An investment agreement was struck by the Japan International Cooperation Agency (JICA) with Verod-Kepple Africa Ventures SCSp (VKAV Fund), which is run by Verod-Kepple Africa Partners (VKAP). Through its investment, JICA will support new businesses that develop cutting-edge solutions to societal problems in Africa, including those related to climate change, healthcare, and financial inclusion.
In 2021, Kepple Africa Ventures (KAV), a Japanese venture capital firm, and Verod Holdings (Verod), an African growth capital private equity firm, founded VKAP as a joint venture. Verod has been investing in growth-stage firms through three active funds, mostly in Nigeria and Ghana, while KAV has been investing in early-stage enterprises across all of Africa. With a team that combines the best of Japanese and African expertise, local market knowledge and networks, and a hands-on approach to value creation and impact, Mr. Satoshi Shinada, Mr. Ryosuke Yamawaki, and Ms. Ory Okolloh are now in charge of VKAV.
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The VKAV Fund will use the combined expertise of the two businesses to invest in early-stage businesses throughout Africa that are trying to address social issues on the continent. The investment will support start-up companies seeking to solve social problems in Africa through the venture capital fund and will contribute to SDGs (Sustainable Development Goals) Goals 8 (Decent work and economic growth), 9 (Industry, innovation and infrastructure), and 17 (Partnerships for the goals).
With Project NINJA (Next Innovation with Japan) and Home Grown Solutions (HGS) via the African Union Development Agency, JICA has been assisting seed-stage start-ups in Africa. Nevertheless, this investment would broaden JICA’s help to include funding for start-ups in the early stages, and it is anticipated that this will improve cooperation between Japanese businesses and start-ups in Africa. JICA will continue to assist funds and start-up businesses that are attempting to address social issues in developing nations all over the world, not just in Africa.
Verod-Kepple Africa Partners Verod-Kepple Africa Partners
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard