(Ecofin Agency) - Verod-Kepple Africa Partners announced the successful closing of its inaugural investment fund, Verod-Kepple Africa Ventures (Vkav), on April 9. The company said it has secured commitments totaling $60 million from a consortium of investors, predominantly from Japan, to finance African businesses experiencing growth phases.

Launched in 2022, the fund will initially focus on companies developing digital infrastructure across various sectors. It will then target firms addressing friction between businesses or between businesses and consumers, followed by entities generating economic opportunities for communities. To date, Vkav has already backed 12 companies, notably in Nigeria (Navettes, Ceviant, and Shuttlers), Egypt (Nowpay, Nawy, and Chefaa), Kenya (Koko Networks, mTek-Services), Morocco (Chari), and South Africa (Cloudline), as well as businesses like Moove Africa and Julaya that operate across multiple African markets. These portfolio companies serve not only African customers but also a global clientele.

As of March 2023, Vkav had secured $43 million in commitments from institutional investors, with an additional $17 million raised over the past year. The final closing saw new investments from Nigeria's SCM Capital and Japanese institutions Taiyo Holdings and C2C Global Education Japan, among others.

Verod-Kepple Africa Partners, a joint venture established in 2021, combines the expertise of West African private equity firm Verod Capital Management and Japanese venture capital firm Kepple Africa Ventures.