Novastar Ventures

Novastar Ventures is a venture capital firm established in 2014 and headquartered in Nairobi, Kenya, with additional offices in Lagos, Nigeria, and London, United Kingdom. The firm specializes in seed, start-up, and growth capital investments, primarily focusing on sectors such as education, healthcare, agri-business, food, and water. Novastar Ventures targets companies that serve the aspiring mass market in East and West Africa, as well as regions in Asia and Europe. The firm typically invests between $0.25 million and $8 million in these ventures, aiming to support innovative entrepreneurs who create impactful business models. By partnering with these entrepreneurs, Novastar Ventures seeks to foster accountability, efficiency, and wealth accumulation for the common good, positioning itself not merely as a fund manager but as a catalyst for transformative change in the markets it serves.

Steve Beck

Co-Founder and Managing Director

Abel Boreto

Associate

Andrew Carruthers

Co-Founder and Managing Partner

Oluwatoyin Emmanuel-Olubake

Managing Director

Simon Harford

Investor

Samuel Kanu

Associate

Dominic Michel

Associate

Mathews Ndubi

Investor

Brian Waswani Odhiambo

Partner

Sapna Shah

Partner

Riki Yamauchi

Director, Strategic Investments and Partnerships

Toke Soyebo, C.

Associate

Steven Beck Ph.D

Co-Founder and Managing Partner

35 past transactions

BasiGo

Seed Round in 2022
BasiGo is an e-mobility startup focused on transforming public transportation by offering electric buses as a cost-effective alternative to diesel. The company aims to make electric buses accessible to all bus owners through innovative Pay-As-You-Drive financing systems. BasiGo's electric buses utilize proven and safe battery technology, allowing them to operate throughout the day on a single charge. By providing an economical, convenient, and reliable solution, BasiGo helps customers address the challenges posed by increasing diesel fuel costs, thereby promoting a more sustainable future in public transport.

Poa Internet

Series C in 2022
Poa Internet Ltd. is a telecommunications company founded in 2015 and based in Nairobi, Kenya. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in Kibera and Kwangware. The company aims to make internet access affordable and reliable, offering prices that are 40% lower than traditional network operators. Poa delivers its services through a comprehensive Wi-Fi network that ensures connectivity throughout entire neighborhoods, allowing users to access the internet on any Wi-Fi-enabled device. Additionally, Poa stands out from competitors by providing transparent pricing, non-time-limited data bundles, and free online content and tools, including job boards and marketplaces.

mPharma

Funding Round in 2022
mPharma Data, Inc. is a technology-driven company based in Accra, Ghana, with an additional location in Lexington, Massachusetts. Founded in 2013, it focuses on improving access to high-quality medications in emerging markets by connecting physicians, pharmacies, and patients through its application. The company aggregates real-time market data on prescription trends, drug consumption, and adverse reactions, providing valuable insights to pharmaceutical manufacturers, distributors, and governments. mPharma offers a pharmacy network application that centralizes inventories from multiple pharmacies, enabling easier drug searches for physicians and patients. Additionally, the company provides subscription-based data analytics for actionable insights on drug consumption and diagnosis, along with prescription management tools to assist healthcare providers in locating various medicines. By partnering with drug manufacturers, insurance companies, and governments, mPharma aims to facilitate affordable access to essential medications for patients.

TradeDepot

Series B in 2021
TradeDepot Inc. develops a SaaS platform for FMCG distribution in Africa. It enables predictive trade intelligence to leapfrog the competition, real-time access to distributors' stock levels, receive bulk orders online, and auto-generate sales promotions to boost sales. It helps to connects with distributors, wholesalers and retailers online, on one platform. The company was founded in 2016 and is based in Lagos, Nigeria with additional office in Wilmington, Delaware.

Ignitia

Series A in 2021
Ignitia AB is a company based in Stockholm, Sweden, that specializes in producing high-resolution weather forecasts and climate data tailored for tropical regions, particularly in Sub-Saharan Africa. Since its commercial launch in 2015, Ignitia has focused on enhancing agricultural productivity and resilience among small-scale farmers by providing hyper-local weather updates via SMS based on GPS locations. Its services include daily, monthly, and seasonal rain forecasts, short-term forecasting, climate statistics, and early warning systems for storms and extreme weather. The company's technology is specifically designed to predict rapid weather changes driven by convection forces, which are common in tropical climates. Ignitia's offerings support various sectors, including agriculture, industry, mining, and offshore applications, aiming to mitigate the adverse effects of an unpredictable climate on farming and other activities.

TeamApt

Series B in 2021
TeamApt is a financial technology company focused on, developing Digital Banking, Digital Business solutions, and running Payments Infrastructure by rethinking the needs of consumers, businesses, and the financial industry. Beginning operations in 2015, TeamApt was borne from a desire to create financial happiness, building solutions and tools for businesses and individuals to happily manage money. TeamApt is proudly Nigerian but globally focused, with an eclectic mix of backend, frontend, reliability, quality assurance, distributed data storage engineers to ensure critical solutions and products for our customers are built right, securely, scalably and reliably. Our end goal is to see our customers happy which can only happen when they succeed using our solutions to run their daily lives and businesses.

Turaco

Seed Round in 2020
Turaco develops simplified insurance and credit solutions through mobile technology to solve the healthcare financing needs. Turaco has simplified insurance products and also provides on-demand health loans, allowing customers to get healthcare at affordable monthly premiums.

SureChill

Convertible Note in 2020
Sure Chill Company Ltd. specializes in advanced cooling technology solutions that utilize solar energy, providing efficient refrigeration for medical, food and beverage, and domestic applications worldwide. Founded in 2002 and based in Tywyn, United Kingdom, Sure Chill has developed a unique platform that maintains a consistent temperature of 4ºC without the need for continuous power, leveraging the distinctive properties of water. Its vaccine refrigerators, introduced to the medical market in 2011, meet the rigorous standards set by the World Health Organization and are utilized by organizations such as UNICEF, facilitating vaccine preservation in 46 countries. The technology has received accolades for its role in enhancing vaccine delivery in developing regions and was awarded $1.5 million by the Bill and Melinda Gates Foundation to further improve the vaccine cold chain.

SureChill

Series A in 2019
Sure Chill Company Ltd. specializes in advanced cooling technology solutions that utilize solar energy, providing efficient refrigeration for medical, food and beverage, and domestic applications worldwide. Founded in 2002 and based in Tywyn, United Kingdom, Sure Chill has developed a unique platform that maintains a consistent temperature of 4ºC without the need for continuous power, leveraging the distinctive properties of water. Its vaccine refrigerators, introduced to the medical market in 2011, meet the rigorous standards set by the World Health Organization and are utilized by organizations such as UNICEF, facilitating vaccine preservation in 46 countries. The technology has received accolades for its role in enhancing vaccine delivery in developing regions and was awarded $1.5 million by the Bill and Melinda Gates Foundation to further improve the vaccine cold chain.

MAX

Venture Round in 2019
Metro Africa Xpress, also known as MAX.ng, is a Lagos-based company that specializes in on-demand package pickup and delivery services. Incorporated in 2015, MAX.ng offers various delivery options including same day, three-hour, and next day services. The company addresses last-mile delivery challenges by utilizing mobile and web platforms to connect consumers, retail businesses, and independent drivers in real-time. By streamlining logistics and leveraging technology, MAX.ng aims to enhance the capabilities of retail businesses in Africa, facilitating growth and improving service delivery in the region. Additionally, the company provides a mobile application that integrates delivery services with ride-hailing options, further enhancing convenience for its users.

iProcure

Venture Round in 2019
iProcure is a Nairobi-based start-up working to optimize the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage ordering based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

Soko

Series A in 2019
Soko, Inc. is an online marketplace that specializes in handcrafted jewelry and accessories, including necklaces, bracelets, earrings, and rings. Founded in 2011 and based in Kenya, with additional offices in Nairobi, San Francisco, and New York, the company connects over 2,300 independent artisans through a mobile technology platform. This platform serves as a virtual factory, allowing artisans to manufacture their products efficiently and responsively to market demand. Soko's business model emphasizes social impact and economic inclusion, enabling marginalized artisans to earn significantly more than the average Kenyan workshop. By aligning with the values of Millennial and Gen Z consumers who seek brands with a measurable social impact, Soko distinguishes itself in the competitive marketplace. As a certified B Corporation, Soko is committed to empowering human capital rather than displacing it, thereby fostering sustainable economic opportunities within communities that are often excluded from the digital economy.

GreenPath Food

Venture Round in 2019
GreenPath Food, Inc. is a company based in Butajira, Ethiopia, that specializes in the production and sale of avocados as well as a variety of other organic fruits and vegetables, including African bird’s eye chili, edamame, lemongrass, moringa, and rosemary. The company focuses on enhancing food production on Partner Farms by promoting organic, bio-diverse, and sustainable farming practices. This approach not only increases the yield of nutritious crops but also helps farmers move away from reliance on synthetic chemicals and pesticides, which can harm both the environment and human health. By cultivating food through permaculture-based methods and without machinery, GreenPath supports smallholder agriculture, contributing to sustainable supply chains and enabling farmers in East Africa to adopt environmentally friendly practices while providing consumers with fresh, healthy produce.

mPharma

Series B in 2019
mPharma Data, Inc. is a technology-driven company based in Accra, Ghana, with an additional location in Lexington, Massachusetts. Founded in 2013, it focuses on improving access to high-quality medications in emerging markets by connecting physicians, pharmacies, and patients through its application. The company aggregates real-time market data on prescription trends, drug consumption, and adverse reactions, providing valuable insights to pharmaceutical manufacturers, distributors, and governments. mPharma offers a pharmacy network application that centralizes inventories from multiple pharmacies, enabling easier drug searches for physicians and patients. Additionally, the company provides subscription-based data analytics for actionable insights on drug consumption and diagnosis, along with prescription management tools to assist healthcare providers in locating various medicines. By partnering with drug manufacturers, insurance companies, and governments, mPharma aims to facilitate affordable access to essential medications for patients.

PayGo Energy

Venture Round in 2018
PayGo Energy is a company based in Kenya that specializes in developing metering systems for pre-paid cooking gas. Founded in 2014, the company aims to provide clean cooking fuel through a pay-as-you-go model, which allows customers to purchase gas gradually using mobile money. Its patented device connects a gas cylinder to a cloud service, enabling real-time monitoring of gas consumption and predicting when refills are needed. This innovative approach addresses the challenges associated with traditional cooking fuels, which often have detrimental environmental and health impacts, particularly in underserved communities. By offering an accessible and efficient energy solution, PayGo Energy seeks to improve the quality of life for millions who rely on inefficient biomass fuels.

GreenPath Food

Series A in 2018
GreenPath Food, Inc. is a company based in Butajira, Ethiopia, that specializes in the production and sale of avocados as well as a variety of other organic fruits and vegetables, including African bird’s eye chili, edamame, lemongrass, moringa, and rosemary. The company focuses on enhancing food production on Partner Farms by promoting organic, bio-diverse, and sustainable farming practices. This approach not only increases the yield of nutritious crops but also helps farmers move away from reliance on synthetic chemicals and pesticides, which can harm both the environment and human health. By cultivating food through permaculture-based methods and without machinery, GreenPath supports smallholder agriculture, contributing to sustainable supply chains and enabling farmers in East Africa to adopt environmentally friendly practices while providing consumers with fresh, healthy produce.

SolarNow

Series B in 2017
SolarNow Services (U) LTD specializes in the design, development, and sale of solar systems, providing a range of solutions tailored for households, small businesses, farms, and corporate clients. Founded in 2011 and headquartered in Kampala, Uganda, the company offers a variety of products including solar home systems, electrical appliances, solar water pumps, and various household items such as fridges and chargers. SolarNow aims to meet the energy needs of both rural and urban communities in East Africa, emphasizing affordability and flexibility through financing options. As a subsidiary of SolarNow B.V., which is based in Nijmegen, the Netherlands, the company has established branch locations in Uganda and Kenya to expand its reach and impact in the region.

Komaza

Series A in 2017
Komaza is a tech-driven sustainable forestry company focused on transforming the wood industry in Africa through its innovative farmer platform. Founded in 2006 by Tevis Howard, the company engages rural farmers to cultivate woodlots on small-holder farms, addressing the growing demand for wood and wood products. By integrating technology, training, and support, Komaza aims to provide a sustainable wood supply while achieving significant cost savings compared to traditional plantations. This approach not only helps alleviate the wood supply crisis but also empowers farmers to maximize their potential in the forestry sector.

iProcure

Venture Round in 2017
iProcure is a Nairobi-based start-up working to optimize the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage ordering based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

iProcure

Series A in 2017
iProcure is a Nairobi-based start-up working to optimize the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage ordering based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

Poa Internet

Venture Round in 2017
Poa Internet Ltd. is a telecommunications company founded in 2015 and based in Nairobi, Kenya. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in Kibera and Kwangware. The company aims to make internet access affordable and reliable, offering prices that are 40% lower than traditional network operators. Poa delivers its services through a comprehensive Wi-Fi network that ensures connectivity throughout entire neighborhoods, allowing users to access the internet on any Wi-Fi-enabled device. Additionally, Poa stands out from competitors by providing transparent pricing, non-time-limited data bundles, and free online content and tools, including job boards and marketplaces.

Lynk Jobs

Seed Round in 2017
Lynk Jobs Limited operates a digital platform that connects informal workers, such as artisans and service providers, with households and businesses seeking their services. Founded in 2015 and headquartered in Nairobi, Kenya, Lynk facilitates the recruitment of professionals across various categories, including cleaning, plumbing, carpentry, and wellness services. Users can describe their project needs, receive quotes from verified professionals, and manage logistics through the platform. Lynk addresses the challenges faced by informal workers by providing them with job security, fair wages, and opportunities for skill development. Additionally, the company offers training courses focused on personal and professional growth, further enhancing the capabilities of the workers in its network.

PayGo Energy

Seed Round in 2017
PayGo Energy is a company based in Kenya that specializes in developing metering systems for pre-paid cooking gas. Founded in 2014, the company aims to provide clean cooking fuel through a pay-as-you-go model, which allows customers to purchase gas gradually using mobile money. Its patented device connects a gas cylinder to a cloud service, enabling real-time monitoring of gas consumption and predicting when refills are needed. This innovative approach addresses the challenges associated with traditional cooking fuels, which often have detrimental environmental and health impacts, particularly in underserved communities. By offering an accessible and efficient energy solution, PayGo Energy seeks to improve the quality of life for millions who rely on inefficient biomass fuels.

Sanergy

Series B in 2017
Sanergy is a waste recycling company based in Nairobi, Kenya, founded in 2010. The company aims to improve sanitation in urban slums by establishing a network of low-cost sanitation centers that provide essential facilities like toilets and showers. Sanergy franchises these centers to local entrepreneurs, supported by financing from microfinance institutions. The company collects organic waste, including food and sanitary waste, and processes it at a central facility. This waste is transformed into valuable byproducts, such as organic fertilizers and insect-based animal feed, while also generating biogas through anaerobic digestion. The biogas is used to produce renewable energy, which is sold to the national grid. By promoting affordable and hygienic sanitation solutions, Sanergy seeks to address the sanitation crisis in Nairobi while fostering a sustainable waste management cycle.

Soko

Venture Round in 2016
Soko, Inc. is an online marketplace that specializes in handcrafted jewelry and accessories, including necklaces, bracelets, earrings, and rings. Founded in 2011 and based in Kenya, with additional offices in Nairobi, San Francisco, and New York, the company connects over 2,300 independent artisans through a mobile technology platform. This platform serves as a virtual factory, allowing artisans to manufacture their products efficiently and responsively to market demand. Soko's business model emphasizes social impact and economic inclusion, enabling marginalized artisans to earn significantly more than the average Kenyan workshop. By aligning with the values of Millennial and Gen Z consumers who seek brands with a measurable social impact, Soko distinguishes itself in the competitive marketplace. As a certified B Corporation, Soko is committed to empowering human capital rather than displacing it, thereby fostering sustainable economic opportunities within communities that are often excluded from the digital economy.

Poa Internet

Series A in 2016
Poa Internet Ltd. is a telecommunications company founded in 2015 and based in Nairobi, Kenya. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in Kibera and Kwangware. The company aims to make internet access affordable and reliable, offering prices that are 40% lower than traditional network operators. Poa delivers its services through a comprehensive Wi-Fi network that ensures connectivity throughout entire neighborhoods, allowing users to access the internet on any Wi-Fi-enabled device. Additionally, Poa stands out from competitors by providing transparent pricing, non-time-limited data bundles, and free online content and tools, including job boards and marketplaces.

Penda Health

Venture Round in 2016
Penda Health Limited operates a network of outpatient medical centers in Kenya, specifically located in Umoja and Kitengela. Founded in 2011, the company provides a range of healthcare services, including medical consultations, laboratory facilities, pharmacies, dental services, and specialty consultations in fields such as obstetrics and gynecology. Penda Health is dedicated to improving access to advanced healthcare by offering comprehensive outpatient care, enabling patients and their families to receive essential medical services conveniently. In addition to direct patient care, Penda Health also focuses on the professional development of healthcare workers by providing continuing medical education programs. The company is headquartered in Nairobi, Kenya.

Sanergy

Venture Round in 2016
Sanergy is a waste recycling company based in Nairobi, Kenya, founded in 2010. The company aims to improve sanitation in urban slums by establishing a network of low-cost sanitation centers that provide essential facilities like toilets and showers. Sanergy franchises these centers to local entrepreneurs, supported by financing from microfinance institutions. The company collects organic waste, including food and sanitary waste, and processes it at a central facility. This waste is transformed into valuable byproducts, such as organic fertilizers and insect-based animal feed, while also generating biogas through anaerobic digestion. The biogas is used to produce renewable energy, which is sold to the national grid. By promoting affordable and hygienic sanitation solutions, Sanergy seeks to address the sanitation crisis in Nairobi while fostering a sustainable waste management cycle.

M-Farm

Venture Round in 2015
M-Farm Ltd. operates MFarm, a marketplace designed to connect smallholder farmers in Africa with urban and export markets. Established in 2010 and based in Nairobi, Kenya, the platform provides farmers with real-time market prices through an app or SMS, enabling them to make informed decisions. By negotiating with buyers to create demand and assuring quality through a network of agents, M-Farm encourages farmers to transition from subsistence farming to cash crop production. This is particularly significant in Kenya, where approximately 4 million of the 5 million households are smallholder farmers, often vulnerable to exploitation by middlemen. M-Farm enhances farmers' access to markets and incentivizes better agricultural practices through training and discounts on inputs. For buyers, M-Farm offers a reliable supply of high-quality, primarily organic produce, along with transparency in the supply chain and pre-negotiated prices that help mitigate price fluctuations. This dual approach benefits both farmers and buyers, fostering a more sustainable agricultural ecosystem.

Hivisasa

Venture Round in 2015
Hivisasa is an online news platform based in Nairobi, Kenya, founded in 2011. It specializes in publishing a diverse range of content, including sports, entertainment, business, politics, crime, obituaries, weddings, and opinion pieces. As Africa’s first crowdsourced news site, Hivisasa empowers its readers not only to access untold stories but also to contribute by writing their own. The platform attracts over two million readers monthly and supports a community of over 1,500 local writers. Committed to fostering community engagement and accountability, Hivisasa emphasizes the importance of local perspectives in its editorial approach, ensuring that all its editors collaborate closely with writers from various backgrounds to deliver relevant news to its audience.

Soko

Seed Round in 2015
Soko, Inc. is an online marketplace that specializes in handcrafted jewelry and accessories, including necklaces, bracelets, earrings, and rings. Founded in 2011 and based in Kenya, with additional offices in Nairobi, San Francisco, and New York, the company connects over 2,300 independent artisans through a mobile technology platform. This platform serves as a virtual factory, allowing artisans to manufacture their products efficiently and responsively to market demand. Soko's business model emphasizes social impact and economic inclusion, enabling marginalized artisans to earn significantly more than the average Kenyan workshop. By aligning with the values of Millennial and Gen Z consumers who seek brands with a measurable social impact, Soko distinguishes itself in the competitive marketplace. As a certified B Corporation, Soko is committed to empowering human capital rather than displacing it, thereby fostering sustainable economic opportunities within communities that are often excluded from the digital economy.

Komaza

Venture Round in 2015
Komaza is a tech-driven sustainable forestry company focused on transforming the wood industry in Africa through its innovative farmer platform. Founded in 2006 by Tevis Howard, the company engages rural farmers to cultivate woodlots on small-holder farms, addressing the growing demand for wood and wood products. By integrating technology, training, and support, Komaza aims to provide a sustainable wood supply while achieving significant cost savings compared to traditional plantations. This approach not only helps alleviate the wood supply crisis but also empowers farmers to maximize their potential in the forestry sector.

SolarNow

Venture Round in 2014
SolarNow Services (U) LTD specializes in the design, development, and sale of solar systems, providing a range of solutions tailored for households, small businesses, farms, and corporate clients. Founded in 2011 and headquartered in Kampala, Uganda, the company offers a variety of products including solar home systems, electrical appliances, solar water pumps, and various household items such as fridges and chargers. SolarNow aims to meet the energy needs of both rural and urban communities in East Africa, emphasizing affordability and flexibility through financing options. As a subsidiary of SolarNow B.V., which is based in Nijmegen, the Netherlands, the company has established branch locations in Uganda and Kenya to expand its reach and impact in the region.
Bridge International Academies operates primary schools focused on providing education to underprivileged children. Founded in 2007 and based in Nairobi, Kenya, the organization offers services that align with national curricula and emphasizes comprehensive teacher training and development programs. Utilizing advanced wireless technology, Bridge International Academies aims to deliver quality education at no cost to students, fostering opportunities for a brighter future for those in underserved communities.
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