SMBC Invests in Novastar Ventures to Fuel Africa’s Tech Startup Growth
By investing in the fund, SMBC aims to contribute to Africa's economic growth and foster the development of new businesses and technologies.
Sumitomo Mitsui Banking Corporation (SMBC) has announced an investment in Novastar Ventures Africa People and Planet Fund III, L.P., a fund managed by Novastar Ventures. Novastar is described as one of Africa’s first and largest venture capital firms, with over $200 million in assets under management.
The investment, made through SMBC’s “Social Value Creation Investment Fund,” is part of a strategy to support the growth of African startups. The press release highlights Africa’s significant population growth and the increasing role of startups in developing social infrastructure in sectors like fintech, green tech, and logistics.
Novastar Ventures focuses on entrepreneurs building businesses that not only provide essential services but also address environmental and social challenges. By investing in the fund, SMBC aims to contribute to Africa’s economic growth and foster the development of new businesses and technologies. This move is in line with the Sumitomo Mitsui Financial Group’s goal to “Create social value” as a core policy.
