TLDR:
Novastar Ventures is a VC firm seeking to invest in cleantech in Africa, specifically focusing on e-mobility. They are one of the first and largest VCs in Africa, with a strong presence in Nairobi, Lagos, and London. The firm has raised over $200 million and is now investing from its second fund. They are looking to support sustainable, planet-positive business models across the continent.
Article Summary:
Novastar Ventures, an African venture capital firm, is looking to accelerate investments in cleantech on the continent, particularly in the e-mobility sector. The firm recently attended the African Venture Capital Association conference in South Africa, where they witnessed the tremendous growth of the African venture capital ecosystem over a short time period. Novastar sees opportunities in providing essential goods and services in new and innovative ways, including clean transportation, regenerative agriculture, clean cooking, and renewable energy access.
Steve Beck, co-founder and managing partner at Novastar Ventures, highlighted the three categories of market opportunities the firm sees in Africa: services enabling access-to-market and resilience, cleantech to decarbonize growth, and climate tech leveraging natural assets for indigenous farming. The firm has already backed companies like BasiGo, an East African electric bus company, and MAX, a vehicle subscription platform for low to zero emission vehicles in Africa.
Novastar Ventures believes Africa has the potential to take a leading role in the electric mobility sector by leapfrogging outdated technologies and embracing sustainable solutions. With the right investments, partnerships, and support, the continent can drive innovation and growth in the cleantech space.
