Pan-African VC Verod-Kepple successfully concludes its first fund, securing $60 million

Verod-Kepple Africa Ventures (VKAV) has successfully closed its first fund at $60 million, with plans to invest in up to 21 growth-stage companies across Africa. This achievement comes after receiving fresh backing from new investors, including Nigeria’s SCM Capital (formerly Sterling Capital Markets Limited), Taiyo Holdings, and C2C Global Education Japan.

The recent capital injection builds upon previous rounds of funding in 2022 and last year, with support from notable Japanese institutional investors such as SBI Holdings, Toyota Tsusho Corporation, and Sumitomo Mitsui Trust Bank, among others.

As one of the latest African VC firms to secure significant capital amid an investment downturn, VKAV aims to address the critical need for growth-stage funding for Series A and B startups across the continent. Partner Ory Okolloh highlighted the gap in funding at this stage and emphasized VKAV’s commitment to supporting companies as they scale and achieve sustainable profitability.

While VKAV primarily focuses on Series A and B investments, it remains flexible to opportunities at earlier stages if deemed promising. The collaboration between Verod Capital and Kepple Africa, which jointly launched VKAV in 2022, enables the firm to provide hands-on support to portfolio companies, leveraging operational expertise and navigating the complex economic landscape in Africa.

VKAV’s institutional approach reflects the recognition of the evolving needs of startups as they transition from early-stage to later-stage funding rounds. By offering strategic support and meaningful guidance, VKAV aims to contribute to the long-term success and growth of African startups in their journey to becoming sustainable and impactful businesses on the continent.