What Novastar Ventures does

Novastar Ventures is a UK-regulated venture capital firm that invests in early-to-growth stage companies across Africa. Founded in 2014 by Andrew Carruthers and Steve Beck, the firm operates from three offices — London (registered headquarters and FCA-authorized base), Nairobi (East Africa hub), and Lagos (West Africa hub) — and has built a portfolio of more than 25 companies spanning electric mobility, fintech, healthtech, agritech, climate technology, food systems, and logistics. The firm manages capital on behalf of institutional Limited Partners through a series of closed-end funds; its third fund, the Africa People and Planet Fund III (NVIII), closed at US$147 million in March 2026, representing a 40% increase over Fund II.

Novastar's core business is fund management: it raises capital from development finance institutions (BII, Norfund, Swedfund, Proparco), Japanese corporates (SBI Holdings, Mitsubishi, SMBC, Toyota Ventures, Mitsui O.S.K. Lines, JICA), and the Green Climate Fund, and deploys US$1M–US$8M cheques into seed-to-scale companies. Revenue is generated through conventional management fees on committed capital plus carried interest on fund returns. The firm does not develop proprietary technology products; its intellectual property lies in its investment approach and its impact management frameworks, which are independently verified by BlueMark against the Operating Principles for Impact Management.

The go-to-market is sales-led: deal flow is sourced through warm referrals, founder outreach (via the firm's contact page), and co-investor networks across East and Anglophone West Africa, with Fund III extending the mandate into North and Southern Africa. The firm positions itself as an impact-first investor backing "transformative businesses for people and planet," with brand reinforced through Medium thought leadership, ESG reporting per portfolio company, conference participation (MoIBC, TICAD), and earned media coverage in Bloomberg, TechCrunch, Reuters, and TechCabal.

Name

Novastar Ventures

Legal name

Novastar Ventures Limited

Website

https://novastarventures.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Novastar Ventures is a UK-regulated, Africa-focused venture capital firm that manages funds investing US$1M–US$8M in seed-to-scale startups across mobility, fintech, climate, health, and agriculture, serving institutional LPs from offices in London, Nairobi, and Lagos.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industries

Late-Stage Venture Capital (Series C+) (FSANAAAC), Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD), Climate / Clean Tech & Decarbonization Funds (FSANAJAA), SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Venture capital investing
• Impact investment funds
• African startup funding
• Fund management services
• Seed to growth equity

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Fund Management Fees and Carried Interest: As a Small Authorised UK Alternative Investment Fund Manager (AIFM) regulated by the FCA, Novastar Ventures generates revenue through management fees charged on committed capital in its managed VC funds, and carried interest (performance fees) on investment returns above defined thresholds for Limited Partners. This is the standard model for closed-end VC fund managers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Novastar Ventures is a regulated venture capital fund manager that raises capital from institutional Limited Partners and deploys it as minority equity into early-stage and growth-stage African startups. The current fund, Africa People and Planet Fund III (NVIII), closed at $147 million in 2026 and invests $1 million to $8 million per company across sectors including climate, agriculture, healthcare, fintech, mobility, logistics, and food systems in East, West, North and Southern Africa. The firm supplements capital with board-level engagement, ESG measurement frameworks, and introductions to its Japanese and European institutional investor network.

Product overview

Novastar Ventures is a venture capital firm that does not offer a unified technology product but rather manages investment funds and maintains a portfolio of portfolio companies. The primary offering is the Novastar Ventures Africa People and Planet Fund III (NVIII), a $147 million fund targeting climate-focused and impact-driven startups across Africa. The fund has already invested in six companies including Breadfast, Sistema.bio, Chowdeck, BasiGo, KOKO Networks, and MoPhones. The broader portfolio spans multiple sectors including electric mobility, food delivery, fintech, healthcare, agritech, cleantech, and education across East and West Africa.

Differentiator

Problem solved

Functional benefit

Brands

• Africa People and Planet Fund III (NVIII): The third fund managed by Novastar Ventures, targeting climate-focused and impact-driven startups across Africa with investments between $1 million and $8 million in seed-to-scale stages.
• Novastar Ventures Africa People and Planet Fund III

Products and services

• Novastar Ventures Africa People and Planet Fund III (NVIII) Closed-end venture capital fund that invests $1 million to $8 million of equity per company across seed-to-scale stages in African startups with measurable social and environmental impact. Accessible only to Professional Clients and Eligible Counterparties under UK FCA regulation; the fund is registered in Mauritius.

Quantifiable outcome

• Fund III closed at $147 million, 40% larger than Fund II, with support from 10+ major Japanese and European institutions.
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• BlueMark (Novastar impact verification)coreOthersBlueMark, a leading independent provider of impact verification services, independently verified Novastar's alignment with the Operating Principles for Impact Management (OPIM), confirming that impact considerations are integrated throughout the firm's investment lifecycle.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Partech: Partech operates one of the largest Africa-focused VC funds (Partech Africa) targeting seed-to-Series B startups across the continent with $280M+ AUM. Directly comparable to Novastar in geography, stage, and check size, though with a broader global footprint.
• TLcom Capital: TLcom Capital is a leading Africa-focused early-stage VC manager with TIDE Africa Fund and SE Africa Fund, deploying $1M–$10M checks into similar sectors and geographies as Novastar. Highly comparable mandate and stage.
• 4DX Ventures: 4DX Ventures is an Africa-focused early-stage VC investing in seed and Series A startups across the continent. Closely comparable to Novastar in stage, geography, and sector focus on consumer, fintech, and SaaS.
• Aruwa Capital: Aruwa Capital is an early-stage Africa-focused VC backing founders in Nigeria, Ghana, and East Africa with similar check sizes and sector breadth (fintech, healthtech, consumer). Directly comparable to Novastar's West and East Africa focus.
• CRE Venture Capital: CRE Venture Capital invests early-stage in African internet-enabled businesses with a focus on fintech, digital commerce, and SaaS across Sub-Saharan Africa. Comparable to Novastar in geography, stage, and digital economy focus.
• Ingressive Capital: Ingressive Capital is a Lagos-based early-stage VC investing in African tech startups across seed and Series A. Comparable to Novastar in stage and West African geographic emphasis, with overlapping portfolio themes.
• Launch Africa Ventures: Launch Africa Ventures is a pan-African early-stage fund investing in seed-stage startups across the continent with a similar mandate to Novastar and many overlapping portfolio companies in fintech and consumer.

Broad incumbents

• Acumen: Acumen is a long-established impact investment firm operating across Africa and South Asia with both debt and equity vehicles, focusing on energy, agriculture, and health. Comparable to Novastar in impact thesis and Africa footprint, but with a longer track record and broader instrument set.
• Africa50: Africa50 is a pan-African infrastructure investment platform backed by African governments and DFIs. Less directly comparable in stage but relevant as a continent-level Africa capital allocator that competes for institutional African investment mandates.

Emerging players

• Omidyar Network: Omidyar Network is an impact-focused investment firm deploying philanthropic and capital across Africa and other emerging markets. Comparable to Novastar's Africa impact thesis, with broader geographic scope and a different instrument mix (grants + equity).

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/novastar-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments69 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novastar Ventures