In a significant development for the African tech investment landscape, Verod-Kepple Africa Ventures (VKAV) has secured an additional $10 million in funding from Japan’s Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT). This Japanese public-private investment fund, known for its support in promoting overseas expansion of Japanese ICT and postal service businesses, has chosen VKAV as its partner in navigating the promising but complex African market.

VKAV, the flagship fund of Verod-Kepple Africa Partners, a collaboration between Verod Capital Management Limited and Kepple Africa Ventures, has been making waves in the African venture capital scene since its establishment in 2022. With a mission to foster tech-enabled enterprises dedicated to addressing diverse challenges across the African continent, VKAV has attracted prominent investors, including Japanese public agencies like JICT and the Japan International Cooperation Agency (JICA), as well as listed corporations such as Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank (SMTB), and SBI Holdings.

VKAV’s current portfolio boasts strategic investments in a range of African startups, including Moove Africa, NowPay, Koko Networks, Ceviant, Chari, Shuttlers, Nawy, and Julaya. Notably, VKAV was named “Start-ups’ Most Favored Investor” in Africa by the renowned French economic media outlet Jeune Afrique in May 2023, underlining its growing influence and impact on the African startup ecosystem.

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The partnership with JICT signifies a collaborative effort to facilitate connections and valuable business relationships between Japanese corporations and promising African startups. Their focus will be on accelerating the growth of startups in key ICT sectors, including fintech and digital transformation, with the aim of addressing pressing social challenges on the African continent.

Amane Oshima, CEO and Representative Director at JICT, highlighted the tremendous opportunities Africa presents for Japanese companies seeking overseas expansion and the challenges posed by the continent’s unique socio-economic context. Oshima expressed confidence that partnering with VKAV, a trusted local collaborator with profound knowledge of the African market, will enable Japanese corporations to seize these market entry opportunities effectively.

Satoshi Shinada, Partner at VKAV, welcomed JICT as a highly reputable institution from Japan and emphasized the significant role Japanese corporations can play in Africa’s economic transformation. He expressed genuine excitement about the collaboration and its potential to facilitate successful market entry for Japanese companies in Africa.

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This investment is not the first time Japanese companies have shown interest in VKAV. In 2022, Toyota Tsusho announced an investment in VKAV, aiming to support entrepreneurs and explore business synergies in Africa. VKAV, a joint venture between Verod Capital Management Limited and Kepple Africa Ventures, intends to invest $100 million in scalable, tech-enabled, post-revenue businesses across various industries on the continent from 2022 to 2026.

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