fund at $43 million last month, now aims to attain a final close of $100 million by the end of the year.
Verod-Kepple Africa Ventures (VKAV), which launched in 2022, is a joint venture between private equity firm Verod Capital and Tokyo-based venture capital firm Kepple Africa.
VKAV will support Series A and B startups with checks between $1.5 million and $3 million. The fund will invest in infrastructure and platform-type businesses, B2B efficiency, and lifestyle businesses facilitated by internet penetration.
VKAV will offer HR, legal finance, accounting, regulatory support, strategy, and ESG capabilities to portfolio startups.
Kepple Africa has invested in over 100 startups across 11 African markets since its launch in 2018, backing companies in the pre-seed and seed stages with investments between $50,000 and $150,000.
Verod has closed two significant investments in tech ventures: digital insurance provider Tangerine Life and solar power solutions provider Daystar Power.
The fund’s limited partners include Toyota Tsusho Group, SBI, Japan International Cooperation Agency (JICA), and Sumitomo Mitsui Trust Bank (SMTB), all of which have invested in Kepple Africa’s portfolio companies.