African venture funding platform, Verod-Kepple Africa Ventures (VKAV) has raised $43 million as part of its fundraising for its pan-African venture fund.

The fund invests in scalable, tech-enabled, post-revenue businesses addressing difficult challenges across various industries on the continent. VKAV’s initial backers include institutions such as SBI Holdings, Toyota Tsusho Corporation, and individual investors such as Mr Osamu Kaneda.

The $43 million fund by VKAV is the first fund by Verod-Kepple Africa Partners, a joint venture between Verod Capital Management Limited and Kepple Africa Ventures. VKAV portfolio companies include African and global customers with more than 800,000 individuals and small businesses in nine markets, six of which are in Africa, and created more than 2,000 jobs.

The company's current investments include Moove Africa, a smart vehicle finance platform for mobility entrepreneurs; NowPay, a financial wellness app for employees; Koko Networks, a clean cooking technology company; Ceviant (a treasury management and trade finance platform; Chari, a B2B e-commerce for FMCG; Shuttlers, an affordable and reliable shared mobility startup; Nawy (an end-to-end platform powering property transactions; and Julaya, a neobank for businesses in Africa.

VKAV’s commitment is strongly backed by the participation of notable LPs, including the Japan International Cooperation Agency (JICA) and Sumitomo Mitsui Trust Bank (SMTB).

This will be JICA’s first investment in the African VC sector.