Written by 14:57 Tech News Views: [tptn_views]

21 Businesses to Benefit from VKAV’s Massive $60 Million Fund

A significant development is stirring in Africa’s flourishing tech scene, with pan-African venture capital firm Verod-Kepple Africa Ventures (VKAV) poised to support up to 21 growth-stage enterprises, following the closure of its inaugural fund, aggregating a whopping $60 million. This well-funded venture was achieved with the help of SCM Capital of Nigeria, once known as Sterling Capital Markets Limited, adding a new tide in the African entrepreneurial ecosystem.

1. VKAV’s first-ever $60 Million Fund

Establishing a new high in the African business sphere, VKAV has closed its first funding round at a staggering $60 million. This move underscores the firm’s determination and commitment to invigorate the African tech community, leaving an indelible impact in the industry at large.

2. Nigerian SCM Capital plays a key role

VKAV’s fund got a notable boost with the help of SCM Capital, a top-tier Nigerian financial institution once operating under the banner of Sterling Capital Markets Limited. SCM’s involvement underlines the continuous integration of traditional financial institutions into the evolving landscape of venture capitalism.

3. Beneficiary Businesses to get formidable backing

The big winner from VKAV’s Fund will be the eventual 21 growth-stage companies that will receive investive support. Being backed by such a hefty fund can increase their potential impact, facilitate growth and perhaps, launch the next generation of African global enterprises.

4. Unique Collaboration of Fund Investors

The investors in VKAV’s fund come from far and wide. The list includes Taiyo Holdings, a global investment heavyweight and quite intriguingly, it is the sole non-Japanese investor in the fund. This points to a significant shift in international funding networks where Africa is emerging as an attractive destination.

5. Setting the Stage for Pan-African VC Success

VKAV’s successful fundraising for its inaugural fund carves a new pathway for other pan-African VC firms hoping to make a difference. The multi-million-dollar fund sets a precedent and paints a hopeful picture of the venture capital ecosystem within the continent.

6. Boosting the Confidence in Africa’s Tech Opportunities

With such a hefty financial backing, the move by VKAV is anticipated to ramp up confidence for other investors eyeing for tech opportunities within Africa. A well-funded, well-supported tech industry might just be the key to unlock the continent’s immense untapped potential.

VKAV, by backing a host of promising high-growth tech-centered businesses, has thrown down the gauntlet. It’s an open challenge to all other forward-thinking venture capital firms worldwide to shift their gaze to the perhaps unheralded tech landscape flourishing across Africa. A significant stride, underpinned with an equally considerable financial backbone, the VKAV fund presents an exciting chapter in Africa’s economic narrative.

Credit: BBC. TechCrunch, Reuters